"It is estimated that in the first nine months, the total trade between the two countries may reach 95 million US dollars," he said during an event to mark the national day of Vietnam.
"I am confident that with mutual efforts, the friendship and co-operation between Vietnam and Sri Lanka will be developed even further in many fields, including trade, investments, tourisms, culture and education."
In 2011, bilateral trade between Sri Lanka and Vietnam grew to 113.2 million US dollars up 22 percent from a year earlier, according to Vietnamese data.
Ambassador Thanh said during a joint commission meeting in July in Hanoi co-chaired by the foreign ministers of Vietnam and Sri Lanka a new air services agreement had been signed.
"We hope that some kind of code sharing agreements between the two national airlines could start by the end of this year, thus facilitating communication and tourism between the two countries, he said."
Sri Lanka's minister for indigenous medicine Saliya Dissanayake said opportunities for co-operation had expanded after the visit of Vietnamese President Truong Tan Sang last year, reciprocating an earlier visit by President Mahinda Rajapaksa.
Trade delegations from both countries had been visiting each other over the past two years, especially after Hanoi re-opened its embassy in Colombo two years ago.
Three Vietnamese travel agencies visited Sri Lanka earlier this year and a delegation of Sri Lankan travel agents had also visited Vietnam, which is expected to increase tourism traffic.
Vietnam is a fast growing country driven by foreign investments and trade liberalization. In 2011, exports grew 33 percent to 96.2 billion US dollars and imports grew 24 percent to 105.7 billion US dollars.
Tourist arrivals grew 10 percent to 6.01 million in 2011. In the first eight months of the tourist arrivals rose 9.4 percent to 4.38 million and realized foreign direct investments were flat at 7.3 billion US dollars.