Vietnamese President’s visit to boost economic ties with Italy
VOV.VN - President Vo Van Thuong’s forthcoming State visit to Italy is expected to enhance bilateral trade and bring co-operation opportunities for both nations’ businesses, which share many similarities, particularly as their economies are complementary to each other in terms of industries and products.
Vietnam is currently Italy's largest trading partner in ASEAN, with last year’s two-way trade hitting US$ 6.2 billion, up 11% compared to figures from 2021, according to Vietnam Customs.
Vietnamese exports to the Southern European nation last year hit US$4.4 billion, up 14% on-year, whilst imports from Italy reached US$1.7 billion, representing an annual rise of 3.6%.
The first four months of the year saw two-way trade reach more than US$2 billion, down 2.7% over the same period from 2022; in which exports dropped by 3%.
The country’s main exports to the Italian market include machinery, equipment, telephones and components, computers and components, means of transport and spare parts, iron and steel, coffee, textiles, and seafood.
Meanwhile, the nation primarily imported mechanical machinery and equipment, plastic and plastic products, pharmaceuticals, furniture, textile accessories, beverages, alcohol, and vinegar from the Italian market.
A representative of the European-American Market Department under the Ministry of Industry and Trade (MoIT) said Vietnamese products that boast a competitive advantage when exporting to Italy include cashew nuts, coffee, pepper, phones, components, and footwear.
Vietnamese products that hace great potential in the Italian market include seafood, vegetables, fruit, cinnamon, star anise, textiles and garment, electric motors, phones, honey, pharmaceuticals, machinery and spare parts, and wood products. The two countries also closely collaborate in sectors such as garments-textiles, leather-footwear, stone mining, and energy.
The MoIT and the Italian Ministry of Economic Development signed a Memorandum of Understanding on co-operation in the energy field back in 2019, whilst the Vietnamese side is finalising internal procedures to extend the MoU.
The two sides are also pushing ahead with oil and gas exploration in the Ken Bau field with the participation of Italy’s Eni Group. The Italian Government and Eni Group is also keen to expand linkages with the Vietnamese side in other energy areas such as liquefied natural gas (LNG) and renewable energy.
The Joint Committee on Economic Cooperation, originally established back in 2014, has held seven meetings and proposed co-operation contents, which contributes to pushing two-way trade between the two countries.
The two sides are also discussing the content of the eighth meeting of the joint committee, which slated to take place in Rome in October this year.
At a recent meeting held alongside Italian Ambassador to Vietnam Antonio Alessandro, Minister of Industry and Trade Nguyen Hong Dien said that the two countries still have huge potential to further expand their economic, trade, and investment ties in the time ahead.
As part of the occasion, Minister Dien and Ambassador Alessandro discussed co-operation possibilities in fields that the two sides are interested in, including renewable energy and LNG, as well as solutions which aim to remove obstacles and spur the further development of bilateral trade and investment.