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Vietnam and Italy Discuss Their Economic Cooperation

Author: Exports News
Jul 04, 2023
4 min read
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2687
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Jul 04, 2023
4 min read
economic cooperation between Vietnam and Italy

Vietnam and Italy have entered a process of strengthening their economic and trade cooperation for several years. Several stages have marked this process, and new negotiations are underway to reach a new milestone.

Another round of discussions

The 7th Meeting of the Joint Committee on Economic Cooperation between Vietnam and Italy was held last June in Hanoi. The session, taking place within the framework of the two countries' bilateral strategic partnership, was co-chaired by Vietnamese Deputy Minister of Foreign Affairs Ha Kim Ngoc and Italian Deputy Minister of Foreign Affairs and International Cooperation Manlio Di Stefano, who arrived in Hanoi for a three-day visit. The two sides were committed to working together to reach US$6 billion worth of two-way trade in 2022 and $10 billion in the following years, according to the Vietnam News Agency.

Trade between the two countries is growing at a high rate. In 2021, the bilateral trade turnover increased by 21%, reaching US$5.6 billion, close to pre-pandemic volumes, making Vietnam Italy's largest trade partner in ASEAN. This growth shows a great need for the Italian market for Vietnamese products, while there is still great economic potential for Vietnamese products and for business cooperation between the two countries in the future. 

An important step towards deeper cooperation

A Vietnam-Italy economic cooperation forum was held on September 19 in Rome, allowing participating companies to seek cooperation opportunities. The event was co-organized by the Vietnamese Ministry of Industry and Trade, the Italian Ministry of Foreign Affairs and International Cooperation, the Vietnamese Embassy in Italy and the Italian Trade Agency.

key areas of discussion and what Vietnam-Italy trade cooperation could mean for future growth

On the eve of this event, Vietnam's Ambassador to Italy, Duong Hai Hung, highlighted five solutions to promote Vietnam-Italy trade. According to him, the potential for economic and trade cooperation between Vietnam and Italy is huge. Italy is the 8th largest economy in the world and the 3rd in the European Union (EU), with 60 million inhabitants in the European market of more than 500 million people. In addition, a significant advantage for Vietnamese companies compared to many other countries is that the EU-Vietnam Free Trade Agreement (EVFTA) can create a great competitive 

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