Vietnam special edition november 2016

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Vietnam Special Edition

Interview to H.E. Ambassador Cao Chinh Thien Vietnam economy is growing fast

Quarterly magazine on-line, November/January 2017

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Sommary 10 Interview to H.E. AMBASSADOR CAO CHINH THIEN 13 Vietnam economy is growing fast 21 Gold for Kids

22 Italy’s most important bank 28 Elettra and FERMI lightsources 34 Diamonds are forever... 37 Interview to CEO of GsAir, Mr. Gastone Nardoni







THE PROGRESS TIME Quarterly magazine on-line, November/January 2017 Aut.Trib. di Arezzo n. 4/13RS del23/07/2013 Aut. Modifiche dal Tribunale di Arezzo del 02/07/2015 EDITOR Mr. Ivan De Stefano EDITOR IN CHIEF Mrs. Barbara Ganetti GRAPHIC & WEB DESIGNER Mr. Tosi Lucio TRASLATOR Ms. Giulia Ruzzenenti QUESTO NUMERO È STATO FINITO DI IMPAGINARE IL 11/11/2016 CONTATTI -


Editorial by Barbara Ganetti

On the Asian front, Vietnam presents the most interesting perspectives as manufacturing “hub”, proved by the amount of foreign investments concerning the year 2015, USD 23 billion (+12% compared to 2014). The country can offer cheap labor, low cost and well-organized industrial parks, a favorable system of subsidies and taxation for companies and, thanks to the involvement in a deep network of FTAs, the possibility to export with reduced duties or even without duties on a considerable part of the global market. A country with more than 94 million inhabitants, Vietnam observed a significant growth in the latest years (on average, about 6% per year; 6,6% in 2015, exceeding the target of 6,2% set by the authorities). The economic

growth is associated with social and cultural dynamics that are promoting a remarkable expansion of the private consumptions, noticeably increasing. This trend – combined with the traditional call of our brands, our culture and our lifestyle – creates meaningful opportunities for the assertion of our products on the Vietnamese market. By courtesy, in this issue we recommend the participation of H.E. Chao Chihn Thien, Vietnam Ambassador in Italy and Mr. Fulvio Albano, President of the Chamber of Commerce Italy – Vietnam, with whom we will consider the cultural and commercial relations between these two countries. Enjoy the read


Your Excellency the Ambassador, how long have You been covering Your diplomatic role in Italy, and what is Your experience of it?

be here in such amazing country with friendly people, which has a heroic history and a long tradition of arts, architecture and gastronomy. What are the cultural meeting points between Vietnam and Italy?

I began my posting in Rome as Vietnamese Ambassador from September 2015. In my H. E. A. Cao Chinh Thien Vietnam and Italy share many long carrier as a diplomat, I similarities in the history and have been in many country but I have to say that Italy is one of the best, a be- also in recent pasts. Both countries have struggled autiful country, stretched between the Mediterra- for freedom and peace. Vietnam has received prenean Sea and the Adriatic Sea. During my visits to cious supports from Italy and Italian people duseveral places in Italy, I have had the opportunity ring our quest for independence and during the to admire the beautiful landscapes along the routes reconstruction process of our country. People of as well as renowned places such as Venice, Flo- Vietnam and Italy are both cheerful, friendly, parence, Cinque Terre and of course the Eternal City cifist and very dedicated to the development and which is Rome. I feel lucky for the opportunity to welfare of their country.

