Vietnam Drawing Increasing Interest from Italian Investors

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Dec. 8 – Trade and investment between Italy and Vietnam has increased steadily over the last 10 years. According to statistics issued by the Government of Vietnam, Italian FDI projects amounted to US$187 million in 39 projects at the end of 2010. The manufacturing industry still has the biggest share amid Italian FDI, even though other sectors are increasingly showing their interest in the market.

In the wake of a recent successful business mission by 24 Tuscan wineries to Vietnam at the beginning of November, Damiano Francovigh, head of the Economics and Commercial Section of the Italian embassy in Vietnam, shares his vision of the potential cooperation between the two countries.

The visit of the Tuscany wine makers under the “Tuscany – the land of wine” trade promotion event followed the successful “Enjoy the amazing taste of Siena wines” series in 2010 and moreover a range of trade promotion events launched by the Italian embassy through its promotion agency in Vietnam: the Italian Trade Commission. It provided a chance for participants to explore potential business partnerships through bilateral meetings with Vietnamese companies.

This increasing interest in Vietnam from Italian companies has been confirmed by Damiano Francovigh, who was interviewed at the event by Vietnam Investment Review newspaper.

“Through the Italian Trade Commission, we are receiving more and more requests for information about Vietnam from Italian companies,” said Francovigh.

He also identified main areas in which Italian companies are addressing their attention: “[…] Italian companies are now very interested in areas where Vietnam has advantages, including footwear leather, agricultural produce, aquaculture, coffee, and textiles, among others.”

The Italian Trade Commission is focusing on helping Italian businesses find out what the Vietnamese market has that they want and forge partnership links between the two countries.

Working in conjunction with the Italian Embassy, the Italian Trade Commission is currently working on a road show event for February 2012 in which Italian companies will share their success stories and valuable experience in the Vietnamese market. This is also a chance for Italian businesses to share knowledge with others on how to be successful when doing business in Vietnam, or what it is needed to know to do business in Vietnam. This event will also likely include the participation of some businesses from the Vietnamese side.

Dezan Shira & Associates is boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in Vietnam. To contact the firm, please email vietnam@dezshira.com, visit www.dezshira.com, or download the firm’s brochure here.