HCMC – Vietnam’s Deputy Prime Minister Nguyen Chi Dung has called for stronger and more structured links between Vietnamese and Italian businesses, including the potential development of industry clusters to deepen economic cooperation.
During a working visit to Milan on March 20, Nguyen Chi Dung met Veronica Squinzi, vice president of Assolombarda, one of Italy’s largest business associations, according to the Vietnam News Agency.
Dung proposed building integrated value chains between the two countries, based on cooperation and complementarity, with support from both governments.
Squinzi said Assolombarda represents around 7,000 member companies across manufacturing, services, science and technology, and innovation. The association acts as a bridge between businesses and public authorities, providing support on policy, corporate governance, technology adoption and international expansion.
She also noted that Italian firms investing in Vietnam since 2005 have benefited from improvements in the country’s business environment and expressed confidence in its economic outlook.
Dung highlighted Italy as a key strategic partner of Vietnam in Europe and stressed Hanoi’s push to restructure its economy and shift its growth model. He identified science, technology, innovation and digital transformation as key drivers, alongside efforts to develop strategic technology sectors and strengthen links between government, businesses, research institutes and universities.
He said Italian companies, which have strengths in core technologies and management expertise, could expand overseas supply chains with Vietnam as a destination. Vietnam, in turn, offers advantages in infrastructure, workforce and natural conditions.
Potential areas for cooperation include manufacturing and high-value agriculture, with a focus on technology transfer. Dung also suggested exploring the establishment of Italian industrial parks in Vietnam to facilitate investment.
Squinzi said Assolombarda would continue to promote business connections and support technology transfer between the two countries.
Vietnam invites Italian bank to expand role in financing
In a separate meeting the same day, Nguyen Chi Dung worked with Intesa Sanpaolo, one of Italy’s largest banking groups, and said Vietnam is ready to facilitate greater participation by international financial institutions in its economy.
Executives from Intesa Sanpaolo outlined the bank’s global operations and experience in financing infrastructure, industrial and sustainable development projects, as well as its involvement in green finance and innovation initiatives.
Dung acknowledged the bank’s role in mobilizing capital for development projects, particularly in sustainability, green transition and the circular economy.
He said Vietnam aims to attract a new generation of foreign investment—both direct and indirect—focused on high value-added and technology-intensive sectors such as artificial intelligence, semiconductors, smart manufacturing, clean energy, infrastructure and the digital economy.
Vietnam is also promoting environmental, social and governance (ESG) standards to support its goal of reaching net-zero emissions by 2050 and improving global competitiveness.
Vietnam remains Italy’s largest trading partner in ASEAN, while Italy is among Vietnam’s top five trading partners in the European Union, Dung said.
He urged Intesa Sanpaolo to consider Vietnam a key partner in Southeast Asia and expand cooperation by helping mobilize international capital, supporting Vietnamese firms, and exploring the establishment of a representative office or regional headquarters at Vietnam’s planned international financial centers in Ho Chi Minh City or Danang.
The bank’s deputy general director Paolo Angeletti said Vietnam’s economic transformation aligns with the bank’s strategy and expressed interest in expanding cooperation in areas supporting sustainable growth.