Can You tell us about the current situation in regards to the economical exchanges between Italy and Your country? Trade exchange between Italy and Vietnam increased continuously in the past 10 years. In 2015, it stood at 4.3 billion USD with an increase of 6%

against 2014, with export from Vietnam at 2.86 billion USD (a rise of 4% compared to 2014) while export from Italy stood at 1.46 billion USD (an increase rate of 9% against 2014). We see many opportunities for enterprises from both countries because the Free Trade Agreement between the EU and Vietnam has been signed recently, ready

to enter in force and Vietnam is member of many trade agreements with interesting markets, such as the TPP, ASEAN Free Trade Area, FTAs between ASEAN and the Republic of Korea, China, Japan, Australia, New Zealand, etc. What strategies have You been adopting to promote Your country both economically as well as culturally and touristically? Cultural and tourism promotion are among the priorities of our Embassy. We strongly believe that excellent cultural and tourism cooperation are the bases for a strong bilateral relationship. We have organized many activities in recent years, such as Vietnam Cultural Days in Milan, Venice, Torino, the participation of Vietnam to Milan Expo 2015, fashion shows in Rome and gastronomy activities in many cities in Italy. Along with the Embassy, the Vietnam – Italy Friendship Association with their committees in several cities of Italy actively organized and participated to cultural activities in their cities. This year and next year, we will continue our program of promotion of Vietnam culture in Italy, to encourage Italian people to visit our country and to support the activities to be organized by the Vietnam – Italy Friendship Association. -

Interview to President of Chamber of Commerce Italy-Vietnam Mr.Fulvio Albano by Barbara Ganetti

Today Vietnam and its economy is growing fast, on average around 6% per annum; in 2015 it recorded a 6.6% exceeding the target of 6.2% imposed by the authorities. Much of the financial community agrees that the trend is likely to continue on the medium term. Member of the WTO and ASEAN, Vietnam has recently concluded the FTA with South Korea and with the Eurasian Union of Russia, Belarus, Kazakhstan (May 2015) and is currently involved with the Trans Pacific Partnership negotiations, the FTA with the EU (which should be completed by the summer), the Comprehensive General Agreement under ASEAN Plus and the FTA with EFTA countries. With regional trade integration strategy, strategic positioning and the assets represented by the so-called 3D (“durable macroeconomy, domestic consumption, demographic dividend”) Vietnam aims to significantly strengthen the capabilities and ambitions of production hub in Southeast Asia. Several reforms approved at the end of 2014, some in force since the beginning of the year, some other from 1 July 2015, should provide new impetus to the economy and increasing competitiveness in view of the challenges posed by the entry into the ASEAN Economic Community and from the commitments resulting from the numerous international free trade agreements signed. The support of the Vietnamese authorities is directed in particular to industries with high technology and high value added (manufacturing, renewable energy, electronics, computerization and biotechnology, research and

processing of oil and gas, environmental protection); confirming the economic and cultural relationship that connect Italy to Vietnam we asked some questions to Mr. Fulvio Albano President of the Chamber of Commerce ItalyVietnam who kindly granted us this meeting: Dear President, how long have you been holding this position for the Italian – Vietnamese Chamber of Commerce ? My assignment is recent, although the CCIV is active since 1996. After receiving, in 2015, the honor of the Vietnamese government – which gave me the Medal of Friendship for the work

President of Chamber of Commerce Italy - Vietnam, Mr. Fulvio Albano

conducted in cultural and artistic field concerning the relationships between Italy and Viet Nam, I have been appointed president in January 2016.

How long the Italian – Vietnamese Chamber of Commerce has been founded ? Can You explain us its specific objectives? It was founded in 1996, with the support of the Vietnamese Studies Center of Turin and under the auspices of the Embassy of the S. R. of Viet Nam, the Chamber of Commerce Italy-Vietnam is at the side of the Italian companies in Vietnam and the Vietnamese companies in Italy. It has been recognized in 2000 by the Ministry of International Trade of Rome (Ministerial Decree No.96 of 15.2.2000) and it is registered in the Register Italian Foreign Chamber of Commerce of the Unioncamere, in addition to being bound by specific conventions to ICHAM- Italian Chamber of Commerce in Vietnam-and, in testimony of

