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Oct 10, 2020 / 09:27

Hanoi could be financial and digital hub for investors: ICHAM

On the occasion of the 66th anniversary of Hanoi Liberation Day (October 10), Mr. Michele D'Ercole, president of the Italian Chamber of Commerce of Vietnam (ICHAM), shared with Hanoitimes his views on the aspiration of the city to become a financial and digital hub.

What do you think about Hanoi’s attractiveness to foreign investments, including those from Italy? What challenges is the city facing at this time?

 Mr. Michele D'Ercole, president of the Italian Chamber of Commerce of Vietnam (ICHAM), addresses an event in September in Ho Chi Minh City. Photo: ICHAM

For sure, the best we can do is to wait until the borders open again to have business meetings and investors’ visits. However, it should be better for Hanoi to attract foreign investments by improving the transport system, bureaucracy related issues and digitalization of public services. 

From our point of view, one of the biggest challenges that Hanoi is facing is that infrastructure is not keeping up with the current population of the city. We believe Hanoi should focus on providing better and efficient services for European/Italian investors. 

Hanoi could be a financial and digital hub for all investors located in the North of Vietnam. Vietnam has a strong fundamental forthe  information technology industry and we strongly believe that Hanoi could play a key role in the digitalization of the country with all its digital infrastructure and human resources. Hanoi can also offer a massive and strategic market entry for this sector thanks to its huge market size.

 An Italian food & beverage event was held by ICHAM in June in Ho Chi Minh City. Photo: ICHAM

In what aspects of Hanoi would the Italian companies be interested?

Hanoi is the second most important metropolitan in Vietnam, from economic point of view, so this city has many to offer to the Italian companies. But still, the communication and promotion could be improved because many Italian companies have a vague idea and information about the vivacity and dynamics of this economy. 

The middle class is obviously a very potential client for Italian companies. Main interests for this “market” would definitely be furniture, fashion, food & wines but also all services related to green economy. 

We have also big Italian companies working in Hanoi infrastructure projects (urban rail). Italian companies have many to offer also in design (fashion, architecture) and in heritage preservation, to help Hanoi maintain its history and historical buildings.

Thank you for your time!