Vietnam, Italy Further Boosting Diplomatic and Economic Cooperation

The mission’s aim will have a dual perspective: political and commercial. Official discussions will be held under the Strategic Partnership agreement signed by the Italian and Vietnamese governments, followed by an Italy-Vietnam Forum. The mission is headed by a Deputy Minister and hosted by H.E Lorenzo Angeloni, and the dignitaries will be accompanied by a delegation of nearly 100 Italian businessmen.

 

The Italian Trade Commission – Trade Promotion Section of the Italian Embassy in Ho Chi Minh City, is tasked with organising a series of summits, promotional events, and bilateral meetings with potential Vietnamese partners to be held in Hanoi from November 24th - 25th, and in Ho Chi Minh City on November 26th. The mission’s multi-sectoral nature will have a specific focus on mechanics and mechanical tools (related to such sectors as textiles, metalworking), energy and renewable energy, pharmaceuticals and bio-pharmaceuticals, infrastructure, and transportation infrastructure. Italian firms are hoping to foster new and strengthen existing business collaborations with their Vietnamese counterparts. A Joint Commission between Italy and Vietnam will take place on the occasion, involving officials from the Ministry of Industry and Trade.

 

Over 40 years ago, Italy was the first Western European country to encourage cooperation between Vietnam and Europe. Vietnam and Italy established diplomatic ties in 1973 and relations between these two vibrant economies have been improving ever since. Italian Ambassador to Vietnam, Mr Lorenzo Angeloni, remarked that Italy has been Vietnam’s EU leading trade partner with two-way trade turnover estimating at around €3.5 billion in 2014.

The two countries currently cooperate in national defence, sports, education, training and scientific research. There are already links between Hanoi and Rome, Ho Chi Minh City and Milan, and Hai Phong and Genoa. There are many Italian companies establishing offices in Vietnam including 37 companies with direct investment and joint ventures.

 

In Vietnam, Italy is perceived as an evolved and pre-eminent European culture. With a rich history embodied by renowned cities like Venice and Rome, Italian architecture, visual art, sculpture, music, and literature are recognized and respected throughout Vietnam. Italian food is also well-known in Vietnam with Italian fine dining experiences available in every major city. Italian fashion is highly sought after in Vietnam, particularly luxury brands and footwear. Italy is also world-renowned for its industrial goods and machinery; earning it a positive reputation as a dependable and diversified technical partner whose products are competitive in price quality when compared to their European counterparts. In Vietnam, Italian motorbikes and cars are favourites with products from Piaggio, Ducati, Lamborghini, Ferrari and Maserati featuring prominently on the streets of major cities.

 

Italy has a diverse economy, with industry and many private companies in the north, and an agricultural south. Italy manufactures high-quality consumer goods and is the third-largest economy in the euro-zone. It is working hard to improve economic conditions following the general economic crisis in the EU. Italy’s labour force in 2013 equated to 25.74 million people and Italian exports equated to US$474 billion. This came mainly from engineering products, textiles, machinery, motor vehicles, transport equipment, chemicals, food and beverages, tobacco, minerals and non-ferrous metals. Italy imported US$435.8 billion worth of goods in 2013. Its main trading partners are Germany and France, but it receives 15 percent of its imports from China and Russia. Italy’s stock of direct foreign investment abroad reached US$683.6 billion in 2013, making it the 13th largest investor in the world.