Vietnamese, Italian localities boost economic cooperation

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As part of series of activities marking the 45th anniversary of Vietnam-Italy diplomatic relations, the event was jointly organised by the authorities of Lombardy region, the Vietnamese Foreign Ministry’s Department of Provincial Foreign Affairs and the Vietnamese Embassy in Italy.

In his opening speech, Altitonante, a representative from the Lombardy administration, stated that Vietnam is a potential market for the region’s businesses.

With its advanced science and technology in production and services, Lombardy has always paid attention to fostering its businesses’ investment and technological transfer activities in promising markets like Vietnam.

This is an important development objective of local enterprises, he affirmed.

Vietnamese Ambassador to Italy Cao Chinh Thien said that despite recent positive developments, cooperation between Vietnam and Italy, especially in economy and trade, is still yet to match fruitful bilateral political relations as well as potential and expectations of the two nations.  

He stated that Vietnam and the EU are working toward the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and Vietnam is implementing policies to foster and expand relations with countries around the world, especially those it has strategic partnership with like Italy.

It is a suitable time for Italian and Vietnamese localities, businesses and investors to study collaboration opportunities and grasp information on each other’s markets, particularly in areas that the two countries have demand for cooperation such as transport infrastructure, energy, industry and waste treatment, he noted.

At the seminar, representatives from Vietnamese localities and businesses introduced their development potential and preferential policies on investment attraction while the Italians presented their production and business activities as well as their demands for expanding cooperation with and promoting technological transfer for Vietnamese enterprises. 

With a young population, trained workforce with low cost, and notably the rapid growth of middle and upper classes, Vietnam is an attractive destination for Italian investors, said participants.

Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, stressed that Italy is the fourth largest trade partner of Vietnam in the EU while Vietnam is the biggest trade partner of Italy in ASEAN.

He expressed his belief that once the EVFTA takes effect, trade relations between the two nations will further develop, adding that Lombardy region’s strengths are suitable to development demands of Vietnamese localities.

Hanoi and other localities in Vietnam are actively improving their investment climate and stepping up administrative reforms targeting people and businesses. They wish to cooperate with Lombardy region in areas of its strengths such as tourism, food processing, construction, pharmaceutical technology, renewable energy, heritage conservation, and smart city building.

At the end of the seminar, representatives of Vietnamese cities and provinces witnessed the signing of an agreement on cooperation in fostering connectivity between Vietnamese and Italian localities and businesses by the Vietnamese Foreign Ministry’s Department of Provincial Foreign Affairs and the Italian Chamber of Commerce in Vietnam.