Business

Vietnamese, Italian businesses foster links

Vietnam’s favourable business climate represents a potential market for Italian enterprises, Benedetto della Vedora, Italian Deputy Minister of Foreign Affairs and International Cooperation, remarked at a forum for Italian-Vietnamese Business, in Hanoi on November 24.
Vietnam’s favourable business climate represents a potential marketfor Italian enterprises, Benedetto della Vedora, Italian Deputy Ministerof Foreign Affairs and International Cooperation, remarked at a forumfor Italian-Vietnamese Business, in Hanoi on November 24.

He spoke highly of Vietnam’s role as a gateway for Italy to enter theASEAN region, comprising hundreds of millions of consumers, whileconfirming his country’s commitment to introducing advanced technologyand high quality products to Vietnam.

Deputy Ministerof Planning and Investment Dang Huy Dong informed participants of theGovernment of Vietnam’s incentives for international firms, includingenhancing the provision of information, facilitating administrativeprocedures and increasing networks with small- and medium-sizedenterprises.

Dong called for more technologicalsupport from Italian enterprises in a bid to enhance the competitivenessof domestic enterprises.

Participants stressed theneed for the two countries’ businesses to boost cooperation in thefields of infrastructure and industrial production.

According to the Vietnam Chamber for Commerce and Industry’s reports,trade between Vietnam and Italy has increased by 15-20 percent inrecent years.

Between January and October this year,bilateral trade reached almost 3.4 billion USD, with Vietnam’s exportsvalued at 2.3 billion USD. Vietnam mainly exported mobile phonespare parts, footwear, coffee, garment and textiles, and imported morethan one billion USD worth of machinery, pharmaceuticals, textile, andleather materials.

Vietnam and Italy 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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