Vietnam, Italy look towards USD10 billion in economic, trade and investment turnover

Friday, 10/06/2022 12:40
(CPV) - Vientamese and Italian officials expressed satisfaction with the positive impacts of the Vietnam - EU Free Trade Agreement (EVFTA) on economic, trade and investment relations between Vietnam and Italy, and agreed to achieve the target of two-way trade at USD6 billion in 2022 and USD10 billion in the following years.

Vietnam, Italy coordinate to effectively implement EVFTA Agreement and soon ratify EVIPA

Deputy Minister of Foreign Affairs Ha Kim Ngoc and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano. (Photo: CPV)

Deputy Minister of Foreign Affairs Ha Kim Ngoc and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano reached the consensus on June 8 when co-chairing the 4th political consultation within the framework of the two nations’ strategic partnership.

In an atmosphere of trust, intimacy and mutual understanding, Deputy Minister Ngoc appreciated significant progress recorded in the relations over the past time, particularly in politics-diplomacy, economy, and science-technology. The two leaders agreed to further strengthen the bilateral cooperation in such new spheres as health, environment, climate change response, and renewable energy.

Deputy Minister Ngoc confirmed that Vietnam values and wants to beef up its strategic partnership with Italy, commending the sides’ sound collaboration in implementing their plan of action for the partnership for 2021-2023, which he said has created a driving force for bilateral relations to develop strongly in all fields.

Deputy Minister Manlio Di Stefano asserted that Italy considers Vietnam a top priority cooperation partner in the region and looks for more joint works in the fields of innovation, aerospace, hydrogen energy, and cybercrime prevention and control. He also praised the countries’ mutual support during the COVID-19 pandemic, with Vietnam presenting Italy over 300,000 face masks and Italy aiding Vietnam with nearly 3 million doses of COVID-19 vaccine.

The two sides agreed to increase the exchange of high-level delegations, continue to implement cooperation mechanisms, and coordinate to build practical activities towards the 50th anniversary of diplomatic relations and 10 years of strategic partnership in 2023.

Noting the growth of two-way trade and the increasing presence of Italian businesses investing in Vietnam, Deputy Minister Ngoc and Deputy Minister Di Stefano expressed satisfaction at the positive impacts of the EU-Vietnam Free Trade Agreement (EVFTA) on Vietnam-Italy economic, trade and investment relations. They agreed to achieve the goal of two-way trade turnover to USD6 billion this year and reach towards USD10 billion in the coming years.

On this occasion, Deputy Minister Ngoc suggested Italy soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) and support the European Commission in removing its ‘yellow card’ warning against illegal, unreported, and unregulated (IUU) fishing for Vietnamese seafood.

During the consultation, they also emphasised the importance of ensuring the freedom of navigation, overflight, security and peace in the East Sea, and of respecting international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS)./.


Compiled by BTA