Vietnam, Italy forge economic cooperation

The fourth meeting of the Vietnam-Italy joint committee on economic cooperation between the Vietnamese Ministry of Industry and Trade (MoIT) and the Italian Ministry of Economic Development was held in Hanoi on November 28.

vietnam, italy forge economic cooperation hinh 0

The annual event demonstrates the two sides’ determination to enhance bilateral cooperation in economy and trade, along with materialising the Vietnam-Italy strategic partnership established during the visit to Italy by General Secretary of the Communist Party of Vietnam Nguyen Phu Trong in 2013. 

At the meeting, the two sides agreed that bilateral economic ties have developed strongly in recent years. 

Statistics released by the MoIT show that in 2016, two-way trade revenue exceeded US$4.68 billion, up nearly 9% over 2015. In the first ten months of this year, the figure exceeded US$3.7 billion.  

As of September 2017, Italy ranked 31st among 126 countries and territories investing in Vietnam, with 82 projects valued at US$382 million. 

Industrial collaboration between the two countries has also experienced healthy development, with major manufacturing projects like Piaggio, Datalogic, Bonfiglioli and Ariston. 

Other highlights of Vietnam-Italy cooperation include the Vietnam-Italy Steel JSC and Phu My Flat Steel Company. Additionally, affiliation between Vietnam National Oil and Gas Group and ENI, an Italian oil and gas company, has yielded fruit. 

However, trade value has yet to match potential. 

Vietnamese businesses expressed their wish to intensify cooperation with the Italian side in garment-textiles, leather and footwear, and the production and export of agricultural products. 

Within the framework of the meeting, a business seminar was held on November 27 and a business forum on November 28. 

Through such events, cooperation projects are expected to be implemented in various fields, including garments-textiles, leather and footwear, renewable energy and electricity, farm produce and food processing, infrastructure development, machinery, mechanics, chemicals, oil and gas, information-communications, and science-technology. 

The joint committee’s next meeting is scheduled to be held in Italy next year.


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