The Ministry of Finance (MoF), in coordination with the Italian Trade Agency (ITA) and the General Confederation of Italian Industry (Confindustria), organized the Vietnam - Italy Business Forum in Hanoi on September 4.

Speaking at the forum, Deputy Minister of Finance Ho Sy Hung highlighted that after 40 years of “Doi Moi” (Renewal), Vietnam has transformed from a war-torn, underdeveloped agrarian economy into one of the world’s 34 largest economies and among the top 20 economies in global trade, with 17 free trade agreements (FTAs) signed with over 60 partners.

He emphasized that Vietnam and Italy share cultural and historical ties as well as common aspirations for peace, stability, and prosperity. Since the establishment of the Strategic Partnership in 2013, bilateral relations have flourished and become a model for bilateral cooperation.

Currently, Italy is Vietnam’s third-largest trading partner within the EU. In the first seven months of 2025, bilateral trade between the two countries reached over $4.3 billion, up 5.1 per cent year-on-year. Vietnam’s exports to Italy totaled $3.1 billion (up 4.5 per cent ), while imports from Italy amounted to $1.2 billion (up 6.7 per cent).

In terms of investment, Italian investors are currently involved in 162 projects in Vietnam, with total registered capital exceeding $624 million, ranking 32nd among 151 countries and territories investing in Vietnam. 

“Especially, the relationship between Vietnam and Italy rests on four strong pillars of complementarity including mutual trust; economic complementarities and synergies; warm and genuine friendship; and a shared aspiration for peace and resilient growth,” Deputy Minister Hung noted.

Similarly, Mr. Valentino Valentini , Deputy Minister for Enterprises and Made in Italy, stressed that Vietnam - Italy relations have enjoyed many years of fruitful development and continue to be reinforced.

Citing President Ho Chi Minh as saying “For the sake of ten years, we must plant trees; for the sake of a hundred years, we must cultivate people,” Mr. Valentini underlined the importance of building cooperation between the two countries on solid foundations.

“Through technology transfer, social development, and capacity building across economic sectors where both sides hold strengths, bilateral cooperation will advance toward a long-term and sustainable vision,” he added

Within the forum’s framework, more than 10 Memoranda of Understanding (MoUs) were signed between businesses of two countries, covering key areas such as innovation and Industry 4.0, energy and infrastructure, financial and insurance cooperation, trade and tourism promotion. These agreements pave the way for new avenues of collaboration, providing a foundation for businesses of both countries to develop concrete projects in the near future.

Along with the positive results achieved, Deputy Minister Ho Sy Hung said that Vietnam and Italy still has a lot of room and potential to further promote bilateral economic - trade - investment cooperation. 

Therefore, in order to contribute to exploiting this room more strongly and effectively, while improving the quality and effectiveness of cooperation between the business communities of the two countries, the Deputy Minister suggested some development orientations in the coming time:

Firstly, Vietnam hopes that Italian enterprises will support it in accessing shifting investment sources, green and sustainable financial sources, and investment sources for science, technology, and innovation.

Secondly, Vietnam will attract foreign investment selectively, with a focus on green economy, digital economy, circular economy, renewable energy, etc.

Thirdly, Vietnam hopes that Italy will continue to support and create conditions for Vietnamese enterprises to participate more deeply and substantially in global supply chains.

Fourthly, the former also hopes that the later will encourage EU member countries to soon ratify the Vietnam - EU Investment Protection Agreement (EVIPA). This is an important basis for businesses of the two countries to strengthen cooperation and jointly exploit two large and potential markets, ASEAN and the EU.

Fifthly, businesses of the two countries need to increase research and expand cooperation in new fields such as digital economy, green economy, circular economy and energy transition. In particular, to realize the goal of achieving net zero emissions by 2050, Vietnam wishes to learn from and cooperate with Italy in developing renewable energy and green economy.

Sixthly, Italy should strengthen and expand cooperation with Vietnam in other areas such as financial centers and free trade zones which are seen as new growth engines.