Deputy Prime Minister Nguyen Sinh Hung arrived in Milan on July 9 to start his week-long official visit to Italy.

The deputy PM visited Trattoria della Pesa restaurant, where Late President Ho Chi Minh used to go to read newspapers in the 1930s when he was in Milan.

 

On July 12, Deputy PM Hung met Chairman of Lombardia Roberto Formigoni and witnessed the signing of cooperation agreements between Vietnam and Lombardia, and between PetroVietnam and Valvitalia SPA Company, and also visited some Italian enterprises there.

 

On July 13, he delivered a speech at the Vietnam-Italy Business Forum, met Foreign Minister Franco Fratini and witnessed the signing of agreements on visa exemption for diplomatic passport holders and debt swap and MOUs on customs cooperation and Italy’s participation in the Thang Long-Hanoi millennium anniversary.

 

Vietnam and Italy officially set up diplomatic ties on March 23, 1973. The two countries’ political relations developed more fully after a Vietnam visit by Italian Foreign Minister G. De Michelis in December, 1989.

 

The Italian government considers Vietnam a gateway to Asia, apart from China and India, and supports cooperation between Vietnam and European Union countries in international forums as well as the normalisation of ties between Vietnam and international financial, trade and monetary institutions.

 

Italy was one of the first northwest European countries to resume and develop cooperation with Vietnam after a stagnant period between 1979-1989.

 

Since 1989, the two countries have signed seven agreements on economic and technological cooperation, trade promotion and encouragement, cultural cooperation, debt rescheduling, double taxation avoidance, child adoption and tourism.

 

Several Italian economic groups have operated successfully in Vietnam, including Technip, a contractor in Phu My fertiliser; Denielia, which invested in a steel production plant; Fiat Iveco, a Mekong auto joint venture partner; and Piaggio, which invested US$45 million with a scooter and motorcycle manufacturer in Vinh Phuc province.

 

Vietnam-Italy bilateral trade fails to match the two countries’ potential, reaching only US$1.5 billion in 2009 due to the economic crisis.

 

Italy has so far invested in 37 projects worth US$188 million in Vietnam, ranking 33 rd out of countries and territories investing in the Southeast Asian country and ninth out of EU members.

 

Italy started to provide preferential loans, non-refundable aid and emergency aid to Vietnam during the 1980s.

 

In terms of cultural and educational cooperation, Italy has offered scholarships for Italian language learning and Masters courses, offered Italian teaching courses in Hanoi and is working with UNESCO to help preserve My Son sanctuary, a UNESCO-recognised World Heritage site.

 

(VOVNews/VNA)