VCCI Chairman Pham Tan Cong had a meeting with Italian Ambassador Antonio Alessandro.

Mr. Antonio Alessandro, the Ambassador of Italy to Vietnam, paid a visit and shared congratulations with VCCI Chairman Pham Tan Cong on the morning of July 19th, before the end of his tenure in Vietnam. During the meeting, Mr. Antonio Alessandro reaffirmed the two countries' long-standing friendship, naming Vietnam as one of Italy's essential partners.

Ambassador Antonio Alessandro was impressed by Vietnam's recent achievements, notably the country's rapid economic growth and exceptional social achievements, which have altered Vietnam's worldwide reputation. He also lauded Vietnam's stable and growing political and diplomatic relations. The State President Vo Van Thuong's planned state visit is proof of this.

Chairman Pham Tan Cong expressed thanks for Ambassador Antonio Alessandro's efforts to the growing connection between Vietnam, Italy, and Europe during their talk. With the introduction of the EVFTA, Italy has surpassed the Netherlands, Germany, and France as Vietnam's fourth-largest commercial partner in the EU. In turn, Vietnam is Italy's largest ASEAN commercial partner, with bilateral commerce expanding steadily in recent years.

The Italian Ambassador feels that the economies of Vietnam and Italy complement each other, and that both sides have considerable untapped potential. He expects Italian firms to raise their exports to satisfy the demands of the Vietnamese market, particularly in the industrial machinery sector, which is one of Italy's lesser-known capabilities.

VCCI Chairman anticipates that the two nations' commercial and investment relationships will continue to strengthen, as will their people-to-people ties. Vietnam acts as a gateway to the ASEAN market for Italian enterprises, while Italy remains an essential partner for the Vietnamese business sector in reaching the EU market.

Notably, Chairman Pham Tan Cong stated that Italy would be a key partner for Vietnam as it strives to achieve ambitious economic and social development targets by 2045. VCCI will continue to contribute to the general relationship between Vietnam and Italy by supporting and assisting Italy's economic promotion initiatives in Vietnam. President Vo Van Thuong's impending visit to the Republic of Italy is expected to open up new collaboration prospects and avenues for the Vietnam-Italy alliance.

VCCI Chairman Pham Tan Cong presented a picture to the Italian Ambassador Antonio Alessandro

Regarding investment, Ambassador Antonio believes that Italy's involvement in Vietnam is changing. To capitalize on new investment opportunities, Italian investment has changed from traditional forms such as factory construction to smaller, more significant models that provide greater value, such as technology transfer and intellectual partnership. Italian enterprises have demonstrated exceptional adaptation and flexibility in meeting customer expectations in Vietnam. This corresponds with Vietnam's goal of increasing the value of its supply chain and demonstrates the excellent quality of Italy's investment in Vietnam.

Furthermore, Ambassador Antonio Alessandro expects that Vietnam would support the initiative of the Online Business Matching Platform (CDP), which is sponsored by a number of big Italian banks. This digital tool is intended to assist Italian businesses, particularly SMEs, in extending their operations and working on a global scale. Several countries have already backed this unique platform, including Brazil, China, India, Indonesia, Japan, Mexico, South Korea, the United States, and South Africa. Vietnam, according to the Ambassador, will be the next country to join this platform.

Vietnam is now Italy's largest ASEAN commercial partner, while Italy is Vietnam's fourth-largest EU partner. Bilateral commerce has more than quadrupled since 2010, and in 2022, despite several hurdles, it reached its greatest level to date at 6.2 billion USD, an 11% increase over the previous year.