Vietnam and Sri Lanka established diplomatic relations on July 21, 1970, and have since maintained a tradition of friendly ties and cooperation across various sectors.

Political parties in Sri Lanka have expressed strong goodwill toward Vietnam, viewing the country as a model of successful economic development. Sri Lanka has also recognised Vietnam as a full market economy.

The two countries have established three bilateral cooperation mechanisms, including the Joint Commission on Economic, Scientific and Technological Cooperation at the foreign minister level, political consultations at the deputy foreign minister level, and a Joint Subcommittee on Trade at the deputy minister level of industry and trade.

Two-way trade between Vietnam and Sri Lanka has shown steady growth in recent years, reaching US$215.5 million in 2024 and rising to approximately US$260 million in 2025, marking a 20% increase. As of March 2026, bilateral trade had reached around US$50 million.

The two sides also signed a new memorandum of understanding on machinery manufacturing cooperation in May 2025.

In terms of investment, Sri Lanka currently has 34 valid projects in Vietnam with a total registered capital of US$43 million, ranking 64th among 154 countries and territories investing in Vietnam. Most of this investment is concentrated in the processing and manufacturing sector, accounting for 95% of total registered capital.

Sri Lankan investment projects are present in seven provinces and cities across Vietnam. Hung Yen province leads with one project worth US$20 million, followed by Tay Ninh and Dong Nai with two projects each, totaling US$7 million per locality.

Notable projects include a swimwear manufacturing plant in Hung Yen with a registered capital of US$8.72 million, the largest Sri Lankan project in Vietnam; EPIC Design Company with US$3.5 million; and Alpine Creations Vietnam Co., Ltd. with a US$2 million garment project in Tay Ninh.

In the financial sector, the two countries signed an agreement on avoidance of double taxation in October 2005 and an agreement on customs cooperation and mutual assistance in May 2025.

Cooperation in agriculture has been strengthened through a joint work plan for 2024–2026, while an education cooperation agreement for the 2023–2026 period was signed in August 2024.

In the cultural field, Sri Lanka has expressed interest in renewing and enhancing the Memorandum of Understanding on Cultural Cooperation signed in 2009, with potential areas including archaeology and cultural exchanges.

People-to-people ties have also been reinforced through friendship organisations. Sri Lanka currently has four organisations promoting relations with Vietnam, while Vietnam has established parliamentary friendship groups and the Vietnam–Sri Lanka Friendship Association.

The upcoming visit is expected to create new momentum for bilateral cooperation and further deepen the partnership between the two countries.

Sri Lanka praises CPV’s leadership role, studies Vietnam’s development model

VOV.VN - Ahead of the 14th National Congress of the Communist Party of Vietnam (CPV), General Secretary of the Communist Party of Sri Lanka, G. Weerasinghe, has expressed strong admiration for the CPV’s leadership role and said Sri Lanka is closely studying Vietnam’s development model for possible adaptation.