Fais highlighted the significance of the Vietnamese President's visit, which takes place only after five months since the leader took office.

It shows Vietnam’s appreciation of Italy as its leading partner in Europe, and at the same time affirms that Vietnam is a partner and a precious friend of Italy, he stated.

Trade between Vietnam and Italy increases 21% in 2021 and 11% in 2022 to 6.2 billion USD

Meanwhile, Matteo Napolitano, a professor of International History at Molise University and an editor of La Civiltà Cattolica magazine commented that the visit has a significant meaning to Italy as the strategic partnership with Vietnam has great value for the country in the context of a dynamic Asian economy.

For many years, Vietnam has been a leading trade partner of Italy among ASEAN countries. After the E.U.-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, trade between Vietnam and Italy has increased significantly at 21% in 2021 and 11% in 2022 to 6.2 billion USD. Meanwhile, a roadmap for the E.U.-Vietnam Investment Protection Agreement (EVIPA) has been underway, he noted.

Regarding the prospects of the bilateral ties, Napolitano expressed his belief that with the close traditional friendship, Vietnam and Italy will enjoy a thriving partnership after the Vietnamese President’s visit.

He said that Italian people admire the hardworking and dynamism of Vietnamese people, adding that cultural ties between the two countries have also expanded with the establishment of various joint science-culture facilities as well as organizations.

Matteo Napolitano, professor of International History at Molise University

Highlighting the economic cooperation prospects between Vietnam and Italy, Fais said that Italian firms are interested in Vietnam, a fast growing market. With a proper approach, opportunities for them in Vietnam are abundant, he held.

Similarly, chances are increasing for Vietnamese investors in Italy, he noted. Currently, Italy is the fourth biggest trade partner of Vietnam among E.U. members. Therefore, there is plenty of room for the two sides to promote and balance bilateral trade, he stated.

Fais cited a report by Dezan Shira Associates showing that Italian businesses are keen on energy, tourism, IT and processing sectors in Vietnam.

He underlined that with the positive and comprehensive partnership between Vietnam and Italy over the past 50 years, President Thuong’s visit will make the future of bilateral ties brighter and more sustainable.

Source: VNA