According to the Trade Office, there are cases where the Italian partner does not pay the remaining amount or does not deliver or use a fake address.

Vietnamese businesses should be careful when they pen contracts and choose safe payment methods, suggested the Trade Office.

The businesses need to regularly contact the Vietnam Trade Office in the host country to verify the accuracy of partner information in order to avoid fraud.

The office also pointed out difficulties facing Vietnamese exporters to this market that include technical standards and regulations on certification and packaging.

Notably, products related to health, safety or the environment are subject to high technical regulations and standards, and in some cases they even require higher technical standards than the common rules set by the EU, said the office.

In order for Vietnamese businesses to penetrate deep into the Italian market, the Trade Office reminded that Italian is the official language and is used in all regions, so exchanges of correspondence should be given preference in Italian.

In addition, as Italy is a member of the Eurozone, the Euro is the commonly used currency in Italy rather than the US dollar. Although Italian banks allow a client to open an account in the US dollar, the money must be converted to Euro in transactions.

Statistics show that two-way trade turnover between Vietnam and Italy hit US$3.18 billion in the first six months of the year, up 14.8% year on year.

Of the total, Vietnamese exports brought in US$2.32 billion, up 26.6% from the same period last year. Major export items are machinery, equipment, telephones and components, computers and components, means of transport and spare parts, iron and steel, coffee, garments and garments, and seafood.

Meanwhile, Vietnam spent US$861 million on imports from Italy, down 8.2% year on year. Major import items are mechanical machinery and equipment, plastic products, pharmaceuticals, furniture, cabinets, textile accessories, beverages and wine.

Source: VOV