an emergency of Vietnamese business community in Italy – to ASSOEVI, an organization that brings together Vietnamese businessmen and cooperates with the counterpart group of Vietnamese businessmen in Europe. As a nongovernmental organization, ASSOEVI is an important partner not only to consolidate and strengthen the operators of the Vietnamese community in Italy, but also to actively organize, on our doorstep, events that promote potential and opportunities of cooperation with Viet Nam, as well as its land and its people, a beautiful land and a cultured people, hospitable and kind. In addition, the association, with the Italy Viet Nam Chamber, is also a valuable means for Italian agencies, the Vietnamese representative offices in Italy and our partners, supporting them in overcoming difficulties and obstacles. In fact, the Chamber coopera

tes with Vietnamese and Italian institutions in order to promote and intensify relations, financial, cultural trade and economic technical relations between Italian and Vietnamese companies in the sectors. CCIV’s instruments are also the economic Seminars periodically organized and publications that since 1996, it promotes, such as the latest economic guide to Viet Nam in which it was actively engaged for the draft. In 2013, on the occasion of the celebration of 40 years of diplomatic relations between Italy and Vietnam, the Chamber has promoted the seminar “Invest in Vietnam. Business opportunities, productive sectors and taxation “- coordinated by API Torino( Small and Medium Business Associations in Turin) and Turin Chamber of Commerce, with the support of the Embassy and of the S. R. of Viet Nam Consulate in Turin.

Which are the opportunities for Italian investments in Vietnam today and in which areas? Vietnam is a country rapidly expanding, with a population of over 90 million inhabitants and a stable socio-political structure, a dynamic economy and high and sustainable growth rates, as well as a trained workforce with good standard and contained production costs. All this in a very favorable geopolitical position within ASEAN – the union of the Southeast Asia countries – which guarantees a market of over 600 million inhabitants; the ASEAN area, where, from 2015, the goods produced in a Member State may move freely. Vietnam, with a GDP increase of over 6% in 2016, is the ASEAN country that will grow further in the next three years; we must not forget that,

ASEAN represents a single market and that, thanks to the Free Trade Agreement signed between the EU and Viet Nam, it could turn into a privileged interlocutor for the international growth of Italian companies. Italy is the European country which, due to its characteristics, can profit more of the great opportunity represented by the EU-VIETNAM free-trade agreement, recently signed, because of the high level and consistency of bilateral relations between the two countries, supported by the recent State visit of President Sergio Mattarella in Viet Nam. However, to seize these opportunities, it is needed an adequate knowledge of this corner of Asia and, above all, it must get rid of the stereotypes that have characterized the Viet Nam during the years of anti-American conflict. And it is necessary to know the new dynamic image in overwhelming growth, of Viet Nam, a country with a very promising market that is not only a gateway of strategic access to ASEAN – huge market – but that it is considered a business friendly country concerning the procedures; the level of taxation is low: IRAP (Regional Tax on Productive Activities) does not exist and VAT is generally much lower than the Italian levels. IRES (Corporate Income Tax) is equivalent to 25%, with significant reductions. Direct investment is particularly interesting, among the rest, in the textile supply chain sectors, furniture and woodworking, in the footwear industry, in engineering and infrastructure.

In the economic and industrial fields, how is Italy perceived by Vietnam for short- and long-term investments at the moment? Relations between Italy and Vietnam, which have ancient roots, were formalized in 1973. In the first 40 years of bilateral relations the two countries have been able to compose a complex and detailed framework of bilateral cooperation, related to many initiatives in a lot of areas .2013 marked a turning point and a qualitative change in the register, which was formalized by the signing of a joint declaration, to ratification of a bilateral Strategic Part-

nership and an Action Plan, to which the free Agreement trade is added. In recent years, we have seen a steady increase in the ranks of Italian companies operating or investing in Vietnam and the commercial exchange between our two countries has almost doubled; in

