Int'l Cooperation

Last updated: Tuesday, March 26, 2019


Vietnam, Italy Foster Cooperation

Posted: Wednesday, October 19, 2016

The cooperative relationship between Vietnam and Italy has been developed comprehensively and intensively in recent years, particularly after the visit to Vietnam by Italian President Sergio Mattarella in November 2015. In the coming time, the two countries will adopt more measures to further strengthen the bilateral cooperation in all fields and bring the bilateral relationship to a new plane.
The Strategic Partnership Agreement, signed in 2013, has opened the way for both sides to boost comprehensive cooperation in various promising fields of mutual interest. The ties have been further tightened since the Consulate General of Italy in Ho Chi Minh City was established. Abiding by the mutual commitments, the achievements attained with the efforts of both parties to build the foundation for long-term important strategic partnership have been further attested by a rising number of high-level visits, and by dynamic developing economic cooperation, while sustainable and competitive development programmes have increasingly promoted cooperation in all areas of common interest.
Specially, the visit by the Italian Prime Minister in 2014 and the state visit by Italian President Sergio Mattarella in November 2015 to Vietnam marked important milestones in the history of the two countries’ strategic relations. The Vietnam - Italy relationship has been growing in many areas, particularly economy, trade, investment, science, technology, education and training.
Vietnam's exports to Italy grossed over US$2.86 billion in 2015 and its imports from the European nation valued US$1.46 billion. Currently, Italy is the 18th largest export market of Vietnam. In the European Union (EU), it is the fifth largest export market and the third largest import market of Vietnam.
By the end of December 2015, Italy ranked 31st out of 110 countries and territories with investment in Vietnam with 67 projects and US$340.23 million. The European nation invested in 11 out of 21 industries in Vietnam, and the processing and manufacturing industry drew the most investment capital. Although Italian investment in Vietnam is modest, its investment projects are usually quite large in value, such as Piaggio (scooter manufacturing and assembling), Datalogic (scanner production), Bonfiglioli (engine production), and Ariston (water heater production).
Mr Bui Vuong Anh, Vietnamese Commercial Counsellor in Italy, said that the most remarkable point in Vietnam - Italy economic relations was the signing of the agreement establishment Vietnam - Italy Joint Committee for Economic Cooperation by the Vietnamese Ministry of Industry and Trade and the Italian Ministry of Economic Development. The committee successfully gathered for the first meeting in Hanoi on November 25, 2014 and the second meeting in Rome on October 16, 2015. The third assembly is scheduled to be held in Hanoi in November 2016 on the occasion of Vietnam Food Expo 2016. Italy is the country of honour for Vietnam at the event.
International trade development, boosted by free trade agreements (FTAs), has posed new challenges of connectivity, technology, education, security and sustainability that Italy has stood ready to face with Vietnam. Accordingly, infrastructure and transportation sectors are bringing tremendous and potential cooperation opportunities for both sides and will be further supported by opportunities and prospects generated by the EU - Vietnam Free Trade Agreement (EVFTA).
Italy is a founding member of the Asian Infrastructure Investment Bank (AIIB), which is determined to contribute its well-known leadership to urban railway, tunnel, bridge and civil infrastructure projects to support Vietnam’s ambitious projects to upgrade and expand its existing systems. The memorandum of understanding, signed in 2015 by the Italian National Railway Company (FS) and Vietnam Railway Corporation (VNR), paved the way for railway cooperation in various fields such as investment, consulting, training, institutional and infrastructure projects.
The visit to Vietnam by Italian Minister of Infrastructure and Transport Graziano Delrio from September 25 to 27 laid the foundation for sustainable infrastructure and transport relations, and added momentum for bilateral cooperation ties. This was also an opportunity for Italy to consider implementing strategic projects joined by Italian companies and key global partners showing strong interest in infrastructure projects in Vietnam. The two ministers hoped that, during the upcoming visit to Italy by Vietnamese President Tran Dai Quang at the invitation of the Italian President, the two sides will sign a memorandum of transport cooperation to serve as a reference for future projects.
Based on good friendly relations, the high-level official visits, particularly the Vietnam tour by Italian President Sergio Mattarella in November 2015 and the visit to Italy by Vietnamese President Tran Dai Quang in November 2016, will create new momentum for the bilateral relationship. Meetings and talks during the visit will surely bring the strategic partnership of the two countries into a new chapter.
Giang Tu

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