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Vietnam, Italy foster bilateral economic cooperation

Malie Nguyen Malie Nguyen

Dieuhuong270198@gmail.com

December 15, 2020 | 10:17

Over the past years, the friendship and traditional cooperation between Vietnam and Italy have developed fruitfully. In particular, the good political ties, along with the exchanges of many high-level delegations have created momentum for the development of economy, trade, and investment between the two countries.

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On December 14, the Vietnamese Ministry of Industry and Trade and the Italian Ministry of Foreign Affairs and International Cooperation held the 6th Meeting of the Joint Commission on Economic Cooperation in the online form. The meeting is expected to contribute to marking a practical and effective cooperation period in order to lift Vietnam - Italy economic cooperation to a higher level of development, Communist Party of Vietnam Online Newspaper reported.

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The meeting is expected to contribute to marking a practical and effective cooperation period in order to lift Vietnam - Italy economic cooperation to a higher level of development.

Photo: Communist Party of Vietnam Online Newspaper

According to the statistics, over the past 10 years, two-way trade turnover between Vietnam and Italy has robustly increased, with some products enjoying 3-digit growth. Two-way turnover rose from 1.8 billion USD in 2010 to over 5.3 billion USD in 2019. Regarding direct investment of Italy in Vietnam, by the end of October 2020, Italy ranked 32nd out of 138 countries and territories investing in Vietnam with 116 valid investment projects, with total registered capital of more than 390.14 million USD. Italy's direct investment projects mainly focus on the manufacturing industry.

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Deputy Minister of Industry and Trade Dang Hoang An speaks at the meeting. Photo: VNA

At the meeting, Deputy Minister of Industry and Trade Dang Hoang An said that despite achieving positive results, the trade exchange and investment cooperation between Vietnam and Italy was still modest, not commensurate with the potential and the wishes of both sides, as well as the traditional friendship. Therefore, the two sides need to practically review the potential of each country, and on this basis, to orient feasible cooperation issues so that the enterprises of the two sides do not miss the opportunity brought by the Vietnam - EU Free Trade Agreement (EVFTA).

For his part, Deputy Minister of Italian Foreign Affairs and International Cooperation Manlio Di Stefano affirmed that in the challenge of the COVID-19 pandemic, the two sides need to strengthen cooperation with confidence for the mutual benefits to solve problems, create favorable conditions for the bilateral cooperation process.

Vietnam and Italia also exchanged views and re-evaluated the economic and trade cooperation especially in the areas of energy, industry, industrial machinery, garments and textiles, footwear, and mining. At the same time, the two sides proposed and agreed on the plans in the time ahead to quickly recover the economy post the epidemic and prepare to take advantage of the benefits brought by the Vietnam - EU Free Trade Agreement (EVFTA).

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The session is held virtually. Photo: Communist Party of Vietnam Online Newspaper

At the end of the meeting, the two sides signed the minutes of the 6th Meeting of the Joint Commission on Economic Cooperation between the Vietnamese Ministry of Industry and Trade and the Italian Ministry of Foreign Affairs and International Cooperation in the form of diplomatic mailboxes. The two sides also agreed that Italy will host the next meeting in 2021.

Deputy Minister Dang Hoang An asserted that the Ministry of Industry and Trade will continue to work closely with the Ministry of Foreign Affairs and Italian International Cooperation to urge the relevant units to implement the reached cooperation agreements, as well as to develop and seek other agreements in the future.

The Joint Commission Meeting is an important event held annually to demonstrate the determination of the two sides to promote bilateral cooperation in the fields of economy and trade as well as to realize the Vietnam-Italia Strategic Partnership which was established on the occasion of the official visit of General Secretary Nguyen Phu Trong to Italy in 2013.
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Malie Nguyen