Chairman of VCCI Pham Tan Cong had a meaningful working session with Italian Ambassador Antonio Alessandro and his delegation.

On the morning of July 19th, Ambassador Antonio Alessandro, Italy's Ambassador Extraordinary and Plenipotentiary to Vietnam, visited and exchanged greetings with Chairman of VCCI Pham Tan Cong before concluding his term in Vietnam. During the meeting, the Ambassador emphasized the strong relationship between the two countries over the years, underscoring Vietnam's position as a key partner of Italy.

Ambassador Antonio Alessandro expressed his admiration for Vietnam's achievements over the past years, especially its economic growth rate and significant societal advancements that have transformed Vietnam's international image. Additionally, Vietnam's political and diplomatic relations have maintained stability and continued development. The upcoming state visit by President Vo Van Thuong is a testament to these achievements.

Chairman of VCCI (right) and Italian Ambassador (left) engaged in discussions about the prospects of economic and trade cooperation between the two countries.

Chairman of VCCI, Pham Tan Cong, expressed his gratitude for Ambassador Antonio Alessandro's contributions to the increasingly positive relationship between Vietnam and Italy, as well as with Europe as a whole. Especially after the implementation of the EVFTA, Italy has become Vietnam's fourth-largest trading partner within the EU, following the Netherlands, Germany, and France. Conversely, Vietnam is Italy's largest trading partner in ASEAN, with bilateral trade continuously increasing over the years.

The Italian Ambassador believed that the Vietnamese and Italian economies complement each other, yet there is still substantial untapped potential for both sides to exploit. He hopes that in the coming time, Italian businesses will enhance their exports to meet the demands of the Vietnamese market, particularly in industrial machinery, which is a lesser-known strength of Italy.

VCCI leadership has confidence that trade and investment relations between the two countries will continue to grow, alongside increasingly close people-to-people relationships. Vietnam serves as a gateway for your businesses to enter the ASEAN market, and conversely, Italy is an important partner for the business community in Vietnam to tap into the vast EU market.

Especially according to Pham Tan Cong, as Vietnam pursues its ambitious socio-economic development goals by 2045, Italy will be an important partner. He affirmed that VCCI will support and assist Italy's trade promotion activities in Vietnam specifically, and continue to contribute to the overall friendship between Vietnam and Italy. Notably, Pham Tan Cong expects that the upcoming visit by President Vo Van Thuong to the Republic of Italy will open up numerous new cooperation opportunities and new avenues for the Vietnam-Italy partnership.

According to Mr. Phạm Tấn Công, VCCI will strive to elevate the bilateral economic relationship to new heights in the future.

In the investment sector, Ambassador Antonio acknowledges the changes. Italian investment in Vietnam has shifted from traditional forms (establishing factories) to smaller yet more meaningful and high-value models of investment, such as technology transfer, intellectual contributions, and seizing new investment opportunities. Italian businesses have shown great flexibility and positive changes to adapt well to the market demands and Vietnamese consumer preferences. This aligns with Vietnam's direction of enhancing the value of the production chain and serves as evidence of the quality of Italy's investment in Vietnam.

Furthermore, Ambassador Antonio Alessandro hopes that Vietnam will support the Online Business Matching Platform (CDP) initiative, which is backed by a series of major banks in Italy. This newly designed digital tool aims to assist Italian companies, especially SMEs, in expanding their operations and collaborating internationally. Currently, this innovative platform has received support from countries such as Brazil, China, India, Indonesia, Japan, Mexico, South Korea, the United States, and South Africa. The Vietnamese Ambassador will be the next name to join this platform.

Vietnam is currently Italy's largest trading partner in ASEAN, and Italy is Vietnam's fourth-largest trading partner in the EU. From 2010 to the present, bilateral trade turnover has doubled. In 2022, despite various challenges, the bilateral trade volume reached its highest level ever at $6.2 billion, representing an 11% increase compared to 2021.

Source: Truong Dang (Business Forum Magazine).