Apr. 25 – The Roadshow “Italy – Vietnam” that was held in Italy between March 26th and March 30th in Milan, Bologna, Padova and Pesaro has been important for both parties involved. It helped Italian entrepreneurs increase their knowledge about Vietnam (boasting the 13th largest population in the world and one of the highest GDP growth rates) and it settled the basis for further projects in the area.
The Roadshow was organized by a pool of different actors, including:
- Confindustria (the association of Italian industrial companies)
- United Nations Industrial Development Organizations (UNIDO)
- The Italian Foreign Affair Ministry
- The Italian Embassy in Vietnam
Speakers included key actors operating in the field of business internationalization and foreign investment consulting, such as Dezan Shira & Associates and Navigos. Among the institutional figures were the Italian Ambassador in Hanoi Lorenzo Angeloni, the Deputy President of the European Chamber of Commerce in Vietnam Tomaso Andreatta, and the Italian Chamber of Commerce President Michele D’Ercole.
The aim of the Roadshow was to illustrate and analyze the Vietnamese market feature: its strengths and weaknesses, its legal and fiscal system (both highly important parameters for foreign investors in Asia) and to promote the collaboration between foreigners and Vietnamese companies, in order to pull out the hidden potential in this fast-growing country’s economy. It is fundamental to improve the knowledge between Italian and Vietnamese companies and investors to enhance the birth of trusted relations and partnerships. Some representatives from Italian companies already doing business in Vietnam also presented during the event, bringing tangible evidence of their experiences in Vietnam.
Italy and Vietnam have much more in common than people may think. In the Vietnamese economy, a key role is played by the textiles industry (10 percent of the overall industrial production), the shoes and leather industry (10 percent of the GDP and fourth biggest producer in the world) and the furniture industry (second largest Asian exporter of wooden furniture). All these sectors are also active in Italy and in certain cases cover a key role in the economy of certain Italian geographical areas, although the current economic crisis is making more and more companies look for opportunities overseas for both production and for commercialization.
A promoting mission in collaboration with UNIDO, “Woodwoking Business Forum in Vietnam,” will take place in Ho Chi Minh City from May 24 to May 26. In the event, matching and networking activities will take place between Italian players and a shortlisted group of Vietnamese wooden furniture producers, in order to set up new partnerships and collaboration projects.
Promoting business in a growing country does not only increase the payback of an industry or of a country’s economy, it brings about social benefits for the native population, whose welfare and quality of life can be strongly affected by wages, working conditions, and environmental policies. The presence of foreign investors can considerably help develop these concepts.
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 firstname.lastname@example.org, visit www.dezshira.com, or download the firm’s brochure here.