31.2 C
Ho Chi Minh City
Saturday, June 22, 2024

Italy launches US$1.3 billion investment package for Vietnam

The Saigon Times

Must read

HCMC – SACE, Italy’s state-owned insurance and financial group, has unveiled a US$1.3 billion aid package aimed at supporting Italian businesses in Vietnam.

Vietnam, one of the fastest-growing economies in Southeast Asia, has become a focal point for Italian companies seeking investment opportunities, said a SACE representative.

“With a capital support plan of up to US$1.3 billion, Italian businesses as well as Vietnam will have easier access to technology and supplies from Italy to promote investment and development,” said Michal Ron, head of International Business at SACE, at a press conference on May 7.

The funding will prioritize sectors such as renewable energy, manufacturing, and agriculture. Notably, SACE has been collaborating with major corporations like Nutifood and PVPower since 2021, executing significant investment projects.

SACE may extend its funding into Vietnam’s key export areas, including food and beverages, commodities, electricity, logistics, and healthcare, in the future, she added.

Disbursements will be facilitated through agreements with international and domestic banks, focusing on the utilization of Italian equipment and machinery.

SACE highlighted its role as a connector between financial entities and capital seekers, aiming to engage 10 banks in Vietnam for this initiative.

Marco Della Seta, Italian Ambassador to Vietnam, underscored the strategic partnership between Italy and Vietnam. In 2023, Italy’s exports to Vietnam amounted to 1.7 billion euros, while Vietnam exported 4.4 billion euros worth to Italy.

Despite a trade imbalance, Seta expressed optimism about ongoing bilateral development cooperation programs aimed at further enhancing trade relations.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles