Trade and investment, a pillar of Vietnam-Italy relations

On the sidelines of the meeting, Minister Nguyen Hong Dien had a bilateral discussion with Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani.

The Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation said that the relationship between Vietnam and Italy has been expanding in many fields, with economic, trade and investment ties being a pillar of bilateral cooperation.

On the sidelines of Expanded G7 Trade Ministers’ Meeting, Minister Nguyen Hong Dien has 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. Italy considers Vietnam an important partner in the ASEAN region and highly appreciates the important role of the Ministry of Industry and Trade in the Vietnam-Italy Joint Committee for Economic Cooperation, especially in connecting businesses of the two countries.

Deputy Prime Minister and Minister Antonio Tajani 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.

Minister Nguyen Hong Dien said that 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.

Minister Nguyen Hong Dien and Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani

In order to further promote bilateral economic and trade relations, Minister Nguyen Hong Dien proposed to organize the ninth meeting of the Vietnam-Italy Joint Committee for Economic Cooperation between the Vietnamese Ministry of Industry and Trade and the Italian Ministry of Foreign Affairs and International Cooperation in the fourth quarter of 2024 in Hanoi, Vietnam. The two sides need to promote cooperation in areas where Italy has strengths and Vietnam has demand.

Firstly, in the field of industrial and machinery cooperation, Minister Nguyen Hong Dien requested that Italy support Vietnamese enterprises to enhance their competitiveness, especially in the supporting industries for textiles, garments and footwear, to enable their participation in global supply chains.

Secondly, within the framework 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, especially requirements in terms of food safety and quality control. Italy is also requested to help Vietnam establish a model for food safety control and traceability from production to consumption of key agricultural and forestry export products.

Thirdly, Minister Nguyen Hong Dien encouraged Italian investments in Vietnam’s agro-processing, food processing, fashion design, and supporting industries.

According to Minister Nguyen Hong Dien, Vietnam has joined free trade agreements with over 60 partners across continents, making its market access level on par with Singapore. This has helped Vietnam strengthen its role in the supply chain diversification strategies of multinational corporations. Therefore, Minister Dien called on Italian companies to increase investment in Vietnam in areas where Italy has technological strengths and experience, in order to take advantage of the EVFTA.

At the discussion, Minister Nguyen Hong Dien said that Vietnam wants to receive support from Italy in terms of capital resources, high technology transfer and technical assistance to enhance enterprise capabilities, build production models, quality control and product traceability systems meeting EU standards. He affirmed Vietnam’s willingness to cooperate with Italy to build diverse and sustainable supply chains.