Italy has a population of more than 60 million and is a bridge to the 500 million residents of the European market, therefore, Vietnamese firms should make use of opportunities to enter the Italian market, said David Doninotti, secretary general of the Italian Association of Foreign Trade (AICE).
He spoke at a seminar titled “Viet Nam–Italy Trade Promotion” held on Tuesday in Ha Noi.
The seminar was designed to provide insights and updates about business opportunities, consumption trends in Italy and export procedures between Viet Nam and Italy.
Vice Italian Ambassador to Viet Nam, Natalia Sanginiti, said trade relations between Viet Nam and Italy have developed significantly in recent years, reaching more than US$4 billion last year.
When the Viet Nam-European Union Free Trade Agreement (EVFTA) goes into effect next year, Vietnamese enterprises should be active in approaching the international market, improving their competitive capacity and meeting the stringent quality requirements of the European Union, Sanginiti added.
Viet Nam is considered a potential market for Italian enterprises owing to its large market of more than 90 million people, developing industries with high demand for machinery, and good diplomatic ties with Italy, especially with EVFTA coming into effect in 2018.
On the other hand, Italy is also a promising market for Viet Nam’s businesses through its high demand for imported food and agricultural products. However, when entering the Italian market, Vietnamese companies should carefully calculate the cost of products for export because value added tax in Italy is very high, up to 22 per cent for most products, Doninotti said.
He added that Italian packaging and labelling regulations are very strict. If a product label includes "milk", it can only refer to fresh cow milk. Viet Nam’s “fruit milk” products cannot include "milk" in their labelled ingredients.
To support Vietnamese firms in approaching the Italian market, AICE will take Vietnamese business representatives to Italy this November to assist them in exporting goods and products to this European country, Doninotti added.
The event was organised by the Italian Chamber of Commerce in Viet Nam in collaboration with AICE. — VNS