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Vietnam and Italy established a new Joint Commission on Economic Cooperation

10:03 | 02/07/2020

On June 30, the Ministry of Industry and Trade (MoIT) and the Italian Ministry of Foreign Affairs and International Cooperation have signed an agreement to establish a new Joint Commission on Economic Cooperation.

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vietnam and italy established a new joint commission on economic cooperation
Deputy Minister of Industry and Trade Hoang Quoc Vuong and Italian Ambassador to Vietnam Antonio Alessandro at the event (Photo: Investigation)

The agreement was signed in a teleconference between Deputy Minister of Industry and Trade Hoang Quoc Vuong and Italian Under-Secretary of State for Foreign Affairs and International Cooperation Manlio Di Stefano on June 30, according to VOV

At the event, the two sides discussed bilateral economic and trade coordination, including in energy, agriculture, industrial machinery, apparel, leather and footwear, and mining. Both Italy and Vietnam affirmed that the economic relations have been growing in recent years. 

Deputy Minister Vuong said that the Vietnamese and Italian economies are similar and supplementary, thus bringing advantages to both. Specifically, the EU-Vietnam Free Trade Agreement (EVFTA) will create many valuable opportunities for Vietnamese and Italian businesses, including small and medium enterprises. 

Vietnam therefore called on Italian firms to invest in supporting industries for leather and footwear, an area where Italy has strengths, in order to take advantage of the benefits brought about by the EVFTA, he said. 

vietnam and italy established a new joint commission on economic cooperation
Deputy Minister of Industry and Trade Hoang Quoc Vuong holds a teleconference with Italian Under-Secretary of State for Foreign Affairs and International Cooperation Manlio Di Stefano. (Photo: VNA)

Mr. Manlio Di Stefano thanked the valuable and timely assistance of Vietnam and the Ministry of Industry and Trade when Italy fought against the epidemic recently. He acknowledged that Vietnam was considered a "bright spot" in economic growth, when the growth rate, import-export turnover and foreign investment attraction were all high. He said Vietnam has successfully controlled the epidemic and quickly recovered the economy

Mr. Manlio Di Stefano also assessed that Vietnam is one of the fastest growing and most dynamic countries in Asia and ASEAN. Italy highly appreciated Vietnam's role as the ASEAN Chair in 2020 and desired to become an ASEAN Development Partner, contributing to build the ASEAN Community, reported by People's Army Newspaper

vietnam and italy established a new joint commission on economic cooperation
Vietnam and Italy established a new joint commission on economic cooperation (Photo: Vietnam Briefing)

At the ceremony, Vietnam and Italy signed the agreement to establish a Joint Commission on Economic Cooperation. The new Joint Commission is expected to maintain the effective and practical cooperation between the two sides in recent years and contribute to expand the two-way trade by 15-20 percent each year, informed Investigation.

According to the General Department of Customs, two-way trade between Vietnam and Italy topped US$5.3 billion in 2019, up 13.71% year-on-year.

Exports neared US$3.44 billion, up 18.46%, while imports rose 5.95% to US$1.87 billion.

In the first five months of this year, the figure stood at US$1.77 billion, down 22.53% year-on-year.

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