Making news

Vietnam becomes increasingly attractive to Italian firms

Italian enterprises in the province of Pisa in general and in Tuscany region in general were updated on Vietnam’s investment attraction and incentive policies at an event held by the Chamber of Commerce of Pisa and the Italian Chamber of Commerce in Vietnam (ICHAM) in Pisa city on October 25.

The event offered a good chance for Italian firm to understand more about the Vietnamese market and information related to prioritised cooperation fields, as well as policies for attracting investment and promoting trade links with foreign businesses.

Vietnamese Ambassador to Italy Nguyen Thi Bich Hue briefed on Vietnam’s socio-economic development and international integration efforts, saying that the country boasts great potential to push its economic growth.

Vietnam is considered one of the most dynamic economies with the highest growth in the world, and also an open economy, connected to major markets through 16 bilateral and multilateral free trade agreements that Vietnam has joined, Hue stressed.

According to the diplomat, Vietnamese people’s demand for high quality products, including those from Italy, is increasing.

The Government of Vietnam has also issued many policies to improve the business and investment environment for domestic and foreign enterprises, thus attracting confidence of many foreign investors, she noted.

With the total amount of foreign direct investment (FDI) reaching 350 billion USD, Vietnam is seen as an attractive market for foreign investors, Hue said.

With the prospect of being approved by the European Parliament in the coming time, the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) will create unprecedented favorable conditions for Italian businesses, she added.

The Vietnamese Embassy and the Trade Office in Italy are ready to support Italian firms in deploying investment and trade cooperation activities with Vietnam, the ambassador affirmed.

In his speech, President of the Chamber of Commerce of Pisa Valter Tamburini said Italian companies in Pisa are interested in the Vietnamese market, adding that many of those have successfully invested in the Southeast Asian country.

The two countries’ firms should establish cooperative ties in the fields of fashion, agriculture, automobiles and tourism, which are strengths of Italy, he said.

According to statistics released by the Chamber of Commerce of Pisa, in 2018, Pisa businesses exported 60 million USD worth of products to Vietnam and imported goods worth 80 million USD from the nation.

Previously, Hue had a meeting with Vice Mayor of Pisa city Raffaela Bonsangue, during which the Vietnamese diplomat urged the Pisa authorities to create favourable conditions for Italian enterprises to expand economic and trade cooperation with Vietnam.