Hanoi (VNA) –The fourth meeting of the Vietnam-Italy joint committee on economic cooperationbetween the Vietnamese Ministry of Industry and Trade (MoIT) and the ItalianMinistry of Economic Development was held in Hanoi on November 28.

The annual event demonstrates the two sides’ determination to enhance bilateralcooperation in economy and trade, along with materialising the Vietnam-Italystrategic partnership established during the visit to Italy by GeneralSecretary of the Communist Party of Vietnam Nguyen Phu Trong in 2013.

At the meeting, the two sides agreed that bilateral economic ties havedeveloped strongly in recent years.

Statistics released by the MoIT show that in 2016, two-way trade revenueexceeded 4.68 billion USD, up nearly 9 percent over 2015. In the first tenmonths of this year, the figure exceeded 3.7 billion USD. 

As of September 2017, Italy ranked 31st among 126 countries and territoriesinvesting in Vietnam, with 82 projects valued at 382 million USD.

Industrial collaboration between the two countries has also experienced healthydevelopment, with major manufacturing projects like Piaggio, Datalogic,Bonfiglioli and Ariston.

Other highlights of Vietnam-Italy cooperation include the Vietnam-Italy SteelJSC and Phu My Flat Steel Company. Additionally, affiliation between VietnamNational Oil and Gas Group and ENI, an Italian oil and gas company, has yieldedfruit.

However, trade value has yet to match potential.

Vietnamese businesses expressed their wish to intensify cooperation with theItalian side in garment-textiles, leather and footwear, and the production andexport of agricultural products.

Within the framework of the meeting, a business seminar was held on November 27and a business forum on November 28.

Through such events, cooperation projects are expected to be implemented invarious fields, inlcuding garments-textiles, leather and footwear, renewableenergy and electricity, farm produce and food processing, infrastructuredevelopment, machinery, mechanics, chemicals, oil and gas,information-communications, and science-technology.

The joint committee’s next meeting is scheduled to be held in Italy next year.-VNA