MILAN  Viet Nam News -— The Association of Vietnamese Entrepreneurs in Italy (ASSOEVI) and the Italy – Việt Nam Chamber of Commerce (CCIV) will work together to expand bilateral co-operation between Vietnamese and Italian businesses.

This consensus followed a co-operation agreement inked by the two sides in the northern Italian city of Milan on Friday. Under the agreement, ASSOEVI and CCIV would provide businesses in both countries with updated information, legal assistance and market surveys, in a move to help the firms effectively tap into trade and investment opportunities in both countries.

During his speech, Vietnamese Ambassador to Italy Cao Chính Thiện said he hoped Italy would offer practical assistance to the two countries’ businesses in the future. 

Further, ASSOEVI chairman Phạm Văn Hồng said the co-operation agreement would create the right conditions for Vietnamese companies operating in Italy, and Italian businesses operating in Việt Nam, especially when the EU-Việt Nam Free Trade Agreement (EVFTA)  takes effect.

Additionally, former Italian Prime Minister Enrico Letta noted that Italy would benefit most from the EVFTA, while speaking on Thursday in Milan. 

He further suggested that Italian firms change their business approach by not only focusing on manufacturing products in Việt Nam for export to Europe, but also manufacturing products to sell to consumers in the country.

Gianfelice Rocca, chairman of Assolombarda – the largest territorial association of the entire entrepreneurial system in Italy - agreed that the FTA would bring many benefits to Italian businesses in both Vietnamese and ASEAN markets. 

Also, Italian companies should travel more to Việt Nam to learn more about the market and their partners, he said, emphasising the importance of building necessary legal frameworks for trade and investment.

Ambassador Cao Chính Thiện praised the enormous potentials for the two nations’ firms to co-operate further.

Việt Nam is considered an attractive business destination and a trustworthy trade partner, which would make it easier for Vietnamese and Italian firms to do business, he said.

Last year, two-way trade hit US$4.3 billion. Việt Nam is currently Italy’s largest trading partner in ASEAN. — VNS