Major progress in Italy-Vietnam relations

12:24 | 13/12/2015 Cooperation

(VEN) - Italy has put Vietnam on the list of its top 10 emerging trade and investment development priority markets. The recent first visit to Vietnam by Italian President Sergio Mattarella underlined Vietnam’s role in Italy’s international relations.

Major progress in Italy-Vietnam relations

Vietnamese Prime Minister Nguyen Tan Dung receives Italian President Sergio Mattarella

During the visit, a number of important cooperative agreements were signed including the Action Plan on Implementing the Italian-Vietnamese Strategic Partnership from 2015-2016 and the Cooperation Agreement on Mutual Administrative Assistance in Customs.

Sergio Mattarella said that his visit aimed to affirm Italy’s determination to strengthen relations with Vietnam and that Italy considers Vietnam as a leading partner in the region.

He also believed that relations between the two countries, particularly in economics, trade and investment, will continue to develop.

Sergio Mattarella said the Italian Parliament has advocated the adoption of the EU-Vietnam Partnership and Comprehensive Cooperation Agreement (PCA) and that Italy would acknowledge Vietnam as a market-based economy.

Speaking at the Italy-Vietnam Business Forum held within the framework of his visit, Sergio Mattarella said that Vietnam has made strong commitments to modernizing and liberalizing trade, investment, banking and real estate which would increase the efficiency of global economic integration. To achieve greater efficiency in the strategic partnership, the two countries need to make the most of existing potential, quickly seize and create new opportunities and have a long-term vision.

As the two countries have similarities in terms of business structure mostly including medium to small-sized enterprises which are facing globalization challenges. For this reason, related organizations such as businesses, associations and universities play an important role in realizing innovation efforts and strengthening cooperation. Sergio Mattarella said that both Vietnamese and Italian students, lecturers and businesspeople are vital factors for increased relations.

Italian Ambassador to Vietnam Cecilia Piccioni said that Italy wants to boost cooperation with Vietnam in trade, investment, technology, tourism and education. Italy is currently developing a cooperative program on credit in order to promote economic development in Vietnamese localities including Ho Chi Minh City, Binh Duong and Dong Nai.

In the near future, two technology centers for the textile and garment, and leather and footwear industries will be established at two Vietnamese universities under support from the Italian government. Following the program, Italy will take their machinery, technology and educational experts to Vietnam. After education at the centers, graduates will become teachers in these industries. The ambassador hoped that the centers will help Vietnamese textile, garment, leather and footwear businesses produce good-quality products for the domestic market and increase export values.

Italy is currently Vietnam’s 18th largest market. The two countries have set a goal to increase bilateral trade revenues to US$5 billion by 2016. With 66 projects and total investment capital of US$391.66 million, Italy took 30th place among the 100 countries and territories investing in Vietnam.


Nguyen Huong