More Italian firms invest in Vietnamese textile industry
More and more Italian textile firms are investing in Vietnam to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and export to the European market, experts said.
HCMCity (VNS/VNA) - More and more Italian textile firms are investingin Vietnam to take advantage of the EU-Vietnam Free Trade Agreement (EVFTA) andexport to the European market, experts said.
DeputyMinister of Industry and Trade Hoang Quoc Vuong said the EVFTA has openedup many opportunities for the two countries’ businesses, including small andmedium-sized enterprises.
Accordingto the General Department of Vietnam Customs, trade with Italy was worth 5.3billion USD last year, up 13.71 percent year-on-year, as exports jumped by18.46 percent to 3.44 billion USD.
TheEVFTA, effective from August this year, is expected to help Vietnam’s textileand garment industry increase exports to the EU by 67 percent by 2025,according to the Ministry of Industry and Trade.
Textile,garment and footwear will be among the industries benefiting the most withtheir exports increasing by 13.49 billion euros (15.23 billion USD) by 2035.
TheEVFTA promises apparel export potential of more than 100 billion USD annually.
Butto enjoy preferential tariffs, besides meeting strict quality criteria,Vietnamese businesses must also strictly comply with origin requirements. Therules of origin apply from fabric onwards, meaning exports to the EU must usefabric produced in Vietnam, the EU or countries that have FTAs with both.
Thisis still a weak point for the Vietnamese textile and garment industry becausemost of its raw materials are imported from countries that have not signedtrade deals with the EU./.
More and more Italian firms are intending to move their investment to Vietnam, aiming to turn the country into a gateway for them to enter other Southeast Asian nations, said an expert from the Italian Chamber of Commerce in Vietnam (Icham).
The Italian Government hopes to promote commercial activities in Vietnam, especially in the field of manufacturing and processing agricultural products, turning Vietnam into a strategic entrance for trading and investment of Italy in Southeast Asia, said Italian Ambassador to Vietnam Antonio Alessandro.
Italian enterprises in the province of Pisa in general and in Tuscany region in general were updated on Vietnam’s investment attraction and incentive policies at an event held by the Chamber of Commerce of Pisa and the Italian Chamber of Commerce in Vietnam (ICHAM) in Pisa city on October 25.
Vietnamese Ambassador to Italy Nguyen Thi Bich Hue paid working visits to Lombardy and Piedmont, two key economic regions of the European country, and Turin city on January 27-28 to explore cooperation chances between Vietnam and northern Italian localities.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative photo (Source: VNA) 
