Vietnam and Sri Lanka last Friday formed a cooperation council in a bid to boost commercial ties between the two countries, Vietnam News Agency reported Monday.
The council was established at the National Chamber of Commerce of Sri Lanka with 25 companies taking part.
Asoka Hettigoda, the chamber's president, said that the council would work to extend the cooperation between the two countries, especially in trade, investment and tourism.
Vietnamese ambassador to Sri Lanka Ton Sinh Thanh said the council will help stimulate bilateral relations between the two countries.
Trade between Vietnam and Sri Lanka surged 45.6 percent to US$93 million in 2011 from two years earlier, according to Vietnam's Foreign Investment Agency.
Vietnam News Agency quoted Thanh as saying trade with Sri Lanka is expected to reach $150 million this year.
The two countries plan to see the figure grow to $1 billion by 2015.
Government statistics showed that Vietnam had no investment projects in Sri Lanka as of September 20, while Sri Lanka has seven projects in Vietnam including five foreign-invested and two joint ventures with a total registered capital of $13.9 million.
The total foreign investment in operating projects in Vietnam as of September 20 was $208 billion.
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