A Strong Investment Wave of Italian Business Will Enter in Vietnam Soon

A Strong Investment Wave of Italian Business Will Enter in Vietnam Soon

According to Mr. Ivan Scalfarotto, Deputy Minister of the Ministry of Economic Development (Italy), Vietnam possesses a young population structure, highly qualified and reasonable labor costs, these have excited the interest of Italian businesses.

Italian enterprises pay much attention to Vietnam market

Investment in Vietnam - The Italian business delegation included 150 entrepreneurs from 70 businesses representing the world's leading Italian brands in the fields of renewable energy, infrastructure, machinery and technology as well as banks and start-up organizations, came to Vietnam to participate in the Vietnam-Italy Business Forum 2017.

"A lot of Italian entrepreneurs are concerned with providing products or services to the Vietnamese market or looking for suppliers and investment opportunities in Vietnam. The number of Italian businesses participating in the forum shows that Vietnam has a very special appeal in the ASEAN community and the Italian business community."  Ivan Scalfarotto emphasized.

Mr. Guido Rosa- Vice President of the Italian Banking Association said that attending the Vietnam-Italy business forum this time, there were representatives of the four largest banks of Italy. These banks had mobilized 800 million Euros for investment in Vietnam in the near future.

He shared that "Italian banks are very interested in their presence in Vietnam as well as acquiring Vietnamese banks to reform and restructure their banks.

Regarding the question of cooperation in the construction of railways in Vietnam, Italian Trade Promotion Agency, President Michele Scannavini said that "Italy is very experienced in railway, subway and looking forward to cooperating with Vietnam in the implementation of the urban railway system and suburban metro in Ho Chi Minh City and Hanoi."

Many Italian projects are already in Vietnam

According to the Ministry of Industry and Trade, bilateral trade between Vietnam and Italy has developed strongly in recent years.

In 2016, bilateral export and import turnover reached over US$ 4.68 billion (up by nearly 9% compared to 2015). In particular, exports reached over US$ 3.2 billion, imports reached US$ 1.4 billion. In the first 10 months of 2017, total export turnover of Vietnam and Italy reached over US$ 3.7 billion and Vietnam continued to export to Italy.

By the end of September 2017, Italy ranks 31st out of 126 countries and territories investing in Vietnam with 82 projects with a total registered capital of US$ 382 million. Industrial cooperation between Italy and Vietnam has also grown positively.

Italian companies have been involved in a number of industrial projects in Vietnam, typically in the field of mechanical engineering. Danieli's steelmaking equipment has been available in over 10 projects in Vietnam, including Vietnam - Italia Steel Plant, Phu My Steel Plant. Many factories producing furniture, processing stone of Vietnam are using machines, technology of Italy. Recently, cooperation in the field of oil and gas between Vietnam National Oil and Gas Group (PVN) and ENI has also developed very well.

According to Ministry of Trade and Industry, "The situation of investment and trade between Vietnam and Italy has not exactly matched the potential and needs of the two countries. The two sides exchanged directions for cooperation in the coming time".

Specifically, Vietnamese businesses desire to further promote cooperation in textile, footwear, manufacturing and export of agricultural products.


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