Vietnam-Italy Trade: Potential for a 7 Billion USD Turnover

Thanks to the complementary import-export goods structure between Vietnam and Italy, the trade turnover between the two countries is expected to reach USD 7 billion.

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Vietnam – Italy two-way trade turnover can reach 7 billion USD
Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan and Maria Tripodi – Italian Undersecretary of State for Foreign Affairs and International Cooperation.

Based on the Vietnam-Italy strategic partnership and the plan agreed by the two sides at the 7th Meeting of the Vietnam-Italy Joint Committee on Economic Cooperation, the Ministry of Industry and Trade of Vietnam and the Italian Ministry of Foreign Affairs and International Cooperation organized the 8th Meeting of the Joint Committee on Economic Cooperation from October 17 and 18, at the headquarters of the Italian Ministry of Foreign Affairs and International Cooperation.

This meeting is an important event for both sides on the occasion of the 50th anniversary of Vietnam-Italy diplomatic ties and 10 years of strategic partnership. It aims to enhance bilateral cooperation between Vietnam and Italy in the fields of economics and trade.

The meeting received comments from many relevant ministries and branches such as the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Agriculture and Rural Development, the Ministry of Information and Communications, and associations such as the Footwear and Handbag Association, Vietnam Association for Building Materials…

During the meeting, the two sides discussed and assessed major economic and commercial cooperation contents, particularly in trade, energy, agriculture, industrial machines, garments, footwear, and stone exploitation. They also proposed and agreed on plans to promote import-export turnover between the two countries after an interruption since the beginning of the year, following the visit of the President to Italy in July 2023.

Vietnam – Italy two-way trade turnover can reach 7 billion USD
Delegates at the event.

They also discussed measures to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) to further enhance economic cooperation between the two countries, in line with the joint statement released during President Vo Van Thuong’s State visit to Italy in July 2023.

Investment and trade relations between Vietnam and Italy have experienced impressive developments and have the potential to bring two-way trade turnover to 7 billion USD. This is due to the complementary structure of import-export goods between the two countries, which are not in direct competition with each other.

Since the implementation of the EVFTA, import-export turnover between Vietnam-Italy has increased by 21.1% in 2021 and 11% in 2022. The strategic location of the two countries in important economic regions of Asia and Europe has made Vietnam-Italy a bridge between the two most dynamic economic regions in the world, with great trade potential.

Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that the traditional friendship and cooperation relationship between Vietnam and Italy has been strengthened and developed. Vietnam acknowledges the attention paid to Vietnam in the development cooperation policy of the Italian Republic in recent times.

Maria Tripodi – Italian Undersecretary of State for Foreign Affairs and International Cooperation acknowledged that Vietnam is considered a “bright spot” in terms of economic growth. Despite being affected by supply chain disruptions and falling global demand due to the global geopolitical situation, Vietnam’s growth rate, import-export turnover, and foreign investment attraction remain at high levels.

Earlier, on the afternoon of October 18, at the Vietnam-Italy Economic and Investment Cooperation Conference with a focus on Sustainable Investment and New Energy, organized by the Vietnamese Embassy on the occasion of the 8th Meeting of the Joint Committee on Economic Cooperation, Ambassador Extraordinary and Plenipotentiary of Vietnam to Italy Duong Hai Hung emphasized: “This is an important event, with practical significance and at the right time.”

According to the Ambassador, this is a good opportunity for the business community and policymakers to meet, exchange and share information, perspectives, and strategies. It aims to strengthen and promote business cooperation connections, trade, and investment between Vietnam and Italy, with a focus on sustainable investment and new energy. This will contribute to solving major challenges in sustainable development and create positive values and benefits for both sides’ business communities, maximizing the large potential for mutually beneficial cooperation.

Hai Dang