Dr Sarath Amunugama, Minister of Enterprise Development and Investment Promotion held discussions aimed at expanding bilateral economic ties with Vo Hong Phuc, Minister of Planning and Investment of Vietnam and also with Vu Huo Hoang, Minister of Industry and Trade. Minister Amunugama was heading a delegation of the Board of Investment of Sri Lanka to promote and develop investment and trade with Vietnam.

The discussions held between the two governments centered on developing bilateral relations in the area of investment. At present, there are Sri Lankan investments in Vietnam in the areas of tea, rubber and coconut industries as well as IT and the garments sector. Whilst Vietnam has traditionally invested in countries such as Thailand and in neighbours in Indochina like Cambodia and Laos, there is now a growing interest in new partners such as Sri Lanka.

The strongest sector for future Vietnamese investment will be in Sri Lanka’s oil industry where oil exploration will soon begin. Vietnam has for many years exploited her own offshore oil resources. The Vietnamese therefore have considerable know how in oil exploration. Dr Amunugama at his discussions with both ministers invited a Vietnamese oil industry delegation to visit Sri Lanka, which the Vietnamese side accepted. A Vietnamese fact finding team from Petro Vietnam, the State Petroleum Corporation of Vietnam, will be visiting Sri Lanka in the near future. This company already has strong links with many of the leading producers of the world, including Middle Eastern countries, Venezuela, Russia and Malaysia.

Whilst in Vietnam, Dr Amunugama discussed with both Vietnamese Ministers ways in which Sri Lanka and Vietnam could develop and expand their economic ties to meet the challenges they face in a rapidly changing international economic environment. end products such as locally- mined gems and cut diamonds.