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.

He spoke highly of Vietnam’s role as a gateway for Italy to enter the ASEAN region, comprising hundreds of millions of consumers, while confirming his country’s commitment to introducing advanced technology and high quality products to Vietnam.

Deputy Minister of Planning and Investment Dang Huy Dong informed participants of the Government of Vietnam’s incentives for international firms, including enhancing the provision of information, facilitating administrative procedures and increasing networks with small- and medium-sized enterprises.

Dong called for more technological support from Italian enterprises in a bid to enhance the competitiveness of domestic enterprises.

Participants stressed the need for the two countries’ businesses to boost cooperation in the fields 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 in recent years.

Between January and October this year, bilateral trade reached almost 3.4 billion USD, with Vietnam’s exports valued at 2.3 billion USD. Vietnam mainly exported mobile phone spare parts, footwear, coffee, garment and textiles, and imported more than one billion USD worth of machinery, pharmaceuticals, textile, and leather materials.

Vietnam and Italy share a substantial potential in energy generation, construction material, tourism, pharmaceuticals and advanced technology, which should be utilised in order to meet the target of 5 billion USD in trade.-VNA