Business
Vietnamese Central Bank Governor compliments SL on economic improvements
Governor of the Central Bank of Vietnam, the latter also known as the State Bank of Vietnam (SBV), Mdm. Nguyen Thi Hong, expressed optimism and voiced encouraging sentiments on the improvement of the economy of Sri Lanka, during the last 12 months, when the ambassador of Sri Lanka to Vietnam, Prof A. Saj U. Mendis, met her at the head office of the SBV.
Both the Governor and envoy discussed in detail micro and macro-economic issues and policies as well as monetary and fiscal policies implemented and executed by Vietnam, resulting in Vietnam attaining unprecedented economic growth during the last couple of decades.
A press release issued by the Sri Lankan embassy in Vietnam said: ‘Governor Hong, was one of the three Governors of Central Banks who were chosen by the prestigious “Global Financial Magazine” as the most effectual and competent Central Bankers in the world.
Ambassador Mendis complimented, both during the meeting as well as in writing, on this achievement, which reflected and manifested the efficacious and result-oriented policies executed by the Central Bank i.e. SBV. On the same note, Governor Hong conveyed the best wishes to the Governor of the Central Bank of Sri Lanka (CBSL), Dr. P Nandalal Weerasinghe, who was also selected by Global Financial Magazine as one of the best and competent Central Bankers in the world.
‘Governor Hong noted that Sri Lanka succeeded in reducing inflation from 65% to 5% within a space of 12 months as well as marked reduction of interest rates, increase of official foreign reserves and stabilizing of national currency of Sri Lanka.
Mendis stated that Vietnam, today, has become one of the fastest-growing economies in the world, thus being noted by major advanced economies and large multinational corporates world over.
‘Mendis added that a Central Bank of any nation, be developed or developing, plays an influential and seminal role in navigating and steering the economy.
That said, Vietnam which had a GDP per capita of only USD 90 in 1990s, today has risen to USD 4,450 as well as bilateral trade exceeding USD 730 billion, including exports of over USD 370 billion in 2022. Vietnam maintains economic and political stability with highly impressive economic indicators, such as inflation, interest rates and unemployment, among others.
‘Prof Mendis also stated that the SBV was pivotal and decisive in creating a milieu for foreign investors, corporates and FDI to flow into the country, since Vietnam received FDI in excess of USD 20 billion in 2022 and envisaging FDI of around USD 30 billion in 2023.
Some of the largest corporates, which are household names, have committed significant investments and FDIs in Vietnam amounting to a total FDI stock of USD 450 billion.
‘Both, the Governor and envoy, agreed that one of the determining and deciding factors of this iconic feat of the economic augmentation of Vietnam was the FTAs and Partnership Agreements it has with a number of key and select countries, numbering 17.
Envoy Mendis also stated that Sri Lanka too has FTAs with major countries in South Asia as well as in the process of concluding a number of FTAs with select countries in order to increase exports and woo FDIs and foreign institutional investments, among others.
Both the Governor and Envoy discussed policies and measures which have led to economic advancement and augmentation of countries, including Vietnam, among others.’
Business
Seven Acts under the subject of institutions implemented under the Ministry of Industry and Entrepreneurship Development to be amended
The Cabinet of Ministers has approved the joint proposal presented by the Minister of Industry and Entrepreneurship Development to include the aforesaid amendments of the Acts to the Legal Compilation Program of the government in the year 2025 for the amendment of the following Acts.
• National Gem and Jewellery Authority Act, No. 50 of 1993.
• Technical Development Act No. 36 of 1969
• Sri Lanka institute of textile and apparel Act, no. 12 of 2009
• Sri Lanka Export. Development Act, No. 40 of 1979
• National Enterprise Development Authority Act No. 17 of 2006 and National Enterprise Development Authority Act No.18 of 2014 (Amendment)
• National Crafts Council and Allied Institutions Act No. 35 of 1982
• National Crafts Council and Allied Institutions Act No.4 of 1996 (Special Provisions)
[It has been planned to amend the above acts that come under the subject of institutions implemented under the Ministry of Industry and Entrepreneurship Development this year to create a strong and suitable institutional framework to expedite economic conversion in Sri Lanka]
The Global Franchise Forum 2025, held at the Sheraton Hotel in Colombo recently was seen by dignitaries present as delivering significant benefits to Sri Lanka’s economy, entrepreneurs and the country’s global standing. Gaurav Marya, chairman, Franchise India Group, complimenting the event said, among other things, that the event was a ‘meeting of minds, markets and opportunities’.
The event attracted global brands, investors and business leaders, connecting them with Sri Lanka’s entrepreneurial community and was seen as laying the groundwork for long-term economic growth and collaboration.
Gaurav Marya, further said:
“We are thrilled to see such an enthusiastic and relevant audience in Sri Lanka. The energy in the room reflected the hunger for growth and the readiness of Sri Lanka’s entrepreneurs to embrace global brands and scale with purpose.”
Knowledgeable observers added: ‘Franchising offers a tested pathway for small and medium enterprises (SMEs) to grow sustainably. Through partnerships with established global brands, Sri Lankan entrepreneurs now have better access to proven business models, reducing startup risks and improving scalability. This promises to generate significant employment opportunities in sectors like hospitality, healthcare, retail, and education, thereby strengthening the social and economic fabric of the country.
“The forum also helped reinforce Sri Lanka’s strategic position as a gateway to South Asia. Highlighting the country’s growing consumer base, skilled workforce and improving business environment, the event attracted international attention, signaling Sri Lanka’s readiness to play a larger role in regional trade and investment flows.
“Support from respected organizations—including the Indo-Lanka Chamber of Commerce, ICC Sri Lanka, and FCCISL—helped foster new partnerships and cross-border collaboration opportunities. By encouraging foreign investment and knowledge-sharing, the forum is set to help Sri Lankan businesses become more competitive regionally and globally.
“Panels, workshops, and one-on-one business meetings equipped attendees with vital knowledge about franchising strategies and global business practices. The presence of industry experts offered Sri Lankan entrepreneurs valuable tools for success, promoting a culture of innovation and strategic growth.”
Reflecting on the broader significance of the event, Gaurav Marya added,
“Sri Lanka is clearly moving toward economic recovery. Despite global headwinds, including recent trade policy shifts, the Global Franchise Forum 2025 Sri Lanka Edition has helped catalyze timely conversations and build sustainable partnerships that support long-term economic development and resilience.”
By Ifham Nizam
National Savings Bank (NSB) announces the appointment of Ajith Akmeemana as the Chief Financial Officer (CFO), effective immediately.
Ajith Akmeemana has nearly 35 years of experience in the financial services industry driving financial strategies and ensuring sustainable organizational growth and profitability.
He brings extensive experience in corporate planning, asset-liability management, treasury management and corporate finance activities, complemented by C-suit leadership roles at Nations Trust Bank and Bank of Maldives. His career commenced at Standard Chartered Bank, Sri Lanka, and includes a strong foundation in audit and advisory services at Ernest & Young.
Akmeemana is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and holds an MBA from the University of Manchester, UK. He is also a Graduate Member of the Sri Lanka Institute of Directors and an Associate Member of the Institute of Bankers of Sri Lanka.
Commenting on his appointment, Akmeemana said, “It is an honor to join National Savings Bank, an institution with a strong legacy and an essential role in Sri Lanka’s financial sector. I look forward to supporting NSB’s mission and contributing to its continued growth and success.”
The Chairman, Board of Directors, GM/CEO, and the entire NSB team warmly welcome Akmeemana and are confident in his ability to lead the Bank’s financial operations in alignment with its strategic direction.
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