Rome (VNA) – Investment chances inVietnam, especially once the EU-Vietnam Free Trade Agreement (EVFTA) takeseffect, were introduced to Italian entrepreneurs at a workshop in Rome onNovember 9. 

President of the Italian Chamber of Commerce inVietnam (ICHAM) Michele D’Ercole and ICHAM Executive Director Pham Hoang Haiinformed local investors about Vietnam’s economy at present, including thepositive economic growth and foreign investment attraction.

Participants were provided with concreteinformation about the fields Vietnam is prioritising while Italy holds strengthin, along with cooperation prospects and investment chances once the EVFTA isratified and comes into force. They were also given details of Vietnam’sinvestment attraction policies and procedures.

ICHAM President Michele D’Ercole told VietnamNews Agency that the Southeast Asian nation has enjoyed growth in bothindustrial products and foreign investment in recent years. 

He noted compared to other ASEAN countries,Vietnam boasts many advantages to attract foreign direct investment, withpolitical stability the biggest strength. While about 60 percent of itspopulation are of working age, low labour cost is also a competitive edge ofthe country. Vietnam is stepping up training to improve its human resourcesquality to meet foreign investors’ demand. It is also promoting measures toenhance its competitiveness in different sectors like high technology andrenewable energy.

Michele D’Ercole said Italy is very interestedin the EVFTA, which will take effect in the near future. At that time, Italianfirms will have a number of opportunities to cooperate with Vietnam in thefields they are strong at.

The reduction of tariffs to zero percent underthis deal will facilitate bilateral trade. Italy can export numerouscommodities to Vietnam such as machines, wood products, fabric and garment, andassist Vietnamese partners to manufacture many items like footwear, leatherproducts, fabric and medical and chemical products. Italian companies can alsomake use of their scientific and technological strengths to help Vietnamdevelop some sectors, especially agriculture, he added.

Regarding measures to foster economic links,Trade Counsellor of the Vietnamese Embassy in Italy Nguyen Duc Thanh said thetwo countries set up the strategic partnership in 2013. They also established ajoint economic committee to bolster bilateral cooperation and investment.Despite a continuous growth over the past year, their trade turnover has yet tofully reflect the potential of their businesses.

He suggested both sides increase mutualhigh-ranking visits to warm up the strategic partnership as well as relationsbetween all-level authorities and sectors. They should also boost economic tiesbetween their localities, for example the cooperation deal between Venetoregion and Ba Ria – Vung Tau province or the one between some constructionstone mining areas of Italy and Yen Bai province. Additionally, it is needed totighten connections between the countries’ industries and businesses.

Italy is now the fourth biggest Europeaneconomic partner of Vietnam. Bilateral trade approximated 5 billion USD in2017. With total capital of 389 million USD, Italy ranks 31st among 126countries and territories directly investing in the ASEAN nation.-VNA