A wind farm in Ninh Thuận Province. Renewable energy is one of the industries which is being prioritised in a US$1.3 billion capital package provided by Italy's SACE. — VNA/VNS Photo Công Thử

Italian insurance – financial company SACE has announced a capital package worth US$1.3 billion to support Italian enterprises in Việt Nam alongside Vietnamese companies using Italian technology, machinery and components imported from Italy.

The funding is expected to promote the bilateral trade and investment cooperation between the two countries, focusing on the fields of food, renewable energy, automobile manufacturing and agriculture.

The Italian Ambassador to Việt Nam Marco Della Seta said Italy intends to become a strategic trade and industrial partner of Việt Nam.

He emphasised that bilateral trade will continue to increase, which in 2023 stood at 6.1 billion euro (US$6.56 billion) of which Việt Nam’s exports contributed more than 72 per cent.

Michal Ron, chief international business officer of SACE, said Việt Nam has a rapidly growing economy coupled with the deep international integration and is becoming an attractive destination for Italian companies looking for investment opportunities.

She added that negotiations are being conducted with several Vietnamese companies, such as Nutifood and PVPower, to deliver on the investment.

The financing will be implemented through international and domestic banks. — VNS