The 3rd Meeting of the Vietnam - Sri Lanka Joint Trade Sub-committee took place under the co-chairmanship of Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Sri Lankan Deputy Minister of Trade, Food Security and Cooperative Development K.A. Vimalenthirarajah. 

Attending the meeting, on the Vietnamese side, were representatives from the leadership of units under the Ministry of Industry and Trade (including the Department of Overseas Markets, the Vietnam Trade Promotion Agency - VIETRADE, the Agency of Foreign Trade, and the Vietnam Industry Agency), as well as representatives from the Ministry of Foreign Affairs and the Ministry of Finance. The Sri Lankan side also had full representation from relevant units of the Ministry of Trade, Food Security and Cooperative Development, along with other related ministries and sectors.

Spoken at the meeting, Deputy Minister Phan Thi Thang highly appreciated the thoughtful preparations by the Sri Lankan side and highlighted the positive developments in Vietnam - Sri Lanka trade relations in recent times. Both sides reviewed and evaluated the implementation status of the contents agreed upon at the Second Meeting; simultaneously, they acknowledged the continuous improvement in bilateral trade turnover. Both sides agreed that there is significant room and demand for cooperation, especially given the highly complementary nature of the two economies' trade structures.

Within the framework of the meeting, the two sides engaged in extensive exchanges on a series of priority cooperation areas.

Regarding trade facilitation, both sides agreed to strengthen technical dialogues on customs, standards, regulations, and non-tariff measures to help businesses of both countries reduce compliance costs and improve market access capabilities.

Regarding rice trade cooperation, Vietnam affirmed its capacity for a stable rice supply with diverse varieties and proposed considering the possibility of establishing a Memorandum of Understanding (MOU) on rice trade cooperation to contribute to ensuring food security.

In the textile, garment, and footwear sectors, Sri Lanka proposed cooperation within the framework of the EU's GSP regarding the cumulation of origin. Vietnam acknowledged this and expressed readiness to strengthen cooperation in training, design, product development, and supply chain connectivity.

In the fisheries sector, Sri Lanka expressed a need for increased technical cooperation and the import of raw materials for exploitation. Vietnam requested that Sri Lanka expand the list of eligible products and simplify quarantine procedures.

Regarding trade promotion, both sides agreed to boost connections between VIETRADE and the Sri Lanka Export Development Board (EDB), implement the established action programs, and simultaneously increase the exchange of business delegations, participation in fairs and exhibitions, and B2B connections.

Both sides highly valued each country's strategic location in the global supply chain and agreed to consider organizing a Vietnam - Sri Lanka Logistics Business Forum in the near future. The two sides agreed to study the possibility of opening direct flights between Colombo and Hanoi/Ho Chi Minh City to promote trade, investment, and tourism in the coming period.

The Sri Lankan side expressed a desire to attract Vietnamese enterprises to invest in infrastructure, energy, ICT, the electrical and electronics industry, agricultural processing, logistics, and supporting industries. The two sides also discussed cooperation in 3D printing technology, quality inspection, software and digital transformation, Ayurveda medicine, and shipbuilding and repair.

Concluding the meeting, Deputy Minister Phan Thi Thang and Deputy Minister K.A. Vimalenthirarajah signed the Minutes, serving as a basis for implementing cooperation in the coming time. Both sides agreed to hold the Fourth Meeting in Hanoi, with the specific time to be discussed via diplomatic channels.

The 3rd Meeting of the Vietnam - Sri Lanka Joint Trade Sub-committee is assessed as an important step forward, creating new momentum for economic and trade relations between the two countries in the next phase of cooperation. Vietnam will coordinate closely with Sri Lanka to effectively implement the agreed contents, supporting businesses of both countries to connect deeper into regional and global supply chains, aiming to raise bilateral trade turnover to 1 billion USD.

Trade Statistics, Vietnam currently ranks 48th among Sri Lanka's export destinations and 17th among its import sources. In 2024, export turnover from Sri Lanka to Vietnam reached 40.09 million USD, an increase of 10% compared to 2023; import turnover from Vietnam to Sri Lanka reached 238.81 million USD, an increase of 27% compared to 2023. Key imports from Sri Lanka, knitted fabrics, yarn, animal feed, rubber, textiles, and tea packages. Key exports to Sri Lanka, yarn, knitted fabrics, base metals, woven fabrics, telephones, electronic equipment and components, and rubber.