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| Sunday, 12 May 2002 |
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Business |  |
| News Business Features Editorial
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Opportunities
for trade, joint ventures expansion with Vietnam
"Vietnam, the second fastest growing economy in the world, has openings in the field of trade promotion and joint ventures," Pham Sy Tam, Ambassador of the Socialist Republic of Vietnam told members of the Ceylon Chamber of Commerce (CCC) recently. Briefing CCC members on the potential for trade ties between Sri Lanka and Vietnam, be stated that fishery processing industry, information technology, tourism, freight and shipping services, export of traditional produce, garments and rubber parts are some of the potential areas which are identified by Vietnam for partnership between Sri Lanka and Vietnam. he was of the view that the peace process in Sri Lanka will pave the way for greater economic cooperation between the two countries. Touching on the economy of Vietnam, the Ambassador stated that the GDP growth rate was 6.8 pre cent in 2001, compared to 6.7 pre cent in 2000. Total foreign trade accounted for US$ 32 billion yearly. In 2006, Vietnam proposes reducing the import duty to five per cent. While speaking on visa formalities, he stated that the procedure for the issue of visas has been simplified. It was noted that visas for less than 15 days are issued immediately in New Delhi. However, those seeking visas for over 15 days have to be sponsored by a Vietnamese organisation. Chandra Jayaratne, Chairman Ceylon Chamber of Commerce said trade statistics between Sri Lanka and Vietham recorded a positive growth and though the trade balance is in favour of Vietnam, Sri Lankan exports to Vietnam increased by 12 pre cent from Rs. 564 million in 2000 to Rs. 633 million in 2001. Imports too recorded a slight growth from Rs. 701 million in 2000 to Rs. 716 million in 2001. He further stated that the growing potential in Vietnam would be a benefit as well as a threat to Sri Lanka. The CCC Chairman announced that the issue on the untapped potential in the tourism sector, issue of visas and signing of a memorandum of understanding (MOU), which were discussed with the Ambassador during his visit last year, have been resolved or implemented. A Sri Lankan travel operator is already said to be in the process of negotiating a deal and a draft MOU between the Ceylon Cahmber and the Vietnam Chamber of Commerce and Industry has been exchanged. Mr. Jayaratne advised the participants to make use of this opportunity to establish links with the Vietnam Embassy and explore opportunities of strengthening trade and investment ties and promotion of tourism. Meanwhile, Minister of Foreign Affairs Tyronne Fernando is expected to lead a delegation to Vietnam in July. |
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