Local workers process cashews for export. Italy is the 18th largest export market of Viet Nam. — Photo vietnamplus.vn

HA NOI (Biz Hub) –– The Prime Minister has approved the content of a draft co-operation agreement on mutual administrative assistance in customs between the governments of Viet Nam and Italy.

The PM has authorised the finance minister to sign the agreement with the competent representative from Italy.

Italy is currently Viet Nam's 18th largest export market and the 15th largest import market. More than US$4 billion worth of bilateral trade was conducted last year, of which $2.7 billion came from Viet Nam's exports.

Italian investors were operating 64 projects, worth $386.2 million, in the country as of March this year. Italy is the 28th largest investor among 101 nations and territories investing in Viet Nam, a press release on the government office website said.

The signing of the bilateral agreement will improve the efficiency of collaboration between the two governments, while creating favourable conditions for their customs agencies to exchange information and technical assistance, and detect and address any violations of customs regulations during the enforcement of state management. — VNS