Italy values strategic partnership with Vietnam

Vietnamese Minister of Industry and Trade Nguyen Hong Dien (second left) proposed solutions on cooperation with G7 countries at the Expanded G7 Trade Ministers’ Meeting

What new opportunities will the Minister’s trip to Italy open for the cooperation between Vietnam and Italy?

Vietnam is the only ASEAN (Association of Southeast Asian Nations) country to attend the Expanded G7 Trade Ministers’ Meeting.

As an important part of the global supply chain, Vietnam has not only ensured economic stability in the face of major global challenges but also achieved a higher-than-expected GDP (gross domestic product) growth rate. The fact that Italy, the Chair of G7, invited Vietnam to the meeting demonstrates its respect for the strategic partnership with Vietnam, a top-20 trading country.

Vietnamese representatives told meeting participants about their country’s major external relations, economic development and international integration policies; and its emphasis on multilateral cooperation and global partnerships. They said Vietnam is calling for the reduction of trade barriers and unnecessary non-tariff measures that disrupt supply chains, and efforts to build resilient, flexible and sustainable supply chains.

On the sidelines of the meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien met with partners from Canada, New Zealand, Brazil and the World Trade Organization (WTO) to discuss global trade issues and promote bilateral cooperation. He also met with Deputy Prime Minister cum Minister of Foreign Affairs and International Cooperation of Italy Antonio Tajani, who chaired the Trade Ministers’ Meeting. Both sides discussed many issues and set important directions in such areas as new energy, mineral exploitation for semiconductor manufacturing, foundational industries, supporting industries, and expanding markets for products from the two countries, among others.

Vietnamese Ambassador to Italy Duong Hai Hung

What role does Vietnam play in development cooperation with G7 countries in general and Italy in particular?

At their meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dien, the Italian representatives said Vietnam’s attendance at the meeting holds significant political and diplomatic importance, reflecting the Chair country’s orientation that the G7 meeting not only gathers the world’s leading economies but also expands dialogue and cooperation in the way Vietnam has done in recent years.

Vietnam has become a world top-40 economy in terms of GDP, a top-20 country in terms of trade, a top-15 foreign investment attractor, and jumped to the 46th place in the World Intellectual Property Organization (WIPO)’s Global Innovation Index (GII) 2023. Vietnam has become an important trade partner of many countries, including G7 economies.

Vietnam has become the largest ASEAN trade partner of Italy. Italy ranks the 33rd among 146 countries and territories investing in Vietnam, with its investment in the country remaining incommensurate with the potential. SACE and Simest, the two large and important financial institutions of Italy, will soon operate in Vietnam to support business and investment cooperation between the two countries. This reaffirms the trust of G7 countries and investors, including Italy, in Vietnam and also raises expectations for a new wave of Italian investment in Vietnam in the near future.

What role do the Vietnamese Embassy and Vietnamese Trade Office in Italy play in promoting investment cooperation and export promotion with G7 countries and Italy?

The Vietnamese Embassy and Vietnamese Trade Office in Italy

promoted the favorable business environment in Vietnam, a dynamically developing economy based on political stability, a sound foreign policy, a solid bilateral relationship, and free trade agreements (FTAs), among others, through dozens of seminars, talks, forums, and economic meetings that the embassy organized within the framework of the Vietnam-Italy Year 2023 celebrating 50 years of bilateral diplomatic relations, and the initiative of connecting Vietnam with Italy’s southern localities in the first half of 2024.

They have participated in important trade fairs and exhibitions in Italy to introduce Vietnamese agricultural products, furniture, handicrafts, helped Vietnamese ministries, sectors and localities implement visits to promote economic cooperation with Italian agencies and partners, and supported Vietnamese businesses seek and connect with Italian partners.

The Vietnamese Embassy in Italy and Ministry of Foreign Affairs, and Italian partners are preparing for the Vietnam-Italy Local Partnership and Cooperation Conference to be held in October in Bologna, Italy. This event is expected to open up more cooperation opportunities for localities and businesses of both countries.

The Vietnamese Embassy and Vietnamese Trade Office in Italy have been strengthening relationships with Italian trade associations, organizations, and financial institutions to create the most favorable conditions and frameworks for businesses of both countries. They are also pushing the future establishment of a direct air route between the two countries.