An Italian mission of 70 leading firms and 150 delegates are visiting Vietnam to sound out cooperation prospects and strengthen ties between the two countries.

Italian firms seek investment opportunities in Vietnam

The delegation, led by Ivan Scalfarotto, Italian Deputy Minister of Economic Development, will participate in Vietnam-Italy trade promotion programs in Hanoi from November 27-28 and in HCM City on November 29.

Italy is the third largest economy in the euro area with a gross domestic product (GDP) of more than USD 2.2 trillion in 2016. It is the second largest economy in Europe, the seventh largest in the world. Italy's trade surplus ranks fifth in the G20 countries with a value of USD 103.8 billion in 2015.

With a population of over 60 million people and per capita GDP of USD 36,300 a year, Italy is a potential market that Vietnamese businesses are looking forward to.

In recent years, more and more Italian businesses and investors are interested in the Vietnamese market. The trade and investment sector between Vietnam and Italy has many positive signs.

Two-way trade between the two countries has increased tenfold in ten years, reaching USD 4.6 billion in 2016. In the first seven months of 2017, two-way trade turnover reached over USD 2,88 billion, up 9% over the same period in 2016.

Investment from Italy to Vietnam has increased to USD 360 million in 2016 with 78 projects implemented. According to statistics from the Customs Department of Vietnam, Italy is the eighth largest trade partner of Vietnam and the largest in the EU. Italian exports to Vietnam include machinery, leather products and electronics.

Determining economic cooperation as a priority pillar in bilateral cooperation, Vietnam and Italy set goals to increase trade turnover to USD 6 billion in 2017-20, boosting Italy's investment in Vietnam.

The two sides also agreed to develop a new orientation for development cooperation in line with the two countries' strategic partnership, focusing on vocational training, environment, water resources management and flood warning. .

In the past time, Vietnam has cooperated with functional agencies to organize trade promotion activities in all regions of Italy such as Vietnam Foodexpo 2017 event; the international footwear exhibition held in HCM City in July/2017 with the participation of 29 Italian companies.

The international footwear exhibition held in HCM City in July/2017 with the participation of 29 Italian companies

In addition, the two countries are actively promoting a number of projects in the field of footwear. In July, 2004, the Vietnam-Italy Shoes Technology Center in Binh Duong was inaugurated and put into operation.

Vietnam Trade Commission in Italy also cooperated with ASSOMAC to support the Vietnam Leather and Footwear Research Institute (LSI) to participate in the MIPEL Footwear Fair in Milan in September 2014 and work with Italian associations and businesses to sign a cooperation agreement between ASSOMAC and LSI.

The above activities are the important content of cooperation between the two countries as agreed in the minutes of the Joint Committee of Vietnam - Italy. The fourth meeting of the Joint Committee is scheduled for the fourth quarter of 2017 in Vietnam.

ICHAM (Italian Chamber of Commerce in Vietnam) has also received many requests from Italian businesses seeking to invest in Vietnam. Expected, the unit will continue to organize many other projects in the following years to promote the Vietnamese market.

On November 27-29, Italian Deputy Minister of Economic Development Ivan Scalfarotto leads the Italian delegation of 70 businesses and 150 entrepreneurs to Vietnam. The event took place in Hanoi (27-28 November) and Ho Chi Minh City (29/11) to discuss official opportunities for cooperation and investment in the areas of infrastructure, energy, environmental protection, mechanical engineering and technology. A Vietnamese-Italian business forum was also organized for participants to explore opportunities for cooperation and investment.

VNF