Vietnamese, Italian PMs agree to raise bilateral trade to US$6 bln by 2020

PM Nguyen Xuan Phuc and his Italian counterpart Giuseppe Conte hold talks in Hanoi, June 5, 2019 - Photo: VGP/Quang Hieu

Welcoming the Italian PM’s official visit to Vietnam, PM Phuc asserted that Vietnam always attaches importance to the friendship relations and multi-faceted cooperation with Italy, a crucial member of the EU.

For his side, the Italian PM highly spoke of the increasing status of Vietnam in the region and the world through successful organization of important international events.

The Italian Government attaches importance to and expects to strengthen the Strategic Partnership with Vietnam, regarding the nation as key partners in the Southeast Asia, which has been manifested by selecting Vietnam to organize the third ASEAN-Italy high-level dialogue on economic relations.

Regarding the bilateral relationship, the two PMs expressed their delight on the effective and practical development in all fields, especially after establishing the Strategic Partnership in January 2013.

They agreed that the two sides need to enhance exchanges and meetings at all levels, promote cooperation in all spheres of politics-diplomacy, economics, culture, education-training, science-technology, security-defense, sustainable development, climate change adaption, local-to-local exchanges.

The two leaders were unanimous in accelerating current mechanisms such as deputy ministerial-level strategic dialogue, defense deputy ministerial-level strategic dialogue, Joint Committee on Vietnam-Italy economic cooperation and other reached cooperative programs and agreements.

Appraising the active development in Vietnam-Italy investment and trade ties and Vietnam becoming the largest trade partner of Italy in ASEAN, the two PMs consented to facilitate their enterprises to boost cooperation in such areas as mechanics, infrastructure, garments, footwear, wood processing, auxiliary industry, building materials, petrol, renewable energy and food processing.

The Vietnamese PM welcomed the initiative of organizing the third ASEAN-Italy high-level dialogue in economic relations in Hanoi, considering it as a crucial opportunity for Italy to boost trade and investment ties with Vietnam and other nations in ASEAN, advocating Italy to strengthening relationship with ASEAN members.

Vietnam will work as a gateway for Italian firms to penetrate into the Southeast Asia and the Asia-Pacific region, he asserted.

Both sides highlighted the importance of the EU-Vietnam Free Trade Agreement and the EU- Vietnam Investment Protection Agreement. The Italian PM affirmed to back the early signing and approval of these agreements, making contributions to promoting the trade and investment ties.

They also discussed international issues of common concerns, confirming to continue close coordination and support each other at multi-lateral forums such as the UN, ASEM and ASEAN-EU.

They stressed the need to maintain peace, stability, security, safety and freedom of navigation and aviation in the East Sea to the region and the world as well as address disputes through peaceful measures based on respecting the international laws, including the United Nations Convention on the Law of the Sea 1982.

PM Giuseppe Conte respectively invited his Vietnamese counterpart to pay an official visit to Italy and the latter gladly accepted.