Vietnam - Italy: Great Potential for Cooperation in Fashion Industry

On the occasion of participation in the 8th meeting of the Vietnam-Italy Joint Committee for Economic Cooperation between Vietnam and Italy in Rome, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan attended the Economic and Investment Cooperation Forum between Vietnam and Italy, organized by the Vietnamese Embassy in Italy.

At the Forum, Vietnamese Ambassador to Italy Duong Hai Hung expressed his pleasure at witnessing the positive developments in political and diplomatic relations between Vietnam and Italy recently, on the occasion of the 50th anniversary of the diplomatic ties (1973-2023) and the 10th anniversary of strategic partnership (2013-2023).​

Italy is an important partner of Vietnam. During meetings, Italian leaders have affirmed their appreciation for relations and determination to promote multi-faceted cooperation and consider Vietnam a priority country for developing relations in Southeast Asia.

Vietnam and Italy businesses promote trade exchange and investment cooperation, focusing on areas with great potential such as the fashion industry.

Regarding trade, Italy is now Vietnam's third-largest trading partner in the EU and Vietnam is Italy's largest trading partner in ASEAN.

According to data from the General Department of Customs, in 2022, the import-export turnover of the two countries reached USD 6.2 billion, recording an increase of 11% compared to 2021.

In the field of investment, according to data from the Ministry of Planning and Investment, by the end of September 2023, Italy had 147 valid projects with a total registered capital of USD 514 million, ranking 33/144 countries and territories with foreign investment in Vietnam.

Speaking at the Forum, Deputy Minister Nguyen Sinh Nhat Tan had specific shares about economic development in Vietnam and trade-investment relations between the two countries. He also suggested that businesses from both sides increase trade exchange and investment cooperation, focusing on areas in Vietnam and Italy that have vast cooperation potential such as the fashion industry, typically supporting industries in the textile, garment, and footwear; food processing, mining industry, and stone manufacturing.

Besides, in the context that energy security is an important issue for not only Vietnam and Italy but for all countries in the world, the Deputy Minister of Industry and Trade affirmed that Vietnam welcomes Italy to support Vietnam in the energy transition process, as well as promote technology transfer in the field of green energy.

At the Forum, Italian businesses expressed optimism for Vietnam’s market, affirming that Vietnam has a favorable business and investment environment for foreign businesses.

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