Vietnam, Italy eye US$5 billion in trade by 2016

The agreement was reached during talks in Hanoi on June 9 between Prime Minister Nguyen Tan Dung and his visiting Italian counterpart Matteo Renzi.

They said both sides will create conditions for their business circles to establish partnerships and increase cooperation in various areas, especially in the manufacturing industry, garments, leather and footwear, wood processing, support industries, building materials, energy, and food processing.

PM Nguyen Tan Dung (R) welcomed PM Matteo Renzi in Hanoi on June 9 (Photo: Nhat Bac)

They highly valued the results of development cooperation projects in recent years and agreed to work on a new development cooperation plan in the coming years.

They agreed to boost cooperation in culture, education - training, and science – technology, promote initiatives on cooperation mechanisms between universities and research centres, including the establishment of the Italy-Vietnam research and training centre.

The two sides also consented to maintain and implement consultation mechanisms between their ministries and agencies in every area of cooperation, such as strategic dialogues at the deputy ministerial level between their Foreign and Defence Ministries.

They noted that an Inter-governmental Committee for Economic Cooperation will be established soon, and its first meeting is due to take place in November 2014.

PM Dung briefed his guest on Vietnam’s open foreign policy and valued Italy’s role in Europe and the rest of the world. He expressed his desire to develop Vietnam-Italy relations in a deep and effective manner in line with the 2013 joint statement on the establishment of their strategic partnership.

PM Renzi said Italy wants to strengthen the strategic partnership with Vietnam – a country that has an important role in Southeast Asia and ASEAN.

The opening of the Italian Consulate General in HCM City is testimony to Italy’s efforts in deepening bilateral strategic partnership, he said.

PMs Nguyen Tan Dung and Matteo Renzi held talks on bilateral relations (Photo: Nhat Bac)

The two PMs exchanged views on many regional and international issues of mutual concern, and said both countries will continue to cooperate closely at multilateral forums and international organisations, especially within the framework of the United Nations, ASEAN - EU and ASEM.

As the coordinator of the ASEAN-EU relations, Vietnam will help Italy boost relations with the EU, Dung said.

Meanwhile, Renzi voiced Italy’s support for Vietnam in developing the comprehensive partnership with the EU, lobbying the EU to soon ratify the Partnership and Cooperation Agreement (PCA) with Vietnam and recognise Vietnam’s full market economy status.

PM Dung briefed his guest on China’s illegal placement of its floating drilling rig Haiyang Shiyou-981 deep inside Vietnam’s exclusive economic zone and continental shelf.

He said the move seriously violates international law, especially the 1982 UN Convention on the Law of the Sea, and the 2002 ASEAN-China Declaration on the Conduct of Parties in the East Sea (DOC). It also threatens peace, stability, security, safety and freedom of navigation and aviation in the East Sea.

PM Renzi said Italy shares the view with the European Union and leaders of the group of 7 (G7) expressing deep concern about the tensions and calling upon parties concerned to settle the dispute by peaceful measures in accordance with international law.