Trade and investment, a pillar of Vietnam-Italy relations

On the sidelines of the Expanded G7 Trade Ministers’ Meeting, Minister Nguyen Hong Dien had a bilateral discussion with Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani. Deputy Prime Minister and Minister Antonio Tajani affirmed that Italy attaches importance to and wants to further strengthen cooperation with Vietnam, especially in the fields of economy, trade, industry and energy. He highly appreciated Vietnam’s role in promoting the development of world trade. He said that Vietnam is a “shining example” and a successful model of economic growth based on the achievements of international economic integration, which have helped Vietnam promote trade and attract investment, successfully participate in the globalization process and reshaping regional and international supply chains. Minister Nguyen Hong Dien said that this is an opportunity for Vietnam to join partner countries in building a sustainable and stable global supply chain in the context of unpredictable global changes. This is also a precious occasion for Vietnam to promote trade and investment relations with G7 countries, especially Italy. Italy is one of Vietnam’s important partners in the EU, especially in the fields of economics and trade. Italy is Vietnam’s third largest trading partner in the EU, while Vietnam is the largest trading partner of Italy in ASEAN. Bilateral trade has grown by an average of over 10 percent annually in recent years while the number of Italian investment projects in Vietnam keeps increasing, reflecting the large potential for bilateral cooperation. To further promote bilateral trade ties, Minister Nguyen Hong Dien requested that Italy support Vietnamese enterprises to enhance their competitiveness in the supporting industries for textiles, garments and footwear, to enable their participation in global supply chains. He encouraged Italian investments in Vietnam’s agro-processing, food processing, fashion design, and supporting industries. To take advantage of the EU-Vietnam Free Trade Agreement (EVFTA), Minister Nguyen Hong Dien requested that Italy provide updated information on regulations applied by the EU and Italy to imports from Vietnam.