Hanoi (VNA) – Minister of Industry and Trade Nguyen Hong Dien, head of the Vietnamese delegation, paid a working trip to Italy on June 16 and 17 to attend the expanded G7 Trade Ministers’ Conference at the invitation of Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tanjani.
The conference aimed to settle tensions and conflicts that threaten global trade and sustainable and inclusive growth.
In addition to countries in Group 7 (G7), namely Italy, Canada, France, Germany, Japan, the United Kingdom, and the United States, the event saw the participation of trade ministers and government officials from India, New Zealand, Argentina, Brazil, the Republic of Korea and Vietnam as well as representatives from the World Trade Organisation (WTO) and the Organisation for Economic Cooperation and Development (OECD).
This was the first time the G7 Trade Ministers' Conference has invited the Minister of Industry and Trade of Vietnam. Antonio Tanjani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy - the host country of this year's conference, opined Vietnam is a "shining example" and a model of success in economic growth based on the achievements of economic integration. The Southeast Asian country thereby promotes trade and attracts investment, successfully joining the globalization process and reshaping regional and international supply chains.
In his opening speech, Tanjani said that Vietnam is a model of success in economic growth, so there is a lot of experience to share with the conference about efforts to develop the economy by diversifying the supply chain.
Minister Dien told the conference that for a developing country like Vietnam, trade liberalisation is considered an important solution, and a major driver for development. Over the past nearly four decades, from a war-torn and underdeveloped country, Vietnam has become one of the 40 largest economies in the world. It ranks among the top 20 regarding international trade, the top 15 in attracting foreign investment, and the top 45 in the Global Innovation Index.
In recent years, Vietnam has maintained a relatively high and stable GDP growth rate, averaging 5.5% a year in the 2021-2023 period. The country’s growth reached 6.42% in the first half of this year, and it is forecast to achieve 6.5% - 7.0% for the whole year.
The achievements are attributed to Vietnam's consistent implementation of a foreign policy of independence, self-reliance, diversification and multilateralisation of international relations, and active integration into the global economy. Vietnam has focused on implementing three strategic solutions: institutional reform, infrastructure development, and human resource improvement, while also promoting development based on science, technology, and innovation.
The minister stressed that Vietnam highly values the G7 Trade Ministers' Conference Declaration in February on strengthening a rules-based, inclusive, free, and fair multilateral trading system with the WTO at its core. Vietnam supports the WTO in promoting discussions on key areas such as fisheries and agricultural subsidies.
There is an increasing trend of adopting trade protectionist measures and subsidies or erecting technical barriers to boost domestic production and replace imports. Vietnam calls on the G7 and its partners to immediately limit the establishment of trade barriers, especially non-tariff measures that disrupt supply chains for essential goods.
He affirmed that Vietnam wishes to cooperate with G7 members in aspects, including supply chain diversification, promotion of investment in synchronised, modern, and climate-resilient transportation infrastructure and logistics services development. It also wants to enhance technological innovation and the digital transformation of supply chains./.
