Vietnam – Italy Two-way Trade Turnover Can Reach 7 billion USD

Vietnam - Italy trade turnover can reach USD 7 billion thanks to the structure of import-export goods of the two countries being complementary to each other.

Hai Dang

October 24, 2023 | 08:33

Vietnam – Italy two-way trade turnover can reach 7 billion USD

Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Maria Tripodi - Italian Undersecretary of State for Foreign Affairs and International Cooperation.

On the basis of the Vietnam - Italy strategic partnership and the plan agreed by the two sides at the 7th Meeting of the Vietnam - Italy Joint Committee on Economic Cooperation, from October 17 and 18, the Ministry of Industry and Trade of Vietnam and the Italian Ministry of Foreign Affairs and International Cooperation organized the 8th Meeting of the Joint Committee on Economic Cooperation, at the headquarters of the Italian Ministry of Foreign Affairs and International Cooperation.

This meeting is an important event for the two sides on the occasion of the 50th anniversary of Vietnam – Italy diplomatic ties and 10 years of strategic partnership to enhance bilateral cooperation between Vietnam and Italy in the fields of economics and trade.

The meeting received comments from many relevant ministries and branches such as the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Agriculture and Rural Development, the Ministry of Information and Communications and Associations such as the Footwear and Handbag Association, Vietnam Association for Building Materials...

At the meeting, the two sides together discussed and assessed major economic and commercial cooperation contents, particularly in trade, energy, agriculture, industrial machines, garments, footwear, and stone exploitation....; proposed and agreed on plans to be implemented in the coming time to promote import-export turnover between the two countries after an interruption since the beginning of the year. of the President during his visit to Italy in July 2023.

Delegates at the event.

They also talked about measures to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) to bring the two countries’ economic cooperation to new heights in line with the joint statement released during President Vo Van Thuong’s State visit to Italy in July 2023.

Investment and trade relations between Vietnam and Italy have made impressive developments and are fully capable of bringing two-way trade turnover to 7 billion USD thanks to the complementary structure of import-export goods of the two countries being complementary to each other, not directly competing.

Because of EVFTA, import-export turnover between Vietnam – Italy has increased by 21.1% in 2021 and 11% in 2022. Thanks to the strategic location of the two countries in important economic regions of Asia and Europe, Vietnam-Italy has become a bridge between the two most dynamic economic regions in the world and their trade potential is still very large.

Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that the traditional friendship and cooperation relationship between Vietnam and Italy has been strengthened and developed. Vietnam acknowledges the attention paid to Vietnam in the development cooperation policy of the Italian Republic in recent times.

Maria Tripodi - Italian Undersecretary of State for Foreign Affairs and International Cooperation acknowledged that Vietnam is considered a "bright spot" in economic growth as its growth rate, import-export turnover, as well as foreign investment attraction, are all at high levels, although Vietnam is also affected by supply chain disruptions and falling global demand due to the global geopolitical situation.

Earlier, on the afternoon of October 18, at the Vietnam-Italy Economic and Investment Cooperation Conference with a focus on Sustainable Investment and New Energy, organized by the Vietnamese Embassy on the occasion of the 8th Meeting of the Joint Committee on Economic Cooperation, Ambassador Extraordinary and Plenipotentiary of Vietnam to Italy Duong Hai Hung emphasized: “this is an important event, with practical significance and at the right time”.

According to the Ambassador, this is a good opportunity for the business community and policymakers to meet, exchange and share information, perspectives, and strategies, strengthen and promote business cooperation connections, trade and investment between Vietnam and Italy, with a focus on sustainable investment and new energy, thereby jointly solving major challenges in sustainable development, and creating positive values and benefits for both sides’ business communities, contributing to maximizing the large potential for mutually beneficial cooperation.

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