(VOVworld)- Italian Prime Minister Matteo Renzi began a two-day official visit to Vietnam on Monday at the invitation of his Vietnamese counterpart Nguyen Tan Dung. Matteo’s visit, the first one by an Italian PM to Vietnam since the two countries set up diplomatic ties in 1973, is intended to foster their strategic partnership.

Italian Prime Minister Matteo Renzi

Vietnam and Italy established diplomatic ties on March 23, 1973. Since the 1990s, these ties have blossomed. Italy was the first European nation to support cooperation with Vietnam and the normalisation of ties between Vietnam and international financial, trade, and monetary organisations.

Italy has consistently promoted relations with Vietnam and has considered Vietnam a high priority partner in Southeast Asia and an important destination for Italian investors.

Upgrading bilateral ties

Vietnam and Italy elevated their ties to a strategic partnership on the occasion of General Secretary of the Communist Party of Vietnam ( CPV ) Nguyen Phu Trong’s visit to Italy in January of 2013. They later signed an action plan to implement their strategic partnership in the 2013-2014 period. Italian Ambassador to Vietnam Lorenzo Angeloni said: “The Strategic Partnership is of great importance because not many countries have signed this agreement. Before Italy, only the UK and Germany signed strategic partnership agreements with Vietnam. We are expecting successes that the agreement will bring about for both countries. The agreement will help improve bilateral cooperation and create an environment of mutual trust”.

Though trade between the two countries has increased steadily over the years, it has not matched their potential. Last year, trade totalled 3.5 billion USD, up from 2.8 billion USD in the previous year. In 2013, Italy ranked 29^th among the 100 countries and territories investing in Vietnam with 53 projects worth 295 million USD focusing on processing, manufacturing, garments, textiles, and construction. Italy included Vietnam on its list of 10 emerging markets prioritized for trade and investment. The Italian Ambassador to Vietnam said there are a lot of things the two countries can do to strengthen economic, trade and investment ties:“We now enjoy favourable conditions to deepen the Vietnam-Italy ties. Both Vietnam and Italy are looking to small and medium-sized enterprises to boost their national economy. There are many successful Italian SMEs and they consider Vietnam a new market. There are also many successful SMEs in Vietnam so it is necessary to create an opportunity for them to meet and work together. By doing so, Italian SMEs can find partners in Vietnam, giving products made in Vietnam an opportunity to be labelled with famous Italian trademarks and exported to European countries”.

Boosting the strategic partnership

Vietnam and Italy have witnessed significant progress in bilateral cooperation in culture, tourism and education. The Italian government in coordination with UNESCO has helped Vietnam restore the My Son relic site by providing funding of more than 435,000 USD. Italy has also provided Vietnam with training on preserving cultural heritage for archaeologists, architects and cultural heritage management officials. In 2013, on the occasion of the 40^th anniversary of their diplomatic ties, the two countries organized activities to mark a Vietnam Year in Italy and an Italy Year in Vietnam.

Meetings between Prime Minister Renzi and Vietnam’s leaders will bolster the strategic partnership for the near future.