Italy to invest over $1.3 billion in Vietnam through trade cooperation

SACE Insurance and Credit Finance Group, (under the Italian Ministry of Economy and Finance) has just officially announced this information in Ho Chi Minh City. This capital will be deployed in Vietnam in the period of 2024-2025, focusing on the following areas: Electrical equipment, automobiles and renewable energy in agriculture, logistics,...

Ms. Michal Ron, Director of International Business of SACE Insurance and Credit Finance Group, said that this investment plan marks the first destination in the journey to expand operations into the Southeast Asian market.

"Vietnam is an attractive destination for Italian companies looking for investment opportunities. With the announcement of a capital support plan of up to 1.3 billion USD, Italian and Vietnamese businesses will easily access technology and supplies from Italy to promote investment and development," Ms. Michal Ron affirmed.

Ms. Michal Ron, Director of International Business, SACE Insurance and Credit Finance Group, shares information on investing in Vietnam. (Photo: SACE)

SACE’s Director of International Business revealed that there are currently more than 500-600 million USD in negotiations with Vietnamese state-owned enterprises. The company expects to reach financial agreements worth about 370-380 million USD by the end of this year.

During the 2018-2022 period, Vietnam had the fastest economic growth rate in the region, averaging nearly 5% of GDP annually. With its commitment to "openness" through bilateral and multilateral trade agreements, Vietnam has become an ideal investment destination, increasingly attracting the attention of Italian businesses, typically with bilateral trade turnover reaching more than 6 billion euros last year.

At the press conference, Mr. Marco Della Seta, Ambassador of Italy to Vietnam, shared: "In 2023, Italy exported 1.7 billion Euros to Vietnam while Vietnam exported 4.4 billion Euros to Italy. The trade balance between Vietnam and Italy is quite different, but we are not too worried. Italy is aiming to become a strategic trade and industrial partner of Vietnam. In the coming time, trade between the two countries will increase, and with the investment strategy in Vietnam, when Vietnam's exports increase, we will also benefit."

With a transaction portfolio worth 260 billion USD, SACE acts as a trade “catalyst”, providing corporations and governments around the world with comprehensive insurance and financial solutions. Thanks to that, businesses can easily access advanced technology and products from Italy to promote investment and development activities. In Vietnam, starting from 2021, a number of large corporations such as Nutifood (31 million USD), PVPower (200 million USD) ... have also cooperated with SACE in implementing important investment projects.

Ms. Michal Ron added: “The rapid economic development and important role in the global industrial chain have made Vietnam a potential partner of Italy. Through the construction of a team in Ho Chi Minh City, we are evaluating the investment of more than 1.3 billion USD in new challenging projects and are ready to support Italian companies. In addition, in the future, SACE will prioritize Vietnam's export strengths such as food - beverage, especially coffee and other agricultural products; goods; electricity; logistics; medical - health care ... are also being considered for investment".

It is known that, within the framework of the Push Strategy program, SACE provides international corporations with access to medium and long-term financial resources to support their investment and growth plans.

A fundamental and integral part of the agreement with international customers is the commitment to consider “Made in Italy” supply in line with their investment plans. This commitment is promoted through a series of business matching events organized by SACE in collaboration with international business associations and organizations.

After Vietnam, SACE’s next destination will be Singapore, with the aim of supporting Italian exports to ASEAN countries. Taking advantage of the strategic location of Vietnam and Singapore in the region, SACE hopes to contribute to promoting trade and investment, and strengthening economic connectivity here.

Source: https://congthuong.vn/italy-se-dau-tu-hon-13-ty-do-vao-viet-nam-thong-qua-hop-tac-thuong-mai-319280.html