Viet Nam has a double advantage. It can be both a consumption market for, and a manufacturing partner of Italian companies in the age of Industry 4.0, said Italian Prime Minister, Giuseppe Conte.

Italian Prime Minister, Giuseppe Conte, delivered a speech at the seminar.
(Photo: VNS)

“We admire Viet Nam’s GDP, and I’ve agreed with Prime Minister Nguyen Xuan Phuc that we can improve our bilateral trade to reach US$10 billion,” he told the ‘Italian technologies for Viet Nam’s smart and circular economy’ seminar held in Ha Noi on Wednesday.

Vincenzi De Luca, director general for Cultural, Economic and Innovation Promotion of the Italian Ministry of Foreign Affairs and International Co-operation said Italian businesses have paid attention to Vietnamese mechanics, finance and leather sectors.

The number of Italian firms in Viet Nam has been on the rise to the current 84. The companies come from different sectors such as mechanics, pharmaceuticals and food, contributing to the country’s development.

In recent years, Italy has strengthened co-operation with Viet Nam in technology research and sustainable development.

Italy has an important role in mechanics and sustainable development in Europe. We will try to provide know-how to our foreign partners in ASEAN including Viet Nam, he said.

Carlo Ferro, President of the Italian Trade Agency (ITA) said Viet Nam is a leading trade partner in ASEAN. Italy and Viet Nam have advantages to enhance trade ties, especially in the area of technological innovation. Viet Nam has moved towards a smart industry in which priorities are given to reducing the use of natural resources and enhancing reuse.

“At the moment, Viet Nam is also aiming to lower manufacturing costs by using more high-technology and digitalisation in the context of Industry 4.0. To this end, Italy has 800 technology research institutes, capable of supporting Viet Nam to reach this goal,” he said.

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

He believed that Italian companies will become an important partner for Viet Nam in its new strategy to attract FDI.

The workshop was attended by many representatives of leading Italian companies and manufacturing associations in a number of fields such as machine tools, robotics and industrial automation. In light of the Vietnamese Government’s current focus on high technology and environmentally-friendly investment projects such as renewable energy, smart infrastructure and machinery, the workshop offered both countries and their firms a great chance to enhance cooperation in areas of importance to Viet Nam and where Italy has strengths.

The event also showcased the success model of the Italian assistance for Vietnamese companies in improving product quality through the example of the Italy-Viet Nam Footwear Technological Training Centre for technology transfer, consultancy and training in the footwear industry. Italy is well positioned to enhance business ties with Viet Nam, particularly in technological innovation as the latter is gearing towards a smart industry and circular economy which is presented as a system of resources utilisation where reduction, reuse and recycling of elements prevails.