Vietnam and Italy boost economic, trade cooperation
Society – Economy - Ngày đăng : 16:14, 17/07/2024
The working session took place on the sidelines of the G7 Trade Ministers’ meeting in Reggio Calabria city on July 16.
Tajani welcomed Dien to the G7 Trade Ministers’ meeting, saying he appreciates Vietnam’s role in promoting world trade development.
He singled out Vietnam as an exemplary role model in economic growth based on the achievements recorded in international economic integration, thereby promoting trade, attracting investment, engaging in globalization and reshaping regional and international supply chains.
Italy always values and wishes to further strengthen cooperation with Vietnam, an important partner in the ASEAN region, especially in the fields of economics, trade, industry and energy, said Tajani.
Dien for his part said the G7 Trade Ministers’ meeting presents an opportunity for Vietnam to meet and exchange ideas with partner countries with a view to building a sustainable and stable global supply chain in the current context of a volatile and unpredictable world. At the same time, he said it is a valuable opportunity to boost trade and investment cooperation between Vietnam and G7 countries and especially Italy.
According to the minister, Italy is one of Vietnam’s important partners in the EU in many fields, especially economics and trade. It is Vietnam’s third largest trading partner in the EU, while Vietnam is Italy’s largest trading partner in ASEAN.
With two-way trade turnover between the two countries expanding around 10% annually and the number of Italian investment projects in Vietnam growing every year, the two countries have great potential for cooperation, noted Dien.
He proposed that the two sides convene the ninth meeting of the Joint Committee for Economic Cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Foreign Affairs and International Cooperation of Italy in the fourth quarter of 2024 in Hanoi.
He also proposed that the two sides increase cooperation in fields in which Italy has strengths and Vietnam is in need such as manufacturing, farm produce and food processing, fashion industry and supporting industries.
He expected that Italy would support Vietnamese businesses to improve their competitiveness, especially in supporting industries for textiles, garments, and footwear, to engage more deeply in the global supply chain.
Dien called on Italian businesses to expand investment in Vietnam in areas where Italy has strengths in technology and experience to take advantage of the incentives brought about from the EU-Vietnam free trade agreement (EVFTA).
He also proposed that Vietnam receive Italian support in terms of capital, techniques and high technology transfer to improve business capacity, develop standard production models in line with EU regulations, and jointly build a diverse and sustainable supply chain.
In the first six months of 2024, total import-export turnover between Vietnam and Italy hit US$3.4 billion, an increase of 9.5% over the same period in 2023. Of the total, exports to Italy fetched US$2.5 billion, up 9.2%, while imports from Italy reached US$0.88 billion, up 10.3%.
Italy currently ranks 33rd among 146 countries and territories investing in Vietnam with 152 projects with a total registered capital of more than US$533 million.