Sees new Latin translation as vitally important (9)
I believe the answer is:
essential
'vitally important' is the definition.
(I've seen this before)
'sees new latin translation' is the wordplay.
'new' is an anagram indicator.
'translation' indicates an anagram.
'sees' anagrammed gives 'esse'.
'latin' with letters rearranged gives 'ntial'.
'esse'+'ntial'='ESSENTIAL'
'as' acts as a link.
(Other definitions for essential that I've seen before include "Vital" , "must-have item" , "as oil might be" , "Type of oil" , "'Absolutely necessary, required (9)'" .)