PROMOS's Italian Trade Promotion Project in emerging markets 2016 - 2017
Vietnam and the Asia-Pacific region are becoming strategic markets for Italian exports. In order to internationalize Italian businesses and promote Italian brands in emerging markets, the Lombardy region (Regione Lombardia) in cooperation with Promos (the Special Agency of the Milan Chamber of Commerce for the promotion of international activities) and the Lombardy Chambers of Commerce Union (Unioncamere Lombardia) launched the Italian Trade Promotion Project in emerging markets 2016 - 2017. Under this project, the B2B event “Percorsi di accompagnamento in mercati strategici 2016 – 2017” was held on 17th-18th October at Sheraton Saigon Hotel with the support from the Italian Chamber of Commerce in Vietnam (ICHAM) and the Italian Trade Commission (ICE) .
The event was attended by 11 Italian companies operating in interior design and furniture manufacturing, decorative paints and zootechnics accessories: Adicolor, Caribul, Citterio F.LLI, ELPA, F.LLI Allievi, Fratelli Radice, F.LLI SNC, Marchingenio, Milano Bedding, Taramelli SRL and WTS Group. On two consecutive working days, Italian companies were arranged to have B2B meetings with potential business partners from Vietnam, explore market trends and exchange their experiences with renowned universities in Vietnam in those fields.
Located in northern Italy, surrounded by Switzerland and other Italian regions such as Emilia-Romagna, Trentino-Alto Adige, Veneto and Piedmont, Lombardy is the most populous and most prosperous region in Italy, with GDP per capita about 35% higher than the European average. Lombardy represents one fifth of Italy's GDP and is also the leading region in the national economy (as measured by total production and exports), according to OECD. There are currently over 800,000 businesses active in Lombardy, distributed in 16 industrial districts (local production systems characterized by a significant concentration of specialized manufacturing companies) and 5 "metadistricts" (advanced production areas closely linked to the spheres of research and innovation), according to the official website of the Lombardy region.
More and more Italian businesses and investors have expressed their interest in Vietnam in recent years. There have been many positive signs in the areas of trade and investment between the two countries: two-way trade has seen remarkable achievements and sustainable development (a tenfold increase in 10 years), hitting $ 4.6 billion in 2016; investment from Italy to Vietnam reached $ 360 million in 2016 with 78 projects implemented. According to statistics from Vietnam Customs, Italy is Vietnam’s 8th largest trading partner and the largest one in the EU. Major Italian exports to Vietnam include machinery, leather products and electronics. This relationship has opportunities to go even further, especially as the EU-Vietnam Free Trade Agreement is expected to come into effect in 2018.
Through the project, many Italian companies have found their potential partners and new business opportunities in Vietnamese market. This would just be the first step to promote the trade and investment of Italy in Vietnam in particular and in Asia in general.