COLOMBO, May 5 (Xinhua) -- Sri Lanka and Vietnam have set a goal of expanding their annual bilateral trade from the current 200 million U.S. dollars to 1 billion dollars, the President's Media Division (PMD) said in a press release on Monday.

Vietnamese President Luong Cuong warmly welcomed Sri Lankan President Anura Kumara Dissanayake during an official ceremony held in Hanoi on Monday,.

This visit aims to strengthen political trust and foster effective collaboration across multiple sectors between the two nations, the PMD said.

"Sri Lanka and Vietnam engage in annual bilateral trade, primarily in exports, totalling around 200 million dollars. Both nations aspire to elevate this trade to 1 billion dollars in the near future," the PMD said.

The PMD said Dissanayake's visit highlights Sri Lanka's deep commitment to its longstanding friendship with Vietnam and demonstrates a mutual resolve to enhance collaboration in traditional sectors while exploring new opportunities in digital transformation, digital economy, energy transition, artificial intelligence and connectivity. ■