Sri Lankan envoy delivers special lecture on future economic trajectory of Sri Lanka & Vietnam

Ambassador of Sri Lanka to Vietnam, Prof A. Saj U. Mendis, was invited by the University of Social Sciences & Humanities (USSH) of the prestigious Vietnam University (VNU) to deliver a Special Lecture/Talk on “Economic Transformation & Future Trajectory of Vietnam and Sri Lanka” to the senior academic faculty, lecturers, graduate students and guests. Ambassador Mendis was received by the Vice Rector of the VNU, Prof. Dr. Dao Thanh Truong, and he expressed close and congenial relations between the two countries as well as the similarities.

A press release issued by the Sri Lankan embassy in Vietnam said: ‘During the aforementioned Special Talk, Prof. Mendis stated that the unprecedented and meteoric economic and commercial rise was unprecedented since Vietnam could boost its GDP per capita from USD 90 in 1990s to USD 4,400 in 2023, within a space of only a generation. He further accentuated that Sri Lanka established diplomatic relations with Vietnam at the peak of the Vietnam War in July of 1970 despite there were a number of objections and reservations from certain countries. He also added most of the countries have established relations with Vietnam after the Vietnam War in 1973, which did reflect and manifest the congenial and affable relations between Colombo and Hanoi. Prof. Mendis also stated that today Vietnam is being considered as one of the fastest-growing large economies in the world as well as one of the most prolific exporters of goods and services to the global market.

‘Amb. Mendis highlighted that Vietnam was only one of the four countries in the world having a bilateral trade greater than the GDP, thus demonstrating its connectivity and engagement to the world at large. This is stated in the context that Vietnam has 16 FTAs and Partnership Agreements including the membership in two of the largest trading blocs in the world known as Regional Comprehensive Economic Partnership (RCEP) and Trans-Pacific Partnership (CPTPP). For record, Mendis stated that Sri Lanka has expressed its fervent interest to join the 15th – member RCEP in order to elevate and enhance the bilateral trade. These trading arrangements, of course, facilitated and aggrandized Vietnam as a highly favored and sought-after destination for FDIs, manufacturing, technology and logistics. Amb. Mendis added that since 1980, Vietnam has amassed a total FDI/FII stock of nearly USD 450 billion with the presence of some of the largest global brands such as Samsung, Toyota, Intel, Hyundai, LG, Lotte, Honda and Apple, along with a number of other multinational companies.

‘Amb. Mendis, during the lecture, articulated some of the key similarities between the two countries. For record, he stated that the GDP per capita of Sri Lanka is quite similar to Vietnam and is around USD 3,900 with efficaciously contained and controlled inflation of around 5% as well as interest rates and other monetary and fiscal policy reforms. Mendis added that the country did confront chronic economic challenges in 2022 and today Sri Lanka has emerged with commendable efficacy and success. He also stated that few countries in the world have confronted economic and political challenges and crises as Vietnam and it was most admirable to witness that Vietnam, today, being described as a “Mecca for Investments, Manufacturing and Tourism”. This is stated in the context that Vietnam received 19 million tourists before the COVID.

‘Prof Mendis articulated that Sri Lanka was described by highly noted travel magazines and media, such as “Lonely Planet, National Geographic, BBC Good Food and even CNN” as one of the five best destinations for tourism in the world. Prof Mendis concluded the 90-minute lecture by stating that both the countries are well-poised and well-positioned in the new world order to become rapidly developing nations, particularly, given the strategic locations, competent human resources, existing FTAs and economic and political stability, amongst others. The faculty members and graduate students of the USSH of VNU raised, broached and queried a number of questions and comments to Prof. Mendis.

‘Prof Mendis is a senior foreign service officer having served as the ambassador to Bahrain and South Korea and has earned his MBA from San Francisco State/University of California and Ph.D. from Indian Institute of Technology (IIT), Delhi in International Economic Policy.’