2013, Italian exports increased by 35%, while Italians investments reached a considerable value – even if many opportunities are to be seized, and there is still ample room for new initiatives. In this framework, the Partnership Agreement signed between Italy and Vietnam is an extremely useful tool to build on the complementarities between the Italian and Vietnamese SMC(Small and Medium Companies). It is, in particular, in terms of investments that the Partnership can make a difference, especially considering the role of “Bridge-country” taken from Vietnam. Italian companies, in this prospect, starting from Vietnam, can achieve market positions in ASEAN countries and the entire Asian region – in reason of the regional agreements signed by Vietnam. It should also be stressed that the changes taking place in the Vietnam economy and the progressive growth of per capita income, can induce the Italian companies to consider Vietnam as a country not only designed to accommodate manufacturing or productive investment, but also as an interesting solution market of Made in Italy products, a strong consumer market potential. Political stability, the increase in domestic welfare and an investment law – which tends to equate, in many areas, the position of foreign investors to the local investors – are among the main factors that make Vietnam a rich field of opportunities for Italian companies today; a young and growing market that offers unique possibilities.

In which specific areas is headed your organization and the development of business tasks in Vietnam? In the tasks field, we will present 2016 program soon, with a trip to Viet Nam, presumably in November, on the occasion of an important fair for the Food, which will be country-Host Italy. The CCIV operates wide-ranging, being a non-profit organization, whose task is to promote investment and trade between the two countries, in the sustainability perspective, a concept very dear to Vietnamese. In this regard, I recommend a conference to be held in Turin on the occasion of the IFLA Congress 2016 (International Federation of Landscape Architects), organized by the University, the Polytechnic Institute with AGER – International Agency for the protection of biocultural landscapes and for the new rurality – and VIETNAMESE STUDIES CENTER; It will be dedicated to the environment, the landscape and the challenge of sustainability. I remember that Chamber of Commerce Italy-Vietnam is based in Turin, in the same building that houses S. R. of Viet Nam Consulate – where you can get entry visas in Viet Nam – and other institutions dedicated to the scientific and cultural exchange with the country since the Eighties: the Vietnamese Studies Center, “Enrica Collotti Pischel” Library and the Italy Viet Nam National Association. The Chamber of Commerce Italy-Vietnam works closely with these institutions to facilitate the achievement

Italian artists


Milanese artist, abstract art with Oriental influence, zen.

“Marina�- Acrylic, 43 x 28 cm. 2016


statutory purposes and, with them, supports and promotes conferences, seminars, exhibitions, events aimed at improving knowledge of Vietnam, its culture and its institutions and the opportunities it can offer to those who want to go for business, culture and tourism. Which are the advantages that an Italian company could have joining the Italian – Vietnamese Chamber ? Because of the close collaboration with Turin partners and other partners of whom I said, the CCIV offers a wide range of services ranging from translations, publications, focused advices and guidance in such an interesting market yet complex and articulate. The Italy Viet Nam Chamber of Commerce can be a reference for any large or small company, who wants to start or improve their own economic and business relations to and from Viet Nam. To develop contacts with customers, suppliers and business partners, for example; companies, through the Italy Viet Nam Chamber of Commerce can create networks between them, benefit from the services of qualified experts and exchange feedback. We must not forget that day by day, the Chamber is growing and is creating new contacts and new opportunities

to work best in the context of shared and participatory collaboration in terms of sustainability. In addition, the Chamber of Commerce Italy-Vietnam allows you to have a privileged contact with organizations, institutions, associations and other Chambers of Commerce in Italy and in Viet Nam. Be associated permit to receive documentation and regular communications, attend seminars and conferences, get updated through meetings, meet personalities from the world of institutions and the economy, promote the own company in a sector or professional firm, tasks involvement. Not mentioning the most “pleasure-seeker” environment, which means frequent invitations to shows, exhibitions and networking events. Concluding by thanking You for Your willingness, I ask You the last question, what do You personally think of Italy about the future world economic exchanges in this time of economic crisis in Europe? I think this area of the world and Vietnam in particular, can offer opportunities today that if we do not grasp, others will grab for their own benefit. Italy has plenty of small companies able to do extraordinary things, which now, in times of crisis, must put in place new business strategies to tackle the “global market.” Sure it is a challenge, but a challenge that the Vietnamese market can accept with completeness: Vietnam is ready to affectionately receive Italians investments. Moreover, if you look at the world with curiosity and interest leading away, look to Vietnam means guaranteed success because Italy – by the innovativeness and creativity of its businesses – is considered by the Vietnamese with a special harmony and “the Made in Italy” is highly appreciated in the area.

