Italy will help Vietnam to open two technology centers for the garment and footwear industries in 2016. Italy wants to help Vietnam improve the performance of garment and footwear sectors. The Italians will equip the upcoming centers with their machinery and technology as well as send experts to train the local workforce.

The centers will be set up at two leading universities. They will receive 15 machines from Italy, which will be used to help train skilled employees for both the Vietnamese and Italian apparel businesses. Italy is Vietnam’s fourth-largest trading partner in the EU, with bilateral trade topping $4billion in 2014, up 17 per cent from a year earlier. As of end of last year, Italy ranked ninth among EU countries, and 28th among foreign investors, in terms of direct foreign investment in Vietnam.

Vietnam and Italy have similarities in small and medium sized business structures and the two countries are discussing options for increasing bilateral trade ties and investment cooperation. Vietnam is among the ten emerging markets Italy has prioritised for developing trade and investment with. Many Italian businesses have plans for long term investment in the Vietnamese market.