The seminar: Economic cooperation between Tuscany – Italy and Vietnam. Investment opportunities in Vinh Phuc Province

The delegation cooperated with Vietnam Embassy in Italy and Tuscany Government to successfully hold the seminar “Economic cooperation between Tuscany – Italy and Vietnam. Investment opportunities in Vinh Phuc Province”. The senimar was attended and co-chaired by Mr. Cao Chinh Thien – Vietnamese Ambassador Extraordinary and Plenipotentiary to Italy and Mr. Stefano Ciuoffio – Tuscany Councillor in charge of economic development. A number of leading economic entities and more than 40 businesses in Tuscany, Italy also attended the seminar.

Opening speech at the seminar, Mr. Cao Chinh Thien expressed his pleasure to attend the investment promotion and cooperation events of Vinh Phuc delegation. The Ambassador highly appreciated the close cooperation and maximum support of Piaggio Group to expand manufacturing and business in Vietnam and Asia – Pacific. He also emphasized the potential opportunities and strategic cooperation between Vinh Phuc and Tuscany, especially in the field of traditional strengths, such as: furniture, footwear, textiles, chemicals, and new strengthes, such as: medical equipments and technology, infrastructure, culture – tourism, agro-processing, support for small and medium enterprises.

Chairman Nguyen Van Tri, Head of Vinh Phuc Investment Promotion Delegation introduced an overview of Vinh Phuc, investment opportunities and incentives to business guests. He also stressed that the success of Piaggio in Vietnam was the most obvious proof for other Italian investors to be able to achieve the same success in Vinh Phuc in particular and Vietnam in general. Now, Vinh Phuc and Tuscany remains several rooms for development, especially supporting industries and automobile, motorcycle assembly. Vinh Phuc always welcomes Italian investors, especially the investors from Tuscany to visit and learn about its investment climate, investment opportunities in Vinh Phuc. The Chairman further emphasized Vinh Phuc’s slogan: “Investors in Vinh Phuc will be citizens of Vinh Phuc; the more effective the enterprises are,  the richer Vinh Phuc is” which was highly appreciated by businesses attending the seminar.

At the seminar, Mr. Nguyen Tien Hanh – Deputy Chief of the Office of Vinh Phuc People’s Committee cum Director of Vinh Phuc Investment Promotion Agency (Vinh Phuc IPA), analyzed six advantages of business and investment environment of Vinh Phuc, emphasized investment attraction and support policies of Vinh Phuc, and specified the  sectors and projects which Vinh Phuc is calling for investment.

The discussion at the seminar was contributed by Commercial Counselor Bui Vuong Anh from Vietnamese Embassy to Italy; Mr. Mario Pucci, President (in charge of glass products) of National Cooperative Union of Tuscany (LegaCoop Tuscana); Mr. Angelo Arcuri – Representative of Employers’ Association of Florence (Firenze Confindustria); the representatives of Italian Chamber of Commerce in Vietnam (ICHAM), Honorary Consul General of Vietnam in Italy. The representative of ICHAM clarified the opportunities for investment and business of Vietnam- Italy in general and Vinh Phuc- Tuscany in particular.

As representing over 40 Italian enterprises attended the seminar, Mr. Stefano Ciuoffo thanked Vinh Phuc for inviting Italian enterprises to the seminar. Highly appreciating the potentials and reputation of Vinh Phuc in cooperation and foreign investment attraction, Mr. Ciuoffo committed to be a firm bridge between Italian enterprises and Vinh Phuc to learn more about investment environment and the opportunities of development, production and business in Vinh Phuc. He also expressed his admiration for good qualities of Vietnamese through two resistance wars against the French and the American which became a model for young Italian generations and confirmed that the cooperation relationship with Vinh Phuc would increasingly develop on many aspects of economy, politic, culture – society.

A day before, Vinh Phuc delegation and Vietnam Embassy in Italy visited and worked with Tuscany Government. The Vice President and General Director of Tuscany Government welcomed the delegation. The two sides discussed on issues of mutual interest. The two sides mutually affirm that the relationship between Tuscany of Italy and Vinh Phuc of Vietnam was growing well and would be soon upgraded to formal relationship by signing an agreement of cooperation and friendship. As agreed the invitation of Vinh Phuc, the local leaders of Italy and a number of Italian enterprises would, in November of 2016, drop by and work with Vinh Phuc Government on the occasion of participating the Fair “Vietnam Expor 2016”.

In the afternoon of the same day, and Vietnam Embassy in Italy visited the base of Piaggio & C.S.p.a Group in Pisa, Tuscany, Italy, with well-known Vespa scooters. In 2007 when learning about investment environment and opportunities in Vinh Phuc, the Group received the best regard and support of Vinh Phuc and decided to set up its project to product high-end scooters in Binh Xuyen Industrial Zone of Vinh Phuc. The project was registered with the area of 9 hectares, the capital of US$ 45 million and the capacity of 100,000 vehicles per year and put into operation in 2008. After 2 years continuously increasing production and having the special support of Vinh Phuc, the Group expanded its production by registering a new project of the capacity of 300,000 motor vehicles per year, the capital of US$ 45 million and the area of 5.5 hectares. From the success of the two projects, the Group have considered Vinh Phuc of Vietnam as its investment center in Southeast Asia and decided Vietnam (besides China and India) as a gateway to Asia. The visit is to honor the Group as a major enterprise which contributes to the economic growth and budget revenues of Vinh Phuc. Thanks to respectfully, warmly welcoming by the Group, Vinh Phuc delegation and the Embassy had a chance to visit Piaggio Museum and Vespa Factory of the capacity of 400, 000 vehicles per year (of a total capacity of 1.5 million vehicles per year) for domestic consumption and export and the areas of 70 hectares./.

Italian Republic is a developed country with the 7th-highest GDP in the world, located in Southern Europe and covering an area of 301,338 km2 with 61.5 million inhabitants. Vietnam and Italy have been constantly fostering the corporative relationship for 40 years, since the date of diplomatic relation establishment of 23 March 1973. Two-way trade turnover increased from US$1.13 billion in 2006 to US$ 4.3 billion in 2015. Italy ranked the 31^st of 112 countries and territories and the 9^th of European Union (EU) countries investing in Vietnam which owns 70 projects with a total registered capital of US$ 322 million, mainly in manufacturing industries of: footwear, construction, sanitary equipment, water heaters, steel processing and scooter production. Aside from economic achievement, Italian is a cultural powerhouse. Europe – Vietnam Free Trade Agreement (EVAFTA) has opened new development cooperation between Vietnam and Europe in general and between Vietnam and Italy in particular.