Strengthening Economic Ties: Vietnam and Italy Collaborate for Growth
On March 20, 2023, Vietnamese Deputy Prime Minister Nguyen Chi Dung met with Veronica Squinzi, Vice President of Assolombarda in Milan, to discuss enhancing economic cooperation between Vietnam and Italy. This meeting aimed to foster stronger business connectivity and explore potential collaborations as part of a broader strategy to boost bilateral trade and investment.
A Call for Connectivity
During the discussions, Dung emphasized the importance of creating stronger ties between Vietnamese and Italian businesses. He proposed the development of industrial clusters to facilitate this collaboration, suggesting that both countries could benefit from building value chains founded on mutual sharing and support. His remarks were underscored by Vietnam’s commitment to enhancing relations with Italy, identifying it as a key strategic partner in Europe.
Opportunities for Italian Firms
The Deputy Prime Minister further encouraged Italian firms to consider Vietnam as a prime location for diversifying their supply chains. With Italy known for its advanced technologies and management capabilities, Dung pointed out that a partnership with Vietnam—a nation rich in natural resources and human capital—could create a win-win situation. He highlighted sectors ripe for joint ventures, such as manufacturing and high-value agriculture, emphasizing the potential for significant technology transfer.
Assolombarda’s Commitment
In response, Squinzi expressed optimism regarding the future of Vietnam-Italy relations. She acknowledged the strong foundations upon which bilateral relations are built and praised the supportive policies of the Vietnamese government. Assolombarda, which represents around 7,000 Italian companies across various sectors, committed to strengthening connections between the two business communities. Squinzi extended an invitation for a visit to Vietnam, which would serve as an opportunity to enhance collaboration and share valuable experiences.
Banking on Future Cooperation
Later in the day, Dung held discussions with Intesa Sanpaolo, an international banking group, also in Milan. He reaffirmed Vietnam’s openness to collaborating with international financial institutions, highlighting their essential role in capital mobilization and funding development projects. Dung praised Intesa Sanpaolo’s involvement in promoting sustainable development and the circular economy, expressing hope for the bank to view Vietnam as a pivotal partner in Southeast Asia.
Strategies for Investment
During his meeting with Intesa Sanpaolo, Dung proposed several strategic avenues for enhanced cooperation. Key among them was a proposal to attract international investment and assist Vietnamese enterprises in obtaining financing for projects focused on innovation, digital transformation, and sustainability. Dung also recommended that Intesa Sanpaolo establish a representative office in Vietnam, emphasizing the potential benefits of creating a regional headquarters in cities like Ho Chi Minh City or Da Nang.
Alignment with Sustainable Development Goals
Paola Angeletti, the Chief Sustainability Officer of Intesa Sanpaolo, responded positively to Dung’s proposals. She emphasized the alignment of Vietnam’s reform efforts with the bank’s strategic priorities, urging for further collaboration to support Vietnam’s rapid and sustainable development trajectory. Angeletti’s remarks underscored a shared commitment to advancing mutual economic interests.
Advancements in Economic Diplomacy
Dung also highlighted the importance of economic diplomacy in strengthening Vietnam-Italy ties. He urged Italy to support the swift ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) by the remaining EU member states. This agreement is crucial for fostering a secure and conducive environment for investments, facilitating smoother trade relations and protecting mutual investments.
In summary, the collaborative spirit displayed in these meetings signifies a commitment from both nations to explore various avenues for enhancing their economic relationship. This partnership holds the potential for significant benefits, encompassing technology transfer, sustainable development, and mutual growth in a rapidly changing global economy.