On September 4, the Ministry of Finance (MoF), in collaboration with the Italian Trade Agency (ITA) and the General Confederation of Italian Industry (Confindustria), hosted a successful Vietnam – Italy Business Forum in Hanoi.
Addressing the forum, Deputy Minister of Finance Ho Sy Hung emphasized Vietnam’s remarkable transformation over the past 40 years of “Doi Moi” (Renewal). From a war-torn, underdeveloped agrarian economy, Vietnam has emerged as one of the world’s top 34 largest economies and a significant player in global trade, with 17 free trade agreements (FTAs) signed with over 60 partners.
Deputy Minister Hung highlighted the strong cultural and historical ties between Vietnam and Italy, as well as their shared aspirations for peace, stability, and prosperity. Since the establishment of the Strategic Partnership in 2013, bilateral relations have thrived and set a benchmark for cooperation.
Italy currently stands as Vietnam’s third-largest trading partner within the EU. Bilateral trade between the countries in the first seven months of 2025 exceeded $4.3 billion, reflecting a 5.1% year-on-year increase. Vietnam’s exports to Italy reached $3.1 billion, up by 4.5%, while imports from Italy totaled $1.2 billion, marking a 6.7% rise.
In terms of investment, Italian investors have a presence in 162 projects in Vietnam, with total registered capital surpassing $624 million. This places Italy 32nd among 151 countries and territories investing in Vietnam.
“The foundation of the Vietnam-Italy relationship is built on four robust pillars: mutual trust, economic complementarity and synergy, a warm and genuine friendship, and a shared vision for peace and resilient growth,” noted Deputy Minister Hung.
Echoing these sentiments, Mr. Valentino Valentini, Deputy Minister for Enterprises and Made in Italy, emphasized the long-standing and fruitful development of Vietnam-Italy relations. Quoting President Ho Chi Minh, “For the sake of ten years, we must plant trees; for the sake of a hundred years, we must cultivate people,” Mr. Valentini underscored the importance of building cooperation on strong foundations.
He added, “By focusing on technology transfer, social development, and capacity building in sectors where both countries excel, our bilateral cooperation will advance toward a long-term and sustainable future.”
A significant outcome of the forum was the signing of over 10 Memoranda of Understanding (MoUs) between businesses from both countries. These agreements cover key areas such as innovation and Industry 4.0, energy and infrastructure, financial and insurance cooperation, and trade and tourism promotion. They open new avenues for collaboration and provide a platform for concrete projects in the near future.
While acknowledging the positive results, Deputy Minister Ho Sy Hung also recognized the untapped potential for further enhancing Vietnam-Italy economic, trade, and investment cooperation. To maximize this potential and improve the quality and effectiveness of cooperation between the business communities of both countries, the Deputy Minister suggested several development orientations:
Firstly, Vietnam seeks Italian enterprises’ support in accessing shifting investment sources, particularly in green and sustainable finance, as well as investment in science, technology, and innovation.
Secondly, Vietnam will selectively attract foreign investment, prioritizing the green economy, digital economy, circular economy, and renewable energy sectors.
Thirdly, Vietnam hopes Italy will continue facilitating and encouraging Vietnamese enterprises to deeply engage in global supply chains.
Fourthly, Vietnam anticipates Italy’s support in urging EU member countries to ratify the Vietnam-EU Investment Protection Agreement (EVIPA) promptly. This agreement serves as a crucial foundation for businesses from both countries to strengthen their cooperation and jointly tap into the vast markets of ASEAN and the EU.
Sixthly, Italy should strengthen and expand its cooperation with Vietnam in other areas, including financial centers and free trade zones, which are poised to become new engines of growth.
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