The Chairman of the National Assembly emphasized that Vietnam and Italy possess strong complementary advantages and favorable conditions to jointly leverage their respective strengths toward sustainable growth goals.

A key strategic partner

Continuing his working visit to Milan, on the morning of April 13 (local time), Chairman of the National Assembly Tran Thanh Man and a high-level Vietnamese delegation attended a Policy Dialogue on promoting Vietnam - Italy cooperation.

Addressing the dialogue, Chairman Tran Thanh Man noted that after four decades of renewal, openness, and international integration, Vietnam has achieved remarkable progress. The country’s economy is now estimated at approximately USD 514 billion, ranking 32nd globally and fourth within ASEAN. In 2025, Vietnam’s per capita income reached USD 5,026, placing it among upper-middle-income countries.

Vietnam is among the world’s top 15 developing economies in attracting foreign direct investment (FDI), with cumulative inflows totaling around USD 530 billion. In 2025 alone, the country remained a stable and sustainable destination for international capital, with newly registered FDI exceeding USD 38.4 billion. Meanwhile, Vietnam’s total trade turnover reached USD 930 billion, positioning it among the world’s 20 most open economies.

On that basis, Vietnam has set a GDP growth target of over 10% for 2026 and aims to maintain double-digit growth throughout the 2026 - 2030 period. By 2030, the country aspires to become a developing nation with modern industry and upper-middle income status, and by 2045, a developed, high-income economy.

“To achieve these goals, we must maximize internal strengths while effectively leveraging external resources through international integration and cooperation. Internal strengths include people, natural resources, and culture, the three fundamental pillars of national power. External strength lies in global integration the power of our era. The synergy between these forces will create new momentum for national development. We seek not only to move fast, but to move steadily, go far, and advance together,” he stressed.

The Chairman underscored that Vietnam and Italy share a longstanding traditional friendship built on trust, mutual respect, and shared aspirations for peace, development, and prosperity. In recent years, the two countries’ Strategic Partnership has continued to deepen across multiple areas, including economy, trade, investment, culture, education, and people-to-people exchanges.

Italy is among Vietnam’s leading partners in Europe. To date, Italian investors have launched 167 projects in Vietnam with a total registered capital of over USD 633 million, ranking 31st among 154 countries and territories investing in the country. While overall investment cooperation remains modest, the potential for expansion is substantial.

Amid accelerating globalization, green transition, and digital transformation, Vietnam and Italy are well-positioned to complement each other and harness their respective strengths toward sustainable, inclusive, and resilient growth.

Chairman Tran Thanh Man called on both sides to translate cooperative spirit into concrete outcomes, focusing on several priority directions. First, to continue improving institutional and legal frameworks to further facilitate trade and investment, particularly in the context of the effective implementation of the EU - Vietnam Free Trade Agreement (EVFTA). Second, to enhance cooperation in sectors where Italy has strengths and Vietnam has demand, including manufacturing, high technology, green transition, renewable energy, infrastructure, supporting industries, and food processing.

Third, to strengthen business connectivity, support small and medium-sized enterprises in deeper participation in global value chains, and expand collaboration in innovation and digital transformation. Fourth, to promote the role of the two countries’ legislative bodies in overseeing and refining policies, ensuring a stable, transparent, and conducive legal environment for long-term cooperation.

With strong political foundations, enduring friendship, and clear strategic orientation, the Chairman expressed confidence that businesses from both countries would actively engage and cooperate, transforming bilateral goodwill into concrete, practical, and sustainable outcomes, contributing to independence, freedom, prosperity, and well-being for the peoples of both nations.

Driving momentum for bilateral cooperation

Delivering welcoming remarks, Veronica Squinzi, Vice President for International Affairs of the Lombardy Business Association under the Confindustria, affirmed that strengthening economic, trade, and industrial cooperation with Vietnam holds strategic significance amid global economic volatility, rising geopolitical tensions, and the ongoing restructuring of global value chains.

From Lombardy’s perspective, Vietnam is regarded as a stable partner with a solid foundation of economic reforms and deep international integration, making it well-suited for advancing innovation, enhancing economic resilience, and promoting inclusive and sustainable development.

Highlighting more than 50 years of diplomatic relations between Vietnam and Italy, she noted that the EVFTA has provided fresh momentum for bilateral cooperation, expanding opportunities for Italian businesses in high value-added sectors while reinforcing Vietnam’s role as a key gateway to the Asian market.

As Italy’s economic engine, the Lombardy region, with Milan at its core, is recognized as a hub for industry, technology, finance, and innovation. Recent cooperative initiatives, along with the launch of direct flights, have further facilitated connectivity between businesses on both sides.

Italian enterprises are increasingly expanding their presence in Vietnam across strategic sectors such as renewable energy, manufacturing, infrastructure, and high technology. Conversely, Lombardy offers opportunities for Vietnamese companies to integrate more deeply into European industrial value chains and international economic networks.

Raffaele Cattaneo, Undersecretary of the Lombardy region, emphasized strong interest in the Vietnamese market and expressed a desire to soon establish an official cooperation framework with a Vietnamese locality to lay the groundwork for deeper future linkages.

“For Lombardy, Vietnam is not just an ordinary partner but a strategic one. We have repeatedly underscored the priority of strengthening relations with Vietnam, one of our most important international partners in Southeast Asia,” he said.

According to Cattaneo, the inauguration of the direct Milan - Hanoi route stands as a vivid testament to the effectiveness of direct connectivity. Within a short period of operation, the route has served more than 30,000 passengers, achieving a load factor exceeding 95%, far surpassing initial expectations. This success not only boosts people-to-people exchanges but also generates strong momentum for trade, investment, tourism, and subnational cooperation.

Lombardy officials also regard Vietnam as one of Asia’s most dynamic markets, with GDP growth of around 8% over the past year, offering substantial opportunities for Italian enterprises in general and Lombardy businesses in particular.

Chairman Tran Thanh Man reaffirmed that Vietnam’s National Assembly remains committed to accompanying the Government and the business community in building and refining institutions, fostering a transparent, competitive, and enabling investment environment, thereby advancing Vietnam - Italy cooperation in a more substantive, effective, and sustainable manner.