President Of Largest Business Chamber Of Viet Nam Expresses Optimism On Sri Lankan Economy
Chairman and President of Viet Nam Chamber of Commerce and Industry known as VCCI, Mr Pham Tan Cong, had a comprehensive and detailed bilateral meeting with the Ambassador of Sri Lanka to Viet Nam, Prof. A. Saj U. Mendis, at the VCCI Head Office in Ha Noi. The VCCI is the largest and most influential business chamber in Viet Nam consisting of nearly 15,000 members/corporates. The VCCI plays a seminal and pivotal role as the most reputed business chamber in navigating and steering the economy of the country including but not limited to trade, investments, employment and tourism.
The meeting with President Pham Tan Cong lasted approximately 45 minutes, during which, President Cong highlighted the economic and commercial vantages of Sri Lanka. He further added that Sri Lanka is also well-poised and well-positioned to be a rapidly developing economy in the region mostly due to the strategic location, human resources, literate and adaptable workforce, connectivity to the world and infrastructure, amongst others.
Ambassador Mendis stated that the unprecedented rise and advancement of Viet Nam since 1995, in a single generation, was commended and admired by many a nation world over. He further added that in 1990, the GDP per capita of Viet Nam was only USD 90 and today it has risen to USD 4,500. Prof Mendis did make a parallel to the economy of Viet Nam stating that the GDP per capita of Sri Lanka is also in the vicinity of USD 3,800 with stable and predictable macro and micro economic dimensions coupled with economic and political stability. Prof Mendis accentuated that Sri Lanka is ideally located and placed to attract and woo FDIs and FIIs from world over including from Viet Nam. Both the President and Envoy touched upon the bilateral trade between the two countries and the President added that the bilateral trade between the two countries needs to be boosted to USD 500 million by next year and to USD one billion within the next couple of years.
President Cong stated since almost all the large corporates both Vietnamese and foreign are members of the VCCI, the Embassy of Sri Lanka to provide and extend sufficient quantum of information on Sri Lanka particularly in the sphere of investments and trade to be disseminated to select corporates based in Viet Nam. Both the President and Envoy discussed the necessity to have direct flights, thus enhancing bilateral tourism as well as other commercial and economic activity. Prof Mendis added that the recent listing of one of the largest corporates of Viet Nam, specialized in manufacturing of automobiles and electric vehicles (EVs), named Vinfast on the NASDAQ stock market of the US was a testament of the economic and commercial augmentation of Viet Nam. For record, Vinfast Group, after the listing in the US, had a market capitalization of nearly USD 100 billion, surpassing the combined market cap. of both the General Motors and Ford. Envoy Mendis, unequivocally, enunciated the fervent desire and interest of Sri Lanka to be proactively engaged with Viet Nam in the realm of trade, investments, FDIs, tourism and employment, amongst others. Both the President and Envoy stated that the bilateral trade of Viet Nam, last year, was over USD 730 billion and greater than even the GDP of Viet Nam. President added that the patent secret of having such high degree of exports and imports were primarily due to the number of FTAs and strategic partnership agreements of Viet Nam with a number of select countries.
Ha Noi
27th September 2023
