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Investment
Nov 24, 2014 / 15:45

Italian Business Mission to Vietnam

Hanoitimes

Anticipation and excitement over the Italian Business Mission to Vietnam has reached a fever pitch. Industry leaders and government officials in both Italy and Vietnam are optimistic that the results will create further prosperity and forge stronger ties between both countries.

The Mission is headed by the Deputy Minister of Foreign Affairs and International Cooperation, Benedetto Della Vedova and hosted by H.E Lorenzo Angeloni, the Italian Ambassador to Vietnam.

Between November 24th and 26th, a business delegation of nearly 100 Italian Institutions & Companies  will be engaged in trade promotion activities in Hanoi and Ho Chi Minh City. The delegation represents the fields of mechanics, medical & medical equipments, energy and renewable energy, infrastructure and transport. Activities will comprise of official discussions, bilateral governmental meetings and a Italy-Vietnam business forum. 

 
 

In addition, the two sides will also discuss investment possibilities and cooperation opportunities offered by the 119 industrial zones throughout Vietnam. This will be a valuable opportunity for Italian companies to build and strengthen relations and economic cooperation with Vietnamese partners. The meeting of Joint Commission between Italy and Vietnam on Economics and Trade will also be organized on the occasion of the official visit of the Italian business delegation.
 
The economic and political links between Italy and Vietnam have gone from strength to strength over the last 40 years. Italy remains the 18th largest export market and the 15th largest import market for Vietnam, with a growth of 19 percent per year over the 2005-2011 period. Italy has become Vietnam’s third largest trading partner in the EU with two-way trade turnover approximating €3 billion in 2013.  This figure is expected to reach €3.5 billion this year and is projected to hit €5 billion by 2016, reflecting the potential for two digit annual growth.

In 2008, a similar event was conducted in Hanoi and Ho Chi Minh City. The positive results laid the foundation for the Mission. For Italy, Vietnam is an ideal place to do business in the areas of automation, information technology, services, tourism and fashion. Piaggio, Ariston Thermo, Datalogic and Hung Yen K&D are among the 60 Italian companies already investing in Vietnam. For Italian firms, Vietnam is the perfect entry point to the ASEAN market. Italian companies are increasingly interested in the Vietnamese market and see Vietnam as an important emerging player in the region with numerous prospects for business and investment.

By creating the ideal environment for Italian businesses, investment between the two countries can be promoted by all parties. The Italian authorities can then make Italian firms aware of the market potential of Vietnam and the Vietnamese authorities can in turn catalyze the liberalization of trade between the public and private sector. Taken in concert with the signing of the Free Trade Agreement (FTA) between Vietnam and the EU, this is an important chapter in European investment in Vietnam. Italy’s increased investment in Vietnam would serve as a positive example to the rest of the continent. 

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