Gold for Kids - Fondazione Umberto Veronesi by Ivan De Stefano

In Italy, every year 1,600 children (aged 0-14) and 1,000 teenagers (aged 15-19) get cancer. Gold for Kids is a project established in 2014 by Fondazione Umberto Veronesi to support paediatric oncology, with the objective of providing the best possible international standard of care to current patients, and of promoting clinical research for future patients. To this end, the Foundation cooperates with the Associazione Italiana di Ematologia e Oncologia Pediatrica (AIEOP) and its Foundation (FIEOP), donating them raised funds in order to cover the costs connected to the initiation and the management of care protocols in oncology wards across Italy. The protocols offer a homogeneous approach and standards according to the criteria of good clinical practice, and are the best instrument for international clinical research. The main costs for the initiation and management of these protocols include insurance coverage, centralization and study of biological material, data collection and analysis, and patient monitoring. For the care facilities, these are extra costs, and they often struggle to find the necessary funds. Thanks to the generosity of many people and companies, in 2014-2015 we were able to start two clinical studies (on acute myeloid leukemia and the Hodgkin lymphoma) and three observational studies (MOD 1.01, ROT and chronic myeloid leukemia) aimed at better understanding the development of cancer in children, reducing side effects of future tre-

atments, as well as continuously improving their efficacy. The funds raised in 2016 were devoted to the care of paediatric brain tumours, which are the most widespread type of cancer after leukaemia, and very difficult to treat. In particular, care protocols for medulloblastoma, metastatic medulloblastoma, and ependymoma were established. Fondazione Umberto Veronesi’s Gold for Kids objective for 2017 is financing the initiation of three treatment protocols for paediatric and adolescence sarcomas, and in particular metastatic ones. In Italy, every year around 150 patients, mostly teenagers, are diagnosed with a bone sarcoma, and every year around half of them suffer a relapse. Survival varies a lot and it depends on the cancer site and on its stage (advanced or metastatic): in some cases it does not exceed 30% after 5 years. This is why it is vital to quickly find new therapies to treat relapsing and metastatic forms of bone sarcoma. For further information, please visit:

Founder, Mr. Umberto Veronesi

Exclusive interview with the Intesa Sanpaolo Indochina Chief Representative, Mr. Tomaso Andreatta for “The Progress Time”

by Ivan De Stefano

The Italian most important bank, present in more than 40 countries, a feather in the cap that distinguishes ourselves for its solidity and its establishment on the international markets, despite the global banks crises of the latest years; for this special issue about Vietnam, by courtesy, I had the pleasure of interview a successful manager, Mr. Tomaso Andreatta, Indochina Chief Representative of Intesa Sanpaolo; he will provide us precious information about this Asian country with rich opportunities for Italy; in order to get to know Mr. Andreatta better, a focus on his career is shown below: Soon after his Business Degree obtained in Bologna, working as Financial Analyst in Capital Markets and Management Consulting large groups, Mr. Andreatta decided to move to US, specifically in Los Angeles. After his accomplishment of a prestigious Master in Finance and Strategy at the UCLA Anderson School of Management, he came back to Italy in 1991. Other managerial roles in Santander and Hambros Bank will follow; in 1999 he arrived in the Intesa Sanpaolo group, always with an executive role. From 2007 he is Indochina Chief Representative (Vietnam, Cambodia, Laos and Myanmar) in the Intesa Sanpaolo group. How has Vietnam changed, compared to the moment you arrived? First time I arrived to Vietnam was in 2007 and in 2008 I moved there. At that time there were not towers in the city and the “presentable” offices were so rare that their prices were around USD 75 per square meters per month plus tax and management fee (about

Indochina Chief Representative, Mr. Tomaso Andreatta

plus 15%). Despite high prices, for three times some companies overtook me paying large amount in cash in order to have an office where I thought to establish my bank. When the construction of the first tower – where I established my office – finished, from my window I saw the jungle beyond the river Saigon. Shortly, skyscrapers appeared everywhere, so much that, soon, from my window on the 19th floor I will see nothing but buildings. New roads and entire districts have multiplied. Different cities are linked by the so-called “highways”, so-called because, in several cases they are large roads with more than one lane, but they are next to houses without any barrier and the traffic is obstructed by dogs, children, oxen and motorcycles that suddenly cross the street or turn around. Motorcycles are the roads real owners but

the number of cars is high and it continues its growth, enough to block the rush-hour traffic or when the streets flood because of the precipitations (a phenomenon that happens every year during the rainy season), but the presence of trucks has decreased, thanks to the law that impose them to pass through the city only at night. Hanoi and HCMC airports in the past were comparable to the Italian ones in medium-sized cities, now they are bigger and more modern and the air traffic has increased (in 2016 HCMC will exceed 30 million passengers, approaching Fiumicino Airport). Vietnam Airlines and Vietjet are the local airlines companies, the most operative low-cost competitor, they fly to many national, international and intercontinental destinations. The economic growth signals are various and they go with the consumer maturity: when I arrived to Vietnam, the banks penetration was 5%, today it exceeds 20% with several credit/ charge cards and consumer credit; the mobile phone penetration is 140% (and the 3G quality is better than in Italy) and Internet on mobile phones is used by more than 85% of the population, the highest percentage in Southeast Asia; salaries have doubled and the living costs too. One of the few sectors in which the prices have reduced is the rents sector that, thanks to the construction of many buildings and shopping centers has carried, for example, the reduction of my office cost to USD 23 per square meters per month. Now, the country is considered as a middleincome in the World Bank ranking and, even if backward compared to Asian countries that have started their development before, Vietnam proceeds quickly and with a specific attention to the social growth. Even though petty crimes have increased (especially motorcycles thefts), generally people still feel safe, more than in other Southeast Asia countries. Despite 2016 is the year of age of population curve inversion, therefore, the population will

start on average to get old, the perception is to be in a “young” country, composed by young people that are present among who leads the country too. What about the international credit evolution in 2017? When I arrived to Vietnam, we had credit lines for € 7 million for the whole country and they were not employed, today our bank lines are hundred million and they still grow. Generally, Vietnam receives various billion dollars in ODA from the World Bank, ADB, Japan, Korea, China and Taiwan; then from US, Germany and France both from authorities that encourage the development and both from EXIM Banks or from Export Credit Agency (ECA). In the past they were subventions, now they are loans with preferential interests and durations. Most of those money is clearly spent to feasibility researches and studies or to finance works from donating country societies. Meanwhile the need of infrastructural investments increases exponentially, the Vietnamese government has reached a level of indebtedness that does not allow to keep pace with government investments or sovereign guarantees. In this context there are two possible paths to take: the privatization of state-owned enterprises, some of them – for example Vinamilk – with profits, and the opening of markets such as the energetic market to private and international companies. In this manner the large capital flow towards Vietnam should follow the private firms that invest in this country, both in the form of loans to enterprises and both in project finance. Because this phenomenon could take place it is necessary that Vietnam opens markets, reduces governmental control on prices and promulgates law implementing regulations – such as the law who removes the maximum foreign control (49% for quoted companies) – and improves local societies and banks transparency.

Which are the perspectives for exportations and for investments from Italy? Vietnam has good chances to win the ASEAN competition concerning the attraction of foreign investments, thanks to a government that is more stable and pragmatic than its neighbors’ ones, to a population from the Confucian and Mahayana Buddhist culture, therefore, a population more convinced of the advantages of working hard, of studying, of the social and working commitment and thanks to a religious homogeneity of population and language, uncommon in this world region. This world area will benefit of the most elevated growth rhythms in the world in the next decades, thanks to the young population, to the families’ accumulation, to the work ethic and to the relative peace. The ASEAN is slowly creating a market of 600 million consumers, not rich but with an increasing mobility. Vietnam is living its evolution from country of semi-finished products manual transformation (so far clothes, shoes and furniture, recently computers and mobile phones too and they already represent the first entry of the exportations) to an industrialized country with intermediate and technological productions. Vietnam owes this development mainly to the direct investment from North Asia countries, Japan, Korea, China and Taiwan, where labor, ground, energy and pollution costs make necessary the delocalization. Concerning Italy, there is a time window of a decade in order to invest and sell products in a broadly new and unknown market, supplementary for traditional markets of our enterprises. Finally, if we do not proceed, other people, maybe local companies, will fill the technological gaps. The main characteristic of Asian markets is the requirement of dedication from enterprises owners and managers and generally, to establish a permanent basis in the market you desire to open. Asian people have a tra-

ditional culture based more on personal relationship than on laws and courts, more on the direct experience than on market researches. For these reasons, in order to sell machines, technologies and products that are not unique but better (and more expensive) than the Chinese competitors ones, it is necessary to have a storehouse, a sales force, some engineer or specialist familiar with the local language and culture, in order to give consistency to Italian products technical superiority, quality and duration. The production on the spot and the adjustment of products to the local market features are important in order to reduce the costs in a context where consumers and investors have a restricted budget, for now. From the moment I arrived to Vietnam, until now, only a few Italian companies have decided to invest here, but all of them, big or small firms, had success and have grown, without relocate but only conquering new markets. From Piaggio to Datalogic, from Bonfiglioli Riduttori to Carvico (elastic textile for swimsuit), from Microlys to Ariston Termosanitari or to Perfetti, all these enterprises decided to move to Vietnam, where they hired Vietnamese people and now they are suc-

Piazza Scala Milano

cessful companies. The true enemy is the fear of try the “new”: you do not need so much money to invest in Vietnam, everything is cheaper than in Italy, and, if something goes wrong, also closing is cheaper than in Italy.

How do Vietnamese investors perceive Italian market? Italy is an absolute point of reference for fashion and design, they are sectors in which Italy has an important identity, in fact all local shops have names that sound like the Italian ones. Among the richest inhabitants, also the Italian cuisine and wines are extremely appreciated. With the exception of some market niches, Italy attracts Vietnamese people for tourism and shopping, but not for the investments. Years ago I was in a local fashion company and its international CEO wanted to buy an Italian brand, such as some Chinese enterprises did, but the CEO has been expelled and the society contented itself with the status quo. Vietnamese do everything they can in order to give to their children an education in the US or in Canada, in the past especially people from the north of Vietnam wanted for their children an education in Great Britain, France and Germany too, they make huge investments in those countries. That is partly a result of historic connections developed with the reception of refugees after the end of the war; actually, today, millions of Vietnamese “boat-people” that moved to US, studying and working hard, can transfer 10 billion of remittance per year to Vietnam. For Vietnam, Italy is a country such as other ones in Europe, interesting in order to increase their food, clothes, shoes, accessory and furniture exportations as soon as the Free Trade Agreement between EU and Vietnam – already signed in its key elements – will be ratified but it will take some time before the Vietnamese market opens for Italian exportations. What should Vietnam do concerning the R&D domain? Vietnam would pass from the model of “low labor cost country” to a high technology country. For this reason, it is forbidden for

companies to import second-hand machinery and the innovation is promoted. One of the most successful policies is to offer tax relief for the foreign enterprises that invest in the local developed R&D domain. For example, Datalogic from Bologna, world leader in the sector of bar code readers, created an R&D sector based here in Vietnam, for the Asian markets products and it has been accepted in the economic Hi-Tech zone of HCMC, with extraordinary subsidies. The factory near Datalogic is Intel, that invested 1 billion dollars too.

Corso Inghilterra Grattacielo Intesa Sanpaolo Torino

The first thing that comes to mind is the complexity linked to the protection lack of intellectual property. There are good laws, but they are not implemented, so firms do all they can to protect themselves, through information and employees’ careful management. If, on the one hand it creates issues, on the other hand the fact that there are less ethical and legislative commitments compared to Europe gives carte blanche for research in fields

as stem cells, transplants and other medicine branches which are more delicate in Europe. Compared to Europe, the Vietnamese administrative bureaucracy is heavier and especially the ground properties use and certification raise complex problems, but taxes are lower than in Europe and this element has a positive result for SMEs Research and Development. There are various start-up companies in the IT field, both for new games and online applications, both for the programs writing subcontract and for the dynamic graphic of products from other countries. Which are the strategies concerning tourism and environmental protection that is Vietnam implementing? Tourism represents 10% of the Vietnamese GDP, but the country does not spend so much money for its promotion, perhaps because the ministry that manages it is the Culture, Sports and (lastly) Tourism Ministry. With 3000 km of coastline, mostly with tropical climate and pearls as Halong Bay (UNESCO Heritage Site), Vietnam could develop the maritime tourism. More limited is hills and mountains tourism, traditionally restricted to Dalat and Sapa, to the magnificent and vast caves of the country center and, for audacious tourists, to the rest of mountainous border with the north of China. Even if Vietnam has not a masterpiece as Angkor Wat in Cambodia, it has ancient vestiges and cultural attractions in Hanoi and its surroundings but especially Hue and Hoi An, in the center of the country. Vietnamese coast crawls with new resorts, with hotels or even houses, generally luxury ones, but never too big because, over the years, the authorities have subdivided lands and now they are highly fragmented. Some of them are managed by international hotel chains and financed by local investors. Years ago, with some European investors, I visited the entire coast hunting for an area with available kilometers of beach. Finally, we found only one zone, occupied by a Dubai

project – construction of a whole city – stopped because of financial difficulties. An important place is occupied by the gambling tourism that brings money from the nearest countries. Actually, in Asia, every country forbids to its citizens’ bets and gambling, but invites near countries citizens (especially the Chinese ones) in luxury casinos, often built next to the border. Several provinces plan to build casinos and lobby to Hanoi in order to obtain – so far unsuccessfully – an exception to the rule of local citizens. About the environment protection, Vietnamese government appears determinate, it wants to change direction and to bring into question the axiom development = environmental costs. Therefore, it has signed a commitment in Paris in order to reduce by 8% the CO2 emissions if left alone – by 25% if the international community will help – within 2030 and it has organized a document with more than 50 activities that will bring us these results. Moreover, the government is properly worried about the Vietnam climate change vulnerability, a country widely below sea level in which a considerable part of the population still lives on agriculture. In the latest years, Mekong Delta lost several coastline kilometers and the salinity level of canals waters has substantially increased; this phenomenon affects plantation yield until provoke a replacement of rice fields with prawn farms. Key topics are the water use and to avoid pollution – that this year has caused various phenomena of fishes’ great deaths near the coasts – and a growth of the electric power production but, without poison the air such as it happened in China. Because of this, the energetic program (n°7) modifications increase the number of renewable energy plants to the detriment of coal ones, that was the only identified source in the first edition of the program, with the hydroelectric