Deputy Minister of Industry and Trade Hoang Quoc Vuong (L) and Italian Ambassador to Vietnam Antonio Alessandro at the event (Photo: VNA)
Hanoi (VNA) - The Ministry of Industry and Trade (MoIT) and theItalian Ministry of Foreign Affairs and International Cooperation have signed anagreement to establish a new Joint Commission on Economic Cooperation.
The signing tookplace in a teleconference between Deputy Minister of Industry and Trade HoangQuoc Vuong and Italian Under-Secretary of State for Foreign Affairs and InternationalCooperation Manlio Di Stefano on June 30.
The two sidesdiscussed bilateral economic and trade coordination, including in energy,agriculture, industrial machinery, apparel, leather and footwear, and mining,affirming that economic links have been growing in recent years.
Vuong said theVietnamese and Italian economies are similar and supplementary, thus bringingadvantages to both. In particular, the EU-Vietnam Free Trade Agreement (EVFTA)will open up many opportunities for the two countries’ businesses, includingsmall and medium-sized enterprises.
Vietnam called onItalian firms to invest in supporting industries for leather and footwear, a fieldwhere Italy has strengths, in order to tap into the benefits brought about bythe EVFTA, he said.
Di Stefanothanked Vietnam, especially the MoIT, for providing invaluable and timely support toItaly, particularly in the fight against COVID-19.
He hailedVietnam as a “highlight” in economic growth with high export turnover and FDI attraction,especially at a time when it has successfully curbed the pandemic and restored itseconomy.
Vietnam was alsoheralded as the fastest and most vibrant economy in Asia, particularly inASEAN.
Italy highlyvalued Vietnam’s ASEAN Chairmanship 2020 and wants to become a developmentpartner of ASEAN, contributing to the process of building the ASEAN Community,he said.
The new Joint Commissionis expected to maintain the effective and practical cooperation mechanisms createdby both sides in recent years, contributing to expanding two-way trade by 15-20percent each year.
According to theGeneral Department of Vietnam Customs, two-way trade between Vietnam and Italytopped 5.3 billion USD in 2019, up 13.71 percent year-on-year. Exports neared3.44 billion USD, up 18.46 percent, while imports rose 5.95 percent to 1.87billion USD.
In the firstfive months of this year the figure stood at just 1.77 billion USD, down 22.53percent year-on-year./.
