Vietnam ramps up economic ties with Italian localities

The event featured the participation of Vietnamese Ambassador to Italy Duong Hai Hung, alongside representatives of the cities of Pontedera, Pisa, Cascina, and Calcinaia, as well as leaders of the Federation of Industry of Pisa province and Toscana.

As part of his address at the function, Ambassador Hung emphasised that economic and trade co-operation between both sides is in the most flourishing period ever. This is in line with the spirit of the strategic partnership that exists between the two countries and serves to highlight the importance of strengthening co-operation in complementary fields between the two nations.

The country is currently Italy's largest trading partner in ASEAN, while the Southern European country is the Southeast Asian nation’s fourth largest partner in the EU.

Most notably, two-way trade turnover in 2021 reached US$5.6 billion, the highest level ever recorded, marking an increase of 20% compared to 2020.

Currently, there are more than 110 Italian enterprises investing in 18 provinces and cities throughout the nation and operating successfully. Recently, the Italian Government continued to include Vietnam on its list of 20 countries that will continue to be prioritised for trade and investment promotion until 2030.

Ambassador Hung outlined several reasons why Italian businesses should invest and do business in the Vietnamese market, particularly the dynamism of the Vietnamese economy, the deep integration of the economy, and the country being a member of 16 Free Trade Agreements (FTAs). This includes new and major FTAs such as  the EU - Vietnam Free Trade Agreement (EVFTA),  the Regional Comprehensive Economic Partnership (RCEP), and The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Furthermore, other factors include Vietnamese reforms and development priorities coupled with the Italian Government's capital support measures for businesses, especially small and medium enterprises in promoting "Made in Italy" products. This is in addition to the internationalisation of emerging markets and the enhancement of exchanges and mutual understanding between the two peoples.

The Ambassador believes that the seminar represents a prime opportunity to exchange information and the opening of new co-operation projects between Toscana and Vietnam moving forward. In addition, the event also commits to being ready to accompany localities and industrial unions, chambers of commerce, and enterprises of the two countries to enhance these bilateral ties which have great potential.

The Vietnamese diplomat expressed his hope that increasing numbers of Italian businesses in general and from Toscana in particular will continue the success of Piaggio company by investing in the nation, as well as increasing exchanges and sign twinning agreements between Vietnamese localities and Toscana.

On the occasion of his business trip, Ambassador Hung also visited Piaggio's factory and highly appreciated Piaggio Group's activities in the Vietnamese market.