Italian firms plan more projects in Vietnam

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Italian companies invested US$100 million in Vietnam last year and are seeking more business opportunities in the country, the Italian Chamber of Commerce in Vietnam (Icham Vietnam) has said.

Large Italian-invested projects last year include a $50 million plant by scooter maker Piaggio SpA and a $30 million factory by Carvico SpA, a leading manufacturer of stretch warp knitted fabrics, Icham president Tomaso Andreatta said Tuesday at a meeting in Ho Chi Minh City.

Steel producer Danieli plans to spend $500 million to build several plants in Vietnam while many food producers are going to launch their projects in the country, said Andreatta, also chief representative of Italian bank Intesa Sanpaolo.

Icham was founded last year in Ho Chi Minh City to facilitate investment and trade between the two countries. It has 40 member companies at present.

Vietnam's exports to Italy reached $1 billion last year, mainly of garments, footwear, furniture and seafood products.

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