Vietnam, Italy economic cooperation develops actively

Thursday, 06/06/2019 10:15
Over the past years, the strategic partnership between Vietnam and Italy has seen positive development in diverse areas, notably in economic cooperation.

Vietnam - Italy relationship on positive development

Vietnam - Italy exchange on culture, sports and tourism cooperation

Italian businesses seek cooperation and business opportunities in Vietnam. (Photo: congthuong.com.vn)

Economic cooperation has been considered a priority in the partnership as the two economies share similarities, which is the biggest advantage in the two countries’ cooperation.

In particular, the Vietnam - EU free trade agreement is expected to open many opportunities for the two countries’ businesses, including the opportunities for Italian small- and medium-sized businesses to access new markets.

The two-way trade turnover has increased sharply at 3 times over the past 10 years, from USD1.5 billion in 2009 to over USD4.6 billion in 2018, and is expected to hit USD5 billion in 2019. Vietnam is currently Italy’s largest trade partner in ASEAN and Italy is Vietnam’s 3rd largest EU trade partner.

Statistics from the Vietnam Customs show that Vietnam’s export to Italy in the first quarter of this year accounted for 1.6% of the whole country’s exports, and were mainly telephones and spare parts, coffee, computers, electronic products, machines, devices, tools and accessories.

In terms of investment, more and more Italian businesses are paying attention to the Vietnamese market. According to Mr. Michele D'Ercole, President of the Italian Chamber of Commerce in Vietnam (ICHAM), Italian investment capital will increase in the near future, especially in food processing, textile and garment, pharmacy, infrastructure, culture and tourism.

The cooperation between the two countries is assessed to be huge and expected to be exploited more efficiently, especially after Italian Prime Minister Giuseppe Conte’s official visit from June 5th-6th at the invitation of his Vietnamese counterpart Nguyen Xuan Phuc. This is the highest level visit by an Italian leader to Vietnam over the past 5 years.

The visit holds great significance in the developing strategic partnership. In particular, the two countries celebrated the 45th anniversary of diplomatic relations in 2018 and 5th year since the establishment of the strategic partnership in 2018.

During the visit, Italian Prime Minister Giuseppe Conte attended the ASEAN - Italy forum, which is an important opportunity to strengthen the economic and commercial relations with Vietnam and ASEAN member countries./.

Compiled by BTA

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