Italy to fund companies doing business in Vietnam

TN News

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Italian and Vietnamese businesspeople talk on the sidelines of a meeting in HCMC Tuesday

The Italian government will give a total of 2 billion euro in financial support for its small and medium-sized enterprises in Vietnam over the next two years, news website thoibaokinhtesaigon reported Wednesday.

The Italian Embassy and the Italian Chamber of Commerce in Vietnam (Icham) announced the news at a meeting with Antonio Tajani, vice president of the European Commission, held Tuesday in Ho Chi Minh City.

Michele D'Ercole, Icham's chairman, said the 2-billion-euro (US$2.7 billion) in funding belongs the Italian project Cosme, which will be used to help Italian enterprises to expand their investments in Vietnam.

From 2014 to 2016, through Icham, Italian small and medium-sized enterprises in the fields of cosmetics, soft drinks and food will visit Vietnam in groups to find local distributors or open joint-venture factories in Vietnam.

Along with Icham, the Italian Embassy and the Italian Trade Commission in Vietnam will help Italian companies understand the culture and history of Vietnam.

Antonio Tajani said the European Commission will support Italian firms with administrative formalities when working in Vietnam, consulting with them on  Vietnamese business law or on finding partners to cooperate with in Vietnam.

Italian Ambassador to Vietnam Lorenzo Angeloni said the first step towards supporting Italian companies in Vietnam will be to open an Italian General Consulate in Ho Chi Minh City next year.

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