Rome (VNA) – More than 300businesspeople from Italy’s Piedmont region and member countries of theAssociation of Southeast Asian Nations (ASEAN) gathered at a workshop in Turincity on June 17 and 18 to seek business cooperation opportunities.

President of the Turin Chamber of CommerceVincenzo Ilotte said the event aimed to set a firm foundation for traderelations between the Piedmont region and the ASEAN market.

The ASEAN is considered a potential market withan increasing number of consumers. The region’s gross domestic product (GDP) iscurrently estimated at 3 trillion USD, while its population reachesapproximately 650 million.

The bloc is now the fifth biggest economy in theworld and third in Asia with an average annual growth rate of over 5 percent.It is estimated that by 2020, the region’s middle class will increase to 400million people. 

In 2018, trade between Italy and the ASEANcountries was 18.37 billion USD, a year-on-year rise of 2 percent. Singapore,Thailand and Vietnam are the key export markets of Italy in the region.

Experts said Italy has adequate conditions tomeet the industry and development requirements of the ASEAN countries. 

Furthermore, the free trade agreement (FTA)between the EU and Singapore was signed, while the FTA between the EU andVietnam will soon be inked and ratified to help deepen trade and economicrelations between Italy and the ASEAN.

Addressing the event, Vietnamese Ambassador toItaly Nguyen Thi Bich Hue highlighted the sound traditional relations betweenVietnam and Italy both politically and economically.

Existing bilateral cooperation mechanisms anddialogues have proved to be effective, helping to deepen the strategicpartnership between the two nations and making Vietnam one of the largest tradepartners of Italy in the ASEAN.

The cooperation potential between Vietnamese andItalian businesses remains huge thanks to Vietnam’s open policy on investmentattraction, increasing purchasing power, rapid growth of the middle class, andparticularly the upcoming signing of the European Union-Vietnam FTA (EVFTA).

While evaluating the Vietnamese market, FulvioAlbano, Chairman of the Italy-Vietnam Chamber of Commerce, said with highgrowth, young population, and open policies, especially the upcoming signingand enforcement of the EVFTA, Vietnam is an attractive market for many Europeanbusinesses and many of them have been present in the Southeast Asian country toconquer its market.

He suggested Italian businesses quickly updateinformation about the Vietnamese market and soon promote investment cooperationto avoid missing opportunities and losing the market share to their rivals.-VNA