Vietnamese-Italian trade relations accelerate to a higher level

The Vietnamese-Italian Business Conference, held in Hanoi on Thursday, brought together leaders from both countries to discuss opportunities for strengthening economic ties and promoting sustainable development.

Deputy Minister of Finance Hòng Sỹ Hùng emphasized the strategic importance of Italy's experience, technological expertise, and financial capacity for Vietnam's ongoing development. He expressed a strong interest in learning from Italy's experience in developing renewable energy and fostering a green economy, given Vietnam's commitment to achieve net-zero emissions by 2050.

In the first seven months of 2025, two-way trade between Italy and Vietnam reached over $4.3 billion, marking a 5.1% increase compared to the same period in 2024. Vietnam's exports to Italy totaled $3.1 billion, up 4.5% year-on-year, while imports from Italy reached $2 billion, a yearly rise of 6.7%.

The conference offered opportunities to connect and share cooperation experiences in four potential areas: mechanical machinery and agricultural technology, energy transition and circular economy, infrastructure and transport, and high technology and innovation. In recent years, several Italian companies have initiated investment projects in Vietnam, particularly in sectors such as manufacturing, automotive, and infrastructure.

More than 10 memorandums of understanding (MoUs) were signed at the forum, covering sectors such as Industry 4.0, energy and infrastructure, finance and insurance, trade promotion, and tourism. Deputy Minister Hùng urged Italian investors to support Vietnamese enterprises in expanding their participation in global supply chains and to explore new areas of cooperation such as the digital economy, green economy, circular economy, energy transition, financial centres, and free trade zones.

Italy currently has 162 valid projects in Vietnam with a total registered capital of over $624 million. However, Vietnam has only one investment project in Italy with a total capital of nearly $700,000, indicating potential for further outbound investment.

Deputy Minister Hùng called on Italy to advocate for the swift ratification of the EU-Vietnam Free Trade Agreement (EVFTA) by remaining EU member countries. He also emphasized the need for deeper collaboration in areas such as science, technology, and innovation.

The Ministry of Finance in Vietnam attaches great importance to the voice of the business community and is ready to engage in dialogue to address challenges, improve the legal framework, and create a more favorable, equitable, and attractive investment environment. The goal is to promote a win-win spirit that contributes to the friendship, prosperity, and sustainable development of both countries.

Italy is currently Vietnam's third-largest trading partner within the EU. The conference aimed to offer opportunities to connect and share cooperation experiences, with the hope of fostering a closer partnership between the two countries in the years to come.