Vietnam, Italy aim for 5 billion USD in trade by 2016

Thien Thanh Sanitaryware joint company

Vietnam, Italy aim for 5 billion USD in trade by 2016

Vietnam and Italy have agreed to work harder to lift two-way trade to 5 billion USD by 2016 from the current figure of 3.5 billion USD.

The agreement was made during Prime Minister Nguyen Tan Dung’s talks in Hanoi on June 9 with his Italian counterpart Matteo Renzi, who is here for a two-day official visit.

To meet the target, both countries will seek ways to strengthen connectivity between their businesses, while enhancing partnership in all fields, including apparel, footwear, supporting industry, construction materials, energy and food processing.

Basing on the fine outcomes of the cooperation projects over the past years, they will continue to discuss and pass a development affiliation programme for the next period in an early date.

The two sides also agreed to strengthen links in culture, education and training, science-technology, while speeding up the setting up of cooperation mechanism between universities of both countries as well as the establishment of a Vietnam-Italy excellence research centre.

They concurred to maintain and promote consultations among ministries and sectors, including deputy ministerial strategic dialogue and shape up an inter-governmental committee on economic cooperation with its first meeting slated for this November.

Renzi’s visit, the first made by an Italian PM since the two countries set up their diplomatic ties in 1973, marks a new development in the bilateral strategic partnership, PM Dung said.

He added that Vietnam always treasures relations with Italy and hopes to further promote the ties in a practical and effective manner.

PM Renzi said his country is keen on boosting its strategic partnership with Vietnam, a country with an important role in Southeast Asia as well as ASEAN.

At the talks, both sides also discussed regional and international issues of mutual concern, affirming that they will continue to work closely at multilateral forums and global organisations, particularly within the framework of the United Nations (UN), ASEAN – EU and Asia – Europe Meeting.

As a coordinator of ASEAN – EU relations, Vietnam supports Italy’s enhanced ties with ASEAN.

Meanwhile, the European country backs Vietnam to expand its all-faceted relations with the EU, by urging the organisation to soon approve the Partnership and Cooperation Agreement with Vietnam and recognise the country’s full market mechanism status simultaneously with the conclusion of the negotiation of the Vietnam – EU Free Trade Agreement.

Regarding the East Sea situation, PM Dung briefed his Italian counterpart on China’s illegal placement of the oil rig Haiyang Shiyou-981 deep inside Vietnam’s continental shelf and exclusive economic zone as prescribed by the UN Convention on the Law of the Sea in 1982.

The act seriously violates international law and the Declaration on the Conduct of Parties in the East Sea to which China is a signatory, and directly jeopardises peace, stability, security, safety and freedom of navigation and aviation in the waters, he added.

In response, Renzi affirmed that Italy shares the EU and G7 Group’s viewpoint, which deeply concerns about the current East Sea situation and wants all sides to exercise their utmost restraint and solve disputes through peaceful measures in line with international law.