VN introduces business potential, opportunities to Sri Lankan enterprises

VN introduces business potential, opportunities to Sri Lankan enterprises

The Vietnamese Embassy in Sri Lanka has recently hosted a seminar to introduce business opportunities in Việt Nam and strategies for Sri Lankan enterprises to promote their presence in the Vietnamese market.

Vietnamese Ambassador to Sri Lanka Trịnh Thị Tâm (right) answers Sri Lankan businesses' questions at the seminar. — Photo coutersy of Vietnamese Embassy in Sri Lanka

The hybrid seminar, held in coordination with the Sri Lanka–Mekong Business Council (MBC) in Colombo on October 31, gathered nearly 100 delegates from MBC-affiliated associations and Sri Lankan enterprises interested in the Vietnamese and ASEAN markets.

In his opening remarks, MBC President Nimal Ratnayake hailed the seminar for providing a better understanding of the Vietnamese market, including its regulations and procedures, thereby strengthening their confidence in pursuing investment and business opportunities in Việt nam.

He recalled the trade turnover target of US$1 billion set in the Joint Statement issued during Sri Lankan President Dissanayake’s state visit to Việt Nam in May 2025, stressing that achieving this goal would require concerted and systematic efforts from both governments and business communities.

Vietnamese Ambassador to Sri Lanka Trịnh Thị Tâm noted that trade between Việt Nam and Sri Lanka has reached approximately $300 million annually in recent years. Sri Lanka currently has around 30 investment projects in Việt Nam with a total registered capital of $42 million. She underlined that the two countries still have substantial untapped potential, particularly in agriculture, fisheries, tourism, and education.

The ambassador affirmed that, given their long-standing friendship, Việt Nam and Sri Lanka have favourable conditions to expand economic, trade, and investment cooperation. The Vietnamese Embassy in Colombo stands ready to support Sri Lankan enterprises in exploring business and investment opportunities in Việt Nam and in addressing any challenges that may arise during collaboration.

In a thematic presentation, the embassy provided an overview of Việt Nam’s policies on investment attraction, administrative reform, and digital transformation in the economy, as well as its priority sectors for cooperation such as high-tech agriculture, processing industries, textiles and garments, renewable energy, logistics, tourism, and information technology.

With its strategic location at the heart of Southeast Asia, well-developed seaport infrastructure, competitive labour costs, and an extensive network of free trade agreements (FTAs), Việt Nam was described as an ideal destination for Sri Lankan enterprises seeking to expand production or integrate into regional supply chains.

MBC representatives viewed Việt Nam as an emerging “economic gateway” of the Mekong subregion, playing a key role in facilitating trade between Southeast Asia and South Asia. They recommended Sri Lankan businesses to consider investment in food processing, tea and coffee exports, textiles, e-commerce, and vocational education, and expressed their readiness to coordinate business-matching programmes and provide strategic investment consultancy to support Sri Lankan partners in expanding their presence in Việt Nam.

Sri Lankan enterprises attending the event spoke highly of Việt Nam’s investment potential and stable business environment, expressing their particular interest in its green growth and digital transformation policies. Many showed their desires to explore cooperation opportunities in tourism, logistics, agriculture, construction, wastewater treatment, supporting industries, consumer goods and construction materials trade, as well as business process outsourcing (BPO) services.

Several participants proposed easing visa requirements and opening direct flights between the two countries to facilitate trade and investment connectivity, while also suggesting the possibility of negotiating a bilateral FTA or Bilateral Trade Agreement (BTA) in the future.

A representative of Việt Nam’s Ministry of Industry and Trade noted that some Vietnamese enterprises still face difficulties exporting to Sri Lanka due to high tariffs, particularly on electrical and plastic products, and called for continued policy dialogue to remove trade barriers and boost two-way trade.

At the end of the seminar, participants agreed to enhance regular information exchange mechanisms between the Vietnamese Embassy in Sri Lanka, MBC, and Sri Lankan business associations, and proposed organising a Sri Lankan business delegation to Việt Nam for a field visit in 2026 to promote more substantive trade and investment cooperation.

On this occasion, the Vietnamese Embassy also introduced Vietnamese cuisine and coffee to Sri Lankan businesses, helping to promote Việt Nam’s culture and products. 

Bizhub