Italy to host business forum with Vietnam as global trade dynamics shift

Rome: Italian Deputy Prime Minister and Minister of Foreign Affairs, Antonio Tajani, announced plans to organise a business forum with Vietnam in the near future. He emphasised the significant opportunities for Italian businesses in the country.

In a statement on X, Minister Tajani mentioned his planned meeting with Vietnamese Minister of Commerce, Nguyen Hong Dien, on the sidelines of the G7 Trade Ministers’ meeting at Villa San Giovanni (Reggio Calabria). He spoke of their agreement to organise the business forum soon.

“We want to strengthen economic cooperation with a country that we have strong ties of friendship with,” Minister Tajani stated.

G7 trade tensions. This announcement follows the conclusion of the G7 talks, which specifically focused on China’s controversial commercial practices. The objective of these talks, which ended today, was to foster productive dialogue during complex international relations.

Minister Tajani emphasised Italy’s stance on China as a competitor while also affirming its commitment to maintaining constructive relationships.

When the talks commenced, he stated, “Our goal is to engage in constructive dialogue despite the competing nature of our relations,” highlighting Italy’s balanced approach.

Additionally, Minister Tajani emphasised the importance of fair competition in global trade by stating, “When there is competition in the international arena, it is our responsibility to intervene and safeguard production if any party fails to follow the rules.”

Shifting global dynamics. These developments are significant because Vietnam is increasingly involved in U.S. efforts to contain China in the global landscape.

Earlier this year, Italy chose not to extend their memorandum of understanding with China regarding the Belt and Road Initiative, showing a strategic shift. As stated by Tajani, this choice was made “without controversy or criticism towards the initiative,” which ultimately brought little benefits.

This change in global dynamics highlights the importance of Italy’s decision as they aim to broaden their partnerships and solidify connections with other key players in the region.

The recent G7 summit emphasised the importance of fair competition and addressed concerns over cybersecurity, regional violations, and the situation in Taiwan. The final communiqué referenced China 29 times, focusing on China’s geopolitical and economic influence.