Italy is Vietnam's eighteenth largest export market and fifteenth largest import market. Vietnam’s export to Italy has surged by 18.2 percent reaching US$2.5 billion, while its imports from Italy has touched US$1.19 billion in the past 11 months (January to November), according to the Ministry of Industry and Trade.

According to Raffaella Carabelli, president of the Association of Italian Textile Machinery Manufacturers, Italian companies remain interested in Vietnam, a growing market with untapped co-operative opportunities and high consumption demand.

These firms are also seeking new partners in Southeast Asia in such areas as textiles, garments, furniture and footwear.

Over the past three years many delegations from Italian businesses have visited Vietnam to study the country's investment climate and seek out new business opportunities, said Ta Hoang Linh, Deputy Head of the ministry's Trade Promotion Agency.

However, trade experts forecast that the bilateral trade between Vietnam and Italy is likely to open a new page with the Vietnam signing the EU Free Trade Agreement which is expected in the near future.