Vietnam, Italy look to optimize business opportunities

Ambassador Duong Hai Hung addresses the forum.

Vietnamese Ambassador to Italy Duong Hai Hung highlighted the strong growth of the Vietnam-Italy strategic partnership in all fields, especially economy.

He pointed to the four factors that ensure the future development of the ties, namely the sound traditional friendship and political determination of both sides, the stability and attractiveness of the Vietnamese economy, the legal framework promoting import-export and investment activities, and Vietnam’s advantages from free trade agreements.

The ambassador said he believes that the forum will help businesses of both sides foster their connections to optimize the unexploited cooperation potential for mutual benefits, and pledged to stay ready to support and accompany with localities and enterprises of both sides to tap business and investment opportunities.

President of the Italian Trade Agency Carlo Ferro said that Vietnam and Italy can still do more to promote economic and trade relations, building on previous successes in enabling businesses to meet and increase the exchange of goods, not only agricultural products and fashion but also many others such as industrial machinery and 4.0 technology.

At the forum

Vietnam is currently the largest trade partner of Italy among the ASEAN countries, with two-way trade reaching 4.25 billion USD in the first eight months of 2022, up 13.9% year on year. About 6,000 Italian firms are investing in Vietnam.

Particularly, the E.U. - Vietnam Free Trade Agreement (EVFTA), which eliminates import taxes for 99% of tariff lines, has special meaning to bilateral ties when Italy and Vietnam have opened their economies and relied heavily on exports.

Vietnam is still a gateway for Italy to enter the 600-million-strong ASEAN market.

Source: VNA