Business

Italy to increase ODA for Vietnam

Italy will increase Official Development Assistance (ODA) for Vietnam to 30 million EUR (37.2 million USD), Italian Deputy Minister of Foreign Affairs and International Cooperation Benedetto Della Vedova said.
Italy will increase Official Development Assistance (ODA) for Vietnamto 30 million EUR (37.2 million USD), Italian Deputy Minister of ForeignAffairs and International Cooperation Benedetto Della Vedova said.

The assistance will target the private sector in the coming time, theofficial was quoted by Thoi Bao Kinh Te Vietnam (Vietnam Economic Times)as saying.

In addition, an additional 10 million EUR (12.4million USD) will be injected in projects on water supply under anagreement reached by the two governments.

Deputy MinisterBenedetto Della Vedova led an Italian economic delegation to a forum forItalian-Vietnamese Businesses held in November with a view to seekingmore cooperation opportunities in Vietnam in various fields.

Atthe event, he remarked that Vietnam’s favourable business climaterepresents a potential market for Italian enterprises.

According to the Vietnam Chamber for Commerce and Industry, tradebetween Vietnam and Italy has increased by 15-20 percent in recentyears.

Between January and October this year, bilateraltrade reached almost 3.4 billion USD, with Vietnam’s exports valued at2.3 billion USD.

The two countries share a substantialpotential in energy generation, construction material, tourism,pharmaceuticals and advanced technology, which should be utilised inorder to meet the target of 5 billion USD in trade.-VNA
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