The assistance will target the private sector in the coming time, the official was quoted by Thoi Bao Kinh Te Vietnam (Vietnam Economic Times) as saying. 

In addition, an additional 10 million EUR (12.4 million USD) will be injected in projects on water supply under an agreement reached by the two governments. 

Deputy Minister Benedetto Della Vedova led an Italian economic delegation to a forum for Italian-Vietnamese Businesses held in November with a view to seeking more cooperation opportunities in Vietnam in various fields. 

At the event, he remarked that Vietnam’s favourable business climate represents a potential market for Italian enterprises. 

According to the Vietnam Chamber for Commerce and Industry, trade between Vietnam and Italy has increased by 15-20 percent in recent years. 

Between January and October this year, bilateral trade reached almost 3.4 billion USD, with Vietnam’s exports valued at 2.3 billion USD. 

The two countries share a substantial potential in energy generation, construction material, tourism, pharmaceuticals and advanced technology, which should be utilised in order to meet the target of 5 billion USD in trade