Prime Minister Nguyen Tan Dung paid an official visit to Italy on January 25 at the invitation of chairman of the Ministers’ Council of Italy, Romano Prodi, and the Council of the World Economic Forum (WEF).

This is the first high-ranking visit of PM Dung to Italy and he is also the first Vietnamese Government leader to take part in the WEF. Therefore, the visit marks an important milestone in Vietnam-Italy relations, relations between Vietnam, the WEF and international friends as a whole.

As the world’s seventh largest economy, Italy is one of the most dynamic countries in the European Union. In recent years, Italy’s economy has achieved high growth rate. In 2005 alone, the country’s GDP hit US$1,720 billion and GDP per capita reached US$28,800.

Since Vietnam and Italy established diplomatic ties in 1973, relations between the two countries have been consistently positive.

The visits to Vietnam by Italian Deputy Prime Minister Gianfranco Fini in 2004 and by the President of the Chamber of Deputies in early 2005, and especially the trip to Italy by chairman of the National Assembly Nguyen Van An in March 2005 are testimony to the fine relations between Vietnam and Italy.

Over recent years two-way trade volume has steadily increased, from US$320 million in 1996 to 700 million euros in 2005, and up to 870 million euros in 2006. Vietnam’s imports from Italy include leather, chemicals, transportation and construction equipment, sanitary wares, medical equipment and household commodities. Its exports to Italy include footwear, coffee, aquatic produce, textiles and garments, fine art and handicraft products.

Italy now ranks ninth among EU countries and 31st among all countries investing in Vietnam, with 22 projects capitalised at US$55.9 million.

In terms of social and cultural cooperation the two countries signed a cultural cooperation agreement in 1990. Italy recently helped Hanoi Foreign Languages University open its Italian faculty. On the occasion of the 990th anniversary of Thang Long-Hanoi, the Italian Ministry of Culture cooperated with the Vietnam Ministry of Culture and Information to organise cultural and artistic activities. Italy is cooperating with UNESCO to help Vietnam restore My Son relics with a total investment of US$812,000.

Under the theme “Shaping the Global Agenda - the Shifting Power Equation”, the World Economic Forum Annual Meeting 2007 is considered one of the most important events of the year. With a focus on issues that have great influence on global trends, the WEF attracts most leaders of the nations, international organisations and leading companies.

In recent years, thanks to fast-growing economic trends in the world, East Asia, Southeast Asia and Vietnam are drawing great interest from the world community and the WEF.

On the occasion of the 40^th anniversary of ASEAN, the WEF will organise many activities to highlight ASEAN achievements and opportunities, including a special session to mark ASEAN’s 40^th anniversary.

As part of this comprehensive relationship, Vietnam and the WEF established diplomatic ties in 1989. Since then, Vietnam has often attending annual meetings of the WEF. Vietnam’s accession to the World Trade Organisation, its successful hosting of the APEC Summit and its important socio-economic achievements have received high acclaim from the WEF and international friends.

Prime Minister Nguyen Tan Dung’s visit to Italy and his participation in the World Economic Forum in Davos, Switzerland, marks a new stage of development in the relationship between Vietnam and international friends. This is a chance to promote Vietnam’s prestige as a dynamic, friendly and developing country. This is also a chance for Italian people and representatives attending the WEF to better understand Vietnam’s achievements in the renewal process, as well as its socio-economic policies and external relation policy.

The visit is also aimed at enhancing mutual understanding and boosting economic, investment, trade, culture, education and tourism cooperation between Vietnam and Italy and between Vietnam and the world economy for mutual benefit and for peace and prosperity in the world.