PANO - Prime Minister Nguyen Tan Dung has recently approved the content of a draft agreement on mutual administrative cooperation and assistance in customs between the governments of Vietnam and Italy.

Accordingly, PM Nguyen Tan Dung authorizes the Ministry of Finance to sign the agreement with the Italian authorized representative.

Customs service of Vietnam. Photo: vnmedia.vn

Italy is currently the 18th largest export market and the 15th biggest import market of Vietnam. In 2014, the export value from Vietnam to Italy reached US$2.7 billion and the country imported US$1.3 billion value of goods from Italy. As of May 2015, the two-way trade turnover exceeded US$1.7 billion, of which the export value of Vietnam was US$1.2 billion.

In terms of investment, by March 2015, there had been 64 on-going Italian investment projects underway in Vietnam with the total registered capital of US$386.2 million, ranking the 28th among countries and territories investing in Vietnam.

The agreement, when signed, will improve the legal value and collaboration efficiency between the two governments, providing favourable conditions for respective customs agencies to exchange information and technical assistance, and detect and address violations of customs regulations in the State management of customs.

Source: doisongphapluat.com

Translated by Thanh Giang