Hanoi (VNA) – A Vietnamese delegation led by Politburo member Nguyen Duy Ngoc, who is Standing Deputy Head of the Central Steering Committee for Science-Technology Development, Innovation and Digital Transformation, recently held a working session with the management board of the Colombo Port City to explore the smart port city model.

Ngoc, who is also Secretary of the Party Central Committee and Chairman of its Organisation Commission, highly valued the development model of Colombo Port City, noting that it contains many features suitable for Sri Lanka’s conditions as an island nation with strong orientations towards the maritime economy, logistics, international finance, and digital economy development.

He said Vietnam will continue studying the model and discussing it with Vietnamese investors, particularly enterprises operating in science-technology, innovation, digital infrastructure, seaports and smart cities, to explore cooperation opportunities between the two countries.

Representatives of Colombo Port City introduced the overall development model and special policy mechanisms being implemented by Sri Lanka. The port city is being developed as Sri Lanka’s first international multi-service special economic zone, focusing on international finance, fintech, digital services, logistics, technology, and other high value-added services.

The project is offering strong incentives to attract international investment, including tax exemptions and reductions of up to 23 years for several priority sectors and projects. Sri Lanka aims to build Colombo Port City into an internationally competitive financial, service and digital economy hub.

The port city also applies highly internationalised economic mechanisms and favourable investment policies, including foreign currency transactions, expanded foreign ownership mechanisms, and the employment of foreign workers in permitted sectors. Sri Lanka is also prioritising visa processing for international investors and experts while developing international-standard commercial dispute settlement mechanisms.

To support development, Sri Lanka is accelerating the expansion of internet, data and national digital infrastructure, with 5G coverage already deployed in many key areas. The country also highlighted Colombo Port City’s connectivity with major economic centres such as India, Singapore and the Middle East, creating favourable conditions for logistics, financial services and cross-border business activities.

Ngoc praised Sri Lanka’s orientations in developing seaport infrastructure, digital infrastructure, digital economy and international service centres, describing them as valuable references for Vietnam in developing strategic infrastructure, innovation centres, smart urban areas and digital economy ecosystems.

On this occasion, the delegation also held a working session with Sri Lanka’s Ministry of Digital Economy. The two sides noted that Vietnam and Sri Lanka share many similarities in digital economy and digital transformation development, and expressed their desire to strengthen cooperation in digital technology, innovation, digital infrastructure and digital human resources training.

The Vietnamese delegation shared the country’s major orientations in science, technology, innovation and digital transformation, including the implementation of Resolution No. 57-NQ/TW and efforts to develop innovation startup ecosystems, innovation centres and digital human resources.

Sri Lankan Deputy Minister of Digital Economy Eranga Weeraratne said the country is prioritising digital infrastructure development to support the digital economy and Artificial Intelligence. Sri Lanka currently has three large-scale data centres and is calling for international investment to develop additional centres serving AI, cloud computing and digital services.

The two sides also exchanged views on semiconductor industry development, digital assets, cybersecurity strategies, international digital connectivity infrastructure and submarine fibre-optic cables, agreeing that high-speed digital infrastructure will be a key foundation for future digital economy growth./.