Italy looks to expand investment in Vietnam

Last week, Natalia Sanginiti, first secretary of the Italian Embassy to Vietnam, said at “Meet Italy”, the first meeting between Italian businesses and Vietnamese localities, that a growing number of Italian companies were planning to increase investment activity in Vietnam, as they pinned high hopes on the export potential of the many recent free trade agreements (FTAs), particularly the Vietnam-EU FTA, once they take effect.

“Infrastructure, energy, agriculture, tourism and environment remain among the most promising investment sectors for Italian firms and were confirmed among the key targets in the two nations’ last Joint Economic Commission held in Rome,” she added.

Speaking to VIR about the potential for investment in Vietnam, Bargellini Cesare, administration, finance and control director of Piaggio Vietnam, said that: “Vietnam is a dynamic nation with improved infrastructure and business climate. We have so far invested a total of approximately $90 million into two factories in the northern province of Vinh Phuc, and will consider boosting investment there.”

Ivano Pelizzoli, general director of Hung Yen Knitting & Dyeing, said that the company decided to build its factory, with the initial investment capital of $22 million in the Pho Noi industrial park (IP) in the northern province of Hung Yen.

“As 90 per cent of our products are exported, we have increased the total investment capital to $45 million here, and will invest $5 million more by 2017,” he disclosed.

According to the Ministry of Planning and Investment, Italy has so far invested in 17 out of 63 cities and provinces across Vietnam. As of September 20, 2015, Italian firms registered to invest nearly $391.7 million in 66 projects in Vietnam, ranking 29th among countries and territories having investment projects in the country.