News Today: Vietnam and Sri Lanka sign MoU to boost trade to USD 1 billion

Vietnamese President Luong Cuong warmly welcomed Sri Lankan President Anura Kumara Dissanayake during an official ceremony held in Hanoi on May 4th, marking the start of a State visit lasting through May 6th. The ceremony began with full military honours, including the inspection of the Tri-Forces Guard of Honour and the playing of both national anthems.

Following formalities, the two Presidents introduced members of their high-level delegations and proceeded to bilateral discussions focused on expanding cooperation across political, economic, and technological spheres.

During these talks, Vietnam and Sri Lanka signed four Memoranda of Understanding (MoUs) and one bilateral Agreement, aimed at enhancing trade, agriculture, diplomacy, and technology exchange. This milestone underlines both nations’ shared aspiration to elevate their annual bilateral trade volume from US$200 million to US$1 billion.

This visit also commemorates 55 years of diplomatic relations between the two countries. Both sides reaffirmed their strong political trust and agreed to enhance collaboration in areas such as digital transformation, Artificial Intelligence, energy transition, connectivity, and more.

Key agreements signed include:

• An MoU on Customs cooperation

• A partnership on machinery and equipment manufacturing

• A pact between agricultural institutes

• A diplomatic training exchange programme

• A trade promotion MoU supporting joint participation in trade fairs, market intelligence sharing, and private sector networking

These agreements not only promote economic ties but also facilitate the exchange of scholars, experts, officials, and diplomats, fostering deeper academic and research collaboration.

The focus is also on unlocking trade opportunities in value-added agriculture, fisheries, processed food, and apparel sectors. Business communities from both nations are expected to benefit significantly through networking platforms and increased access to new markets.

This landmark development highlights Sri Lanka’s commitment to diversifying its trade relationships while reinforcing its historical friendship with Vietnam.