Visit of Italian President refueling Vietnam-Italy relations

PANO – The Vietnam-Italy relations are viewed as a rare good example for intercontinental relations in the world. The bilateral ties between the two nations have seen fast developments in recent times. Little more than one year after the visit to Vietnam by Italian Prime Minister Sergio Mattarella, the Italian President will also pay a state-level visit to Vietnam, from November 6^th to 8^th, at the invitation of Vietnamese President Truong Tan Sang. What is more, this is the first time Italy’s President has visited Vietnam since the two countries established diplomatic ties in 1973.

Although located on the coast of the Mediterranean Sea, the beautiful European country with its long-standing history and the world’s 9^th largest economy is familiar with the Vietnamese people. Italy is the European country that first voiced support for Vietnam in its effort to promote cooperation with the European Union (EU), backed Vietnam in the normalization of relations between the country and large international financial, monetary and trade organizations, and advocated Vietnam’s viewpoints in international forums in the early 1990s. Italian leaders have affirmed their determination to foster multi-faceted cooperative relations with Vietnam, and see the country as a priority in its strategy to promote its relations and cooperation with Southeast Asia. It is also viewed as an ideal destination for Italian investors.

The two leaders reviewing guards of honor

The two countries have indeed realized the potential and benefits of bilateral relations. In January 2013, Vietnam and Italy signed a joint statement on the establishment of a strategic partnership during the state-level visit to Italy of Vietnamese Party General Secretary Nguyen Phu Trong. The two sides also signed the Action Plan to roll out the strategic partnership in the 2013-2014 period during the visit to Italy of Vietnamese Deputy Prime Minister Hoang Trung Hai in September 2013. The two sides are now drawing up an action plan for 2015-2016.

The trade cooperation is central in the Vietnam-Italy relations. Italy is a developed economy with its population of 62 million and GDP in 2014 of EUR 2,148 billion, while Vietnam is considered an emerging economy with its population of more than 90 million. Vietnam is on the list of the 10 emerging economies that Italy prioritizes to promote trade and investment.

As a result, two-way trade has continuously grown over the past years. Two-way trade between Vietnam and Italy was valued at US$ 4.08 billion in 2014, and US$ 2.89 billion in the first eight months of 2015, up by 6 percent from the same time last year.

Regarding investment, Italy, with 66 projects and US$ 391 million of total investment, was ranked 30^th among more than 100 foreign investors in Vietnam. Italian-invested projects mainly focus on the processing industry, manufacturing, leather footwear, building materials, sanitary ware and steel. Most large Italian corporations, such as ENI, Piagio and Ariston, are doing business in Vietnam.

Apart from economic cooperation, the two sides pay close attention to cultural and educational cooperation. Every year, the Italian Foreign Ministry offers a number of scholarships to Vietnamese students to study Italian and other subjects in Italy, as well as runs courses on Italian in Hanoi. The Italian Government in association with UNESCO provides financial and technical assistance to Vietnam to restore the My Son relic site. Additionally, the two sides often organize a week- or month- long event to introduce the culture of one nation to the other. The two countries successfully held the Italy Year in Vietnam and Vietnam Year in Italy in celebration of the 40^th anniversary of the establishment of diplomatic relations between the two countries in 2013.

Defence cooperation is another highlight of the bilateral relations. The two sides have frequently exchanged visits of high-ranking defence delegations and cooperation in defence human resources over the past years. The year of 2013 marked a milestone in the bilateral defence ties with the first visit of Italy’s Defence Minister to Vietnam. During the visit, the two sides agreed to boost cooperation in high-ranking delegation exchange, defence human resources development and defence industry.

It can be said that the visit to Vietnam of the Italian President takes place at a time when the Vietnam-Italy relations are on the way to developing. We strongly believe that the visit will be successful and refuel bilateral comprehensive cooperation in the framework of the strategic partnership between Vietnam and Italy in the future, bringing more benefits to the two nations and contributing to peace, stability and development in the region and world.

Written by Editorial Board

Translated by Thu Nguyen