The Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien paid a working visit to Italy to attend the expanded G7 Trade Ministers' Meeting.

2024 is the first year that the G7 Trade Ministers' Meeting has invited the Vietnamese Minister of Industry and Trade to attend. This is not just a diplomatic activity, but it has proven that Italy and the G7 countries really appreciate Vietnam's role in promoting the development of world trade.

Deputy Prime Minister and Minister Antonio Tajani - the host country of this year's Conference also commented that Vietnam is a "bright example", a successful model in economic growth based on the achievements of the international economic integration process. From there, it promotes trade and attracts investment, successfully participates in the globalization process and reshapes regional and international supply chains.

Minister Nguyen Hong Dien and Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy Antonio Tajani take a photo together before the G7 Trade Ministers' Meeting.

Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy Antonio Tajani also commented that Vietnam is a "shining example", a successful model in economic growth based on the achievements of the international economic integration process.

2024 is the first year that the G7 Trade Ministers' Meeting invites the Vietnamese Minister of Industry and Trade to attend.

On this occasion, in Italy, Ambassador Extraordinary and Plenipotentiary of Vietnam to Italy Duong Hai Hung shared with reporters of the Industry and Trade Newspaper about the meaning and importance of the working trip to attend the expanded G7 Trade Ministers' Conference of the Commander of the Industry and Trade sector.

Dear Ambassador, Minister Nguyen Hong Dien is on a working trip to Italy and attending the expanded G7 Trade Ministers' Meeting at the invitation of the Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy. How do you assess the significance of the Minister's working trip to Italy, and what new cooperation opportunities will this working trip open up for the relationship between the two countries?

This expanded G7 Trade Ministers’ Meeting takes place in the context of the world economy continuing to recover but still uncertain and facing many risks and challenges. This is a regular conference with the participation of 7 countries in the group with the world’s leading industrial development and a number of guest countries and international organizations, of which Vietnam is the only country in ASEAN.

The theme of the Conference “ Impact of geopolitics on trade flows and supply chain resilience” reflected the concerns and needs, while also suggesting discussions and guiding actions of the participating countries on an important and practical topic: ensuring a stable and sustainable supply chain, contributing to the recovery and development of the world economy.

Ambassador Extraordinary and Plenipotentiary of Vietnam to Italy - Duong Hai Hung

As an important link in the global supply chain, in recent times, Vietnam's economy has not only ensured stability in the face of major challenges in the world situation but also achieved a GDP growth rate higher than expected. The fact that Italy, the G7 Chair, invited Vietnam to attend the Conference shows its respect and appreciation for the strategic partnership with our country, one of the 20 countries with the largest trade scale in the world, which has made important contributions to ensuring the global supply chain and trade.

In that context, our voice at the Conference shared major policies on foreign affairs, economic development and international integration; the viewpoint of promoting multilateral cooperation and promoting global partnerships; calling for limiting unnecessary trade barriers and non-tariff measures that disrupt supply chains; the building of a self-reliant, flexible and sustainable supply chain... is the sharing of Vietnam's vision, approach, and lessons learned, reinforced by practical achievements... are important added values ​​that Vietnam brings, contributing to the success of the Conference.

On the sidelines of the Conference, Minister Nguyen Hong Dien had meetings with partners such as Canada, New Zealand, Brazil, WTO, etc. to discuss and resolve issues and challenges in global trade and promote bilateral cooperation. In particular, there was an important and effective meeting with Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy Antonio Tajani, President of G7. The two sides discussed many issues and proposed important directions for cooperation in areas such as new energy, mineral exploitation for semiconductor manufacturing industry, foundation industry, supporting industry, market expansion for products of the two countries, etc.

The invitation of the host country Italy to Vietnam to attend the expanded G7 Trade Ministers' Meeting is not only a diplomatic invitation but also a recognition by the G7 countries for the development of the Vietnamese economy. So how do you evaluate the role of Vietnam in development cooperation with G7 member countries in general and Italy in particular?

During the meeting with Minister Nguyen Hong Dien, the Italian side emphasized that inviting Vietnam has important political and diplomatic significance, demonstrating the orientation of the Chair country that does not want the G7 to be just a meeting of the world's leading developed economies, but needs to expand dialogue and cooperation as Vietnam has done in the past.

This is a profound and meaningful comment affirming the correctness of the foreign policy of independence, self-reliance, multilateralization and diversification that we have effectively implemented in recent times, which has been recognized, highly appreciated and desired to be replicated by the international community, including the G7 countries.

As is known, Vietnam is one of the 40 economies with the largest GDP in the world; in the top 20 economies in terms of trade, top 15 economies in terms of attracting foreign investment and top 46 countries in the world in terms of the Innovation Index. Vietnam is an important trading partner of many countries, including G7 countries.

For Italy, Vietnam is the largest trading partner in ASEAN, with a positive trade growth rate, averaging around double digits per year. However, Italian investment in Vietnam only ranks 33rd out of 146 countries and territories, still modest compared to the potential of the two countries. Notably, SACE and Simest, two large and important financial institutions of Italy, will soon operate in Vietnam, orienting Italian resources to support businesses doing business and investing between the two countries, on the one hand reaffirming the confidence of G7 countries and investors, including Italy, in Vietnam, on the other hand, we can also expect a new wave of investment from Italian businesses in Vietnam in the coming time.

How do you evaluate the role and efforts of the Vietnamese Embassy and the Vietnamese Trade Office in Italy in promoting investment cooperation and export promotion with G7 countries and Italy?

Based on the Prime Minister's strong policies and directions on economic diplomacy, the Embassy and Trade Office in Italy have actively implemented the following tasks:

Firstly, actively promote the advantages of the investment and business environment in Vietnam, a dynamically developing economy based on political stability, correct foreign policy, a solid foundation of bilateral relations, a system of FTAs, etc. through dozens of seminars, talks, forums, and economic thematic meetings that the Embassy has actively implemented in the past within the framework of "Vietnam - Italy Year 2023" to celebrate 50 years of diplomatic relations or "Bridge connecting Vietnam with southern localities of Italy" implemented in the first 6 months of 2024.

Through recent high-frequency activities across Italian localities, the positive and prominent image of Vietnam has been emphasized, attracting the interest and attention of the Italian business community about the attractive economic destination of Vietnam, a country with deep and good friendship relations with Italy.

Second, attend important fairs in Italy to introduce Vietnamese agricultural products, furniture, handicrafts, etc. to the Italian market; arrange working programs, support visits to promote economic cooperation between Vietnamese ministries, branches, and localities with Italian agencies and partners; support Vietnamese enterprises to seek and connect business and investment opportunities with Italian partners.

The most important of these is the Vietnam - Italy Local Partnership and Cooperation Conference in October in Bologna city, which the Embassy, ​​Ministry of Foreign Affairs and Italian partners are actively preparing for, opening up more cooperation opportunities for localities and businesses of the two countries.

Third, strengthen and tighten relations with Italian associations, trade organizations, and financial institutions such as the Federation of Employers, Chambers of Commerce, SACE, Simest, etc. to create the most favorable conditions and framework for businesses of the two countries to promote business and investment, as well as promote the opening of direct flights between the two countries in the near future.

Thank you very much Ambassador./.