New opportunities of trade, investment and technological collaboration between Italy and Vietnam

10:43 | 10/06/2019 Cooperation

(VEN) - Italy is now well-positioned to enhance business ties with Vietnam, particularly in technology innovation, as the latter is gearing toward a smart industry and circular economy, which is presented as a system of resource utilization where the reduction, reuse and recycling of elements prevails.

Carlo Ferro, president of the Italian Trade Agency (ITA), said at the Italian Technologies for Vietnam's Smart & Circular Economy workshop hosted by ITA in co-operation with the Embassy of Italy in Hanoi: “At the moment, Vietnam is also aiming to lower manufacturing costs by using more high technology and digitalisation in the context of Industry 4.0. Italy has 800 technology research institutes, all capable of supporting Vietnam to reach this goal.”

Italian businesses are flocking to Vietnam to find opportunities as it is embracing Industry 4.0 to become a technology hub in Southeast Asia and break with its image of a low-cost, export-orientated manufacturing destination.

Italian Prime Minister Giuseppe Conte emphasised: “We admire Vietnam’s GDP, and I have agreed with Prime Minister Nguyen Xuan Phuc that we can improve our bilateral trade to reach $10 billion. Vietnam has a double advantage: it can be both a consumption market for, and a manufacturing partner of Italian companies in the era of Industry 4.0.”

Innovation has always been part of the Italian mindset, helping firms get by or even lead the way in times of uncertainty. Indeed, thanks to an open approach to challenges, knowledge, and the sharing of best practices, many Italian firms have become champions of innovation, giving them an important edge in the market.

“Vietnamese business community is very keen on and leading the way to achieving sustainable development goals. Currently, Vietnam is being selective in attracting FDI, directing FDI projects to advanced technology fields, especially eco-friendly technology. Each year, Vietnam would need USD 25 billion in infrastructure development alone but cannot use ODA investment as before, so Public-Private-Partnership is now a highly viable option.” Mr. Vu Tien Loc, President of Vietnam Chamber of Commerce and Industry (VCCI) said.

The Italian Trade Agency (ITA), in cooperation with the Embassy of Italy in Hanoi, organized a workshop today, June 5, to promote and develop new opportunities of trade, investment and technological collaboration between Italy and Vietnam as part of a partnership for innovation and sustainability.

The workshop aims to promote and develop new opportunities of trade, investment, and technological collaboration between Italy and Vietnam as a partnership towards innovation and sustainability. Italy has great strengths in these areas, which aligns with the Vietnamese government’s current focus on high technology and environmentally friendly investment projects such as renewable energy, smart infrastructure, and machinery.

Huong Nguyen