Vietnam is forging powerful development momentum for a new era through sweeping reforms and transformative policies to create fresh impetus for its economic growth while opening unprecedented cooperation opportunities with international partners, including Italy, according to Minister of Finance Nguyen Van Thang.
At the Vietnam – Italy Investment Connection Forum in Milan, the capital of Italy's Lombardy region, hosted by the Vietnamese Ministry of Finance on September 18 (local time), Minister of Finance Nguyen Van Thang underscored that the Vietnamese Government is drastically completing economic institutions, improving the business and investment environment, comprehensively removing bottlenecks to unlock all resources for development.
The Government is promoting economic structural transformation linked with growth model innovation, capitalising on traditional growth drivers while fully tapping new growth engines, he said.
Highlighting the huge potential for collaboration in the areas of economy, trade, and investment, Minister of Finance Nguyen Van Thang called on Italian businesses to contribute expertise, capital and credibility to support Vietnam’s pursuit of green and sustainable finance, high technology and innovation-driven growth. Vietnam prioritises investment in green, digital, circular and knowledge-based economy, renewable and new energy, international financial centre, green finance, and high-tech agriculture and industry.
The minister also laid stress on Vietnam’s robust recovery and appeal as a leading investment destination in the Association of Southeast Asian Nations (ASEAN) and Asia amidst global uncertainties.
Vietnam’s economy posted GDP growth of 7.09 percent last year, among the highest in the region and the world, he said, adding the momentum has continued this year, with Q2 GDP growth hitting 7.96 percent, fueling the confidence that the country will fulfill its GDP target of over 8 percent for the whole year. Foreign investment flows remain strong. In the first eight months of this year, Vietnam attracted US$26.14 billion in both foreign direct and indirect investment, a year-on-year increase of 27.3 percent. The capital market has also expanded significantly, with 1,600 listed and registered firms, including seven companies valued at more than US$10 billion each and 61 exceeding US$1 billion.
The Vietnamese stock market is now one of the fastest-growing globally and the most liquid in ASEAN, with daily transactions averaging over US$1.1 billion.
He stressed that Vietnam is completing its legal frameworks, making them aligned with international practices to ensure safety, transparency, and sustainability of the stock market, adding multiple reforms have been put in place to facilitate foreign investments.
Raffaele Cattaneo, Undersecretary with responsibility for International and European Relations of Lombardy Region, pointed to growing opportunities for Italian firms to enter the Vietnamese market, facilitated by the new direct flight route to Milan. He also expressed the region’s interest in fostering local-level partnerships with Vietnam to strengthen exchanges and investment efficiency.
Since the establishment of their Strategic Partnership in 2013, Vietnam and Italy have attained numerous cooperation achievements. Italy is now Vietnam’s third largest trading partners in the European Union, with two-way trade topping US$4.3 billion during the January – July period.
Italian investors are operating 162 projects in Vietnam with total registered capital exceeding US$624 million, ranking 32nd among 151 countries and territories investing in Vietnam. Conversely, Vietnam has invested in 11 projects in Italy with total investment capital of nearly US$700,000.
