Trade turnover with Italy rises

Two-way trade between Viet Nam and Italy topped US$797 million in the first half of this year, marking a yearly increase of 7.7 per cent.

The trade between the two countries accounted for 10 per cent of Viet Nam’s total export earnings from the EU market, reported Viet Nam’s General Department of Customs.

Of the total, Viet Nam contributed $408 million in export revenue, which was a decrease of 1.4 per cent against the same period last year. The country’s import turnover from Italy reached $390 million, which was an increase of 17.7 per cent year-on-year.

During the period, Viet Nam’s trade surplus with Italy reached $18 million, which was a decrease of 78 per cent due to sharp decline in Vietnamese exports especially coffee, the department said.

Currently, Italy is Viet Nam’s sixth largest importer. Viet Nam’s major exports to the Italian market include footwear, seafood, garment and textiles, coffee, and timber.

If Viet Nam was able to improve the quality of its exports, then the country’s products would be more competitive and fetch higher prices on the international market, said Bui Vuong Anh from the Ministry of Industry and Trade’s Trade Promotion Agency.

But the international market is extremely sensitive to commodities that are deemed unsafe, which includes food products that contain a large amount of chemicals or additives, Anh said.

The representative of the agency noted that exhibitions could act as important gateways for Vietnamese businesses to gain access to Italian and other western markets. There are currently 200 international trade fairs that are held in Italy every year, Anh said. — VNS

Tags: Vietnam Italy trade