'Lanka and Vietnam must set up single rubber price mechanism'

An 18-member Vietnamese business delegation was in Sri Lanka recently to explore trade and investment opportunities. The delegation was headed by Do Huu Huy, a senior official of the Ministry of Industry and Trade of Vietnam.

The delegation met Sri Lankan businessmen at a business networking session at the Ceylon Chamber of Commerce (CCC) auditorium on Monday.

Sri Lanka and Vietnam, two of the largest rubber producers in the world should explore the possibility of setting up a single price mechanism for rubber to obtain better prices, said Vietnamese Ambassador to Sri Lanka Pan Kieu Thu. She said that both countries should explore the possibility of working in the fertiliser and home appliance sectors.

"Our bilateral trade is in rice and tea. We should look beyond it in the future," the diplomat said.

Trade between Vietnam and Sri Lanka stood at US$ 200 million in 2013 with the trade balance in favour of Vietnam.

CEO and Secretary General of the Ceylon Chamber of Commerce, Mangala P. B. Yapa said Vietnam should import more from Sri Lanka to help enhance trade between the two countries.

"Investing in Sri Lanka for re-export is a promising option for investors from Vietnam and tourism is another aspect where our countries should work together," he said.

Yapa said it is important to set up joint venture partnerships between the Sri Lankan and Vietnamese firms.

The Ceylon Chamber has entered into a partnership agreement with the Vietnam Chamber of Commerce and Industry to promote business between the two nations.

The CCC organised this event with the support of the Embassy of Vietnam in Colombo and the Sri Lanka-Greater Mekong sub-region Business Council.