Prime Minister Dr. Harini Amarasuriya yesterday outlined Sri Lanka’s ambition to deepen economic engagement with Vietnam, setting a bilateral trade target of $ 1 billion by 2030, while positioning the country as an export-driven and investment-friendly economy ready for its next phase of growth.
Addressing the Sri Lanka-Vietnam Trade, Investment and Tourism Cooperation Forum at Hilton Colombo, she said the two countries are entering a new chapter in bilateral relations, moving beyond traditional diplomatic cooperation towards a more dynamic and economically integrated partnership.
She acknowledged the role of the Vietnam Chamber of Commerce and Industry, the Vietnamese Embassy in Sri Lanka, and the Sri Lanka Export Development Board (EDB) in organising the forum, describing it as a platform to transform long-standing political goodwill into tangible economic outcomes.
‘Our shared ambition is to work towards achieving a bilateral trade target of $ 1 billion by 2030, with a strong focus on diversifying our product basket,’ the Prime Minister said.
Dr. Amarasuriya’s remarks came after bilateral discussions with Vietnamese President To Lam, where both sides explored avenues to further strengthen trade, investment and sectoral cooperation.
Highlighting Sri Lanka’s economic recovery, the Prime Minister said the country has emerged from a period marked by global shocks, macroeconomic instability, debt restructuring and climate-related disruptions, and has now regained economic momentum.
She noted that Sri Lanka recorded real GDP growth of 5% in 2025, marking the second consecutive year of expansion, while per capita GDP has recovered to approximately $ 5,000. She also pointed to improving inflation trends, stronger foreign reserves, healthier external balances and rising investor confidence as indicators of renewed macroeconomic stability.
Tourism, she added, has rebounded strongly, with visitor arrivals reaching 2.36 million in 2025, while multilateral institutions such as the International Monetary Fund and the World Bank have acknowledged Sri Lanka’s progress in economic stabilisation, fiscal reform and rebuilding credibility.
‘We are now decisively transitioning from economic stabilisation to growth transformation,’ Dr. Amarasuriya said, referring to the Government’s national development vision centred on inclusive growth, innovation and broad-based economic opportunity.
Turning to Vietnam, the Prime Minister described the country as one of Asia’s most compelling development success stories, citing its achievements in industrialisation, export expansion, logistics integration and global market connectivity.
She said Sri Lanka sees Viet Nam not only as a trusted bilateral partner, but also as a strategic gateway to Southeast Asia and broader regional value chains, expressing interest in learning from Vietnam’s development experience in trade facilitation, industrial policy and export competitiveness.
Bilateral trade between Sri Lanka and Vietnam reached approximately $ 324 million in 2025, reflecting growth of over 16% compared to the previous year. Sri Lanka’s exports to Vietnam increased by nearly 31%, while imports from Vietnam rose by around 14%, reflecting stronger commercial engagement between the two economies.
Dr. Amarasuriya also noted that Sri Lankan businesses have already established around 30 investment projects in Vietnam, underscoring the confidence of Sri Lankan enterprises in Vietnam’s stable and business-friendly operating environment.
She noted that during President Anura Kumara Dissanayake’s State visit to Vietnam last year, discussions were initiated with leading Vietnamese business leaders, some of whom are now actively exploring investment opportunities in Sri Lanka.
Promoting Sri Lanka as a regional investment hub, the Prime Minister highlighted the country’s strategic location along major Indian Ocean shipping routes, modern port infrastructure, skilled workforce and liberalised economic framework.
She said the Government is implementing targeted reforms to improve the ease of doing business, streamline regulations, strengthen governance standards and enhance investor protection to build long-term confidence among foreign investors.
Dr. Amarasuriya invited Vietnamese enterprises to explore opportunities across sectors including trade, manufacturing, education, agriculture, food processing, logistics, aviation, electronics, information technology and critical minerals.
‘Economic diplomacy today is no longer defined by agreements alone. It is defined by connectivity, trust, and the ability to integrate economies through people, capital and innovation,’ she said.
She urged both countries to sustain business-to-business engagement through regular delegations, reciprocal visits and continued private sector dialogue, calling for Sri Lanka and Vietnam to emerge as a model of practical and mutually beneficial regional cooperation. (CdeS)