EVFTA boosts export-import opportunities between Vietnam and Italy

26/07/2017, 16:26

Themed "Doing business with Italy," the event also helped Vietnamese enterprises understand Italian consumption trends, provided information about export-import activities between the two countries, as well as held trade and investment promotion programmes.

The Italian Chamber of Commerce in Vietnam (ICHAM) and Associazione Italiana Commercio Estero (AICE) jointly held a workshop on July 25 to promote import-export activities between Vietnamese and Italian enterprises ahead of the landmark enforcement of the Vietnam-EU Free Trade Agreement (EVFTA).

The EVFTA is expected to bring benefits to both Vietnamese and Italian enterprises

"Trade between Vietnam and Italy hit over $4 billion in 2016. The countries have opportunities to further increase the figure, especially as the EVFTA is expected to take effect in early 2018," said Natalia Sanginiti, Vice Ambassador of the Italian Embassy in Hanoi. At present, many Vietnamese and Italian enterprises want to boost export-import activities to meet their demands.

According to David Doninotti, secretary general of AICE, with a population of 60.7 million people and GDP growth of $1.85 trillion in 2016, Italy is a potential export and import market for Vietnam. Italy was the world's ninth major exporter, with an export turnover of EUR417.1 billion ($486 billion) in 2016 and the world's 13th major importer with a value of EUR365.5 billion ($425.9 billion) last year.

Italy exports machinery, luxury goods, processed food, car engines, shoes and fashion items, while it imports industrial machinery, chemicals, oil, metals, agricultural products, and transportation vehicles. Currently, Vietnam is Italy's 15th largest importer and 19th among Italy's export markets.

After the 2008 world crisis, the Italian demand for goods has been showing signs of recovery. Thus, there are more opportunities for Vietnamese firms to export goods to the market. Vietnam is also an attractive market for Italian firms thanks to a growing population, growing technology demand from the industrial sector, steady economic growth, and the EVFTA, said Doninotti.

The EVFTA will bring benefits to the two countries' enterprises thanks to the removal of technical barriers to trade, customs and trade facilitation efforts, recognition of sanitary and phytosanitary measures for food, and rules of origin for products made in the EU or Vietnam, among others.

For example, almost all EU exports of machinery and appliances will be fully liberalised from duties, while around half of EU pharmaceutical exports will be duty free as soon as the FTA enters into force and the rest after seven years. Pham Hoang Hai, ICHAM executive director, said that machinery and pharmaceutical products will be among the major export items to Vietnam in the coming time.

As planned, ICHAM will organise a similar event in Ho Chi Minh City on July 27.

Source: VIR


Related articles

(0) Comments
Focus
Binh Thuan to introduce Cham Culture to international tourists
BTO – As the peak season for welcoming international visitors is currently triggering in Binh Thuan. The locality has organized a number of activities closely tied to local culture at accommodations to offer guests unique and memorable experiences during their stay. Alongside, distinctive tours and attractions have been also introduced and developed to several newly-opened recreational areas.
Do not miss
  • Donald Trump Officially Becomes 47th President of the United States
    18 yesterday Externat Relations
    As predicted by the media in the past hours, Donald Trump's "overwhelming" victory over Ms. Harris has officially brought him back to the White House for the 47th US President
  • Rural tourism is on the rise
    19 yesterday LANDSCAPES
    BTO- Last Saturday, I went to Cam Binh Beach (Tan Phuoc commune, La Gi town) at the Anh Chau couple's invitation. This is not the first time I have been to La Gi or Cam Binh Beach, but it has been more than 5 years since I had the chance...
  • Binh Thuan welcomes nearly 8 mln tourist arrivals
    19 yesterday Travel
    BTO - In October, Binh Thuan tourist destination has welcomed over 800,000 visitors, an increase of 2.89% compared to the previous month and nearly 15% compared to the same period in 2023. Specifically, there were about 25,900 international...
  • Binh Thuan Cuisine in the Eyes of Japanese Tourists
    21 yesterday Culture
    BTO - For the first time, a number of renowned chefs from various regions has flocked to Binh Thuan, creating a rich gastronomic space in regional identity and distinctive flavors from the coastal products of Binh Thuan.
  • Binh Thuan’s Leaders host Belarusian Consul General
    BTO - On October 24 morning, Chairman of the Provincial People’s Committee, Doan Anh Dung, along with leaders of various departments and sectors, welcomed Mr. Ruslan Varankou, the Consul General of the Republic of Belarus in Ho Chi...
  • Binh Thuan no longer has "3 no" fishing vessels at the end of October 2024
    one month ago Business
    BTO -With great efforts from the agricultural sector as well as coordination from the locality, the registration rate of "3 no" fishing vessels in the province has reached 99% and is considered the pioneer province in Vietnam control...
  • Ta Nang - Phan Dung trekking trip and Co Thach beach
    one month ago LANDSCAPES
    Trekking from Ta Nang to Phan Dung and exploring Co Thach Beach are unique and exciting voyages, especially for those passionate about adventure and nature.
  • In Celebration of 29 Years of Binh Thuan Tourism (October 24, 1995 - 2024): New Era brings new opportunities to the locality
    one month ago Travel
    BTO - After 29 years of development, Binh Thuan’s “smokeless industry” has firmly established its brand on Vietnam’s tourism map, boasting strengths in beach resorts, unique marine sports, and rich culinary offerings.
  • Binh Thuan in thorough preparation for the Visit of the 5th EC Inspection Team
    one month ago Politics
    BTO - The European Commission (EC) inspection team is scheduled to visit Vietnam in early November 2024 to assess the country’s efforts in combating illegal, unreported, and unregulated (IUU) fishing, according to a recent report....
  • Finding flame in the dark
    one month ago Sports
    “A blind leap” and “A dark day for English football” are two of the many criticisms directed at the English Football Association (FA) after choosing Thomas Tuchel to lead the national team. The new head coach’s introduction ceremony...
  • ‏"El Pulga" was not on the list‏
    one month ago Sports
    ‏90% of football players at this age have to retire due to the rule of time; however, ‏‏ ‏‏Lionel Messi still surprises the soccer world with his super performances. But somehow, "El Pulga" was not included on the 2024 Ballon d'Or nominees...
  • The "Big Four" era has passed
    one month ago Sports
    BTO - After Carlos Alcaraz beat Jannik Sinner in the China Open final, two ATP 500 records from 2009 were reset. This breathtaking competition between two young players makes the "Big Four" become a past.
  • Farewell “Rafa”
    one month ago Sports
    BTO- Recently, Rafael Nadal officially announced his upcoming retirement after his final match at the Davis Cup in Malaga this November. Rafael's announcement left sorrows for tennis fans since the world will officially no longer witness...
  • Binh Thuan Rice: Towards the Gia An Rice Brand
    one month ago Business
    BTO - With proactive efforts in seeking new high-yield rice varieties and pioneering the application of scientific and technical advancements in production, the Gia An Agricultural Service Cooperative, located in Gia An commune, Tan...
  • Convergence of Binh Thuan Specialties at the Southern Region Exhibition
    one month ago Business
    BTO - From October 10 to 16, the 2024 Southern Region Exhibition of Typical Rural Industrial Products takes place in Phu Quoc City. The event is organized by the Local Industry Department (Ministry of Industry and Trade) in collaboration...
  • Binh Thuan heads towards digitalization for Tourism Development
    one month ago Travel
    BTO - Although Binh Thuan possesses the features to develop tourism, in the new context, these are not enough. Hence, Binh Thuan has been gradually implementing digital transformation in the province's "green economy" sector intending...
  • Nole's “nemesis”
    one month ago Sports
    BTO - The Shanghai Masters 2024 final ended with the victory of the current world No. 1. This is Sinner's second victory over Djokovic in 2024. Sinner also defeated his senior in the Australian Open semifinals this year. Although Djokovic...
  • Binh Thuan Agriculture to embrace Digital Transformation and Green Transition
    one month ago Business
    BTO - Currently, agricultural production in Vietnam, particularly in Binh Thuan, is facing direct challenges from extreme climate impacts. Therefore, it is imperative that we take action to reduce greenhouse gas emissions in alignment...
  • Toothless Lions
    one month ago Sports
    For the past ten years, theEnglandteam could not be completed without the name Harry Kane on the squad. Harry's presence guarantees a positive result for the "Three Lions" in every match; therefore, one day the "Three Lions" will be...
  • Stumbling the champions
    one month ago Sports
    Lionel Messi could be on the pitch (since winning the Copa America 2024) in the match against Venezuela in the 2026 World Cup qualifiers in South America, which will occur at 04:00 on October 11. However, with the home advantage, Venezuela...
POWERED BY ONECMS - A PRODUCT OF NEKO
EVFTA boosts export-import opportunities between Vietnam and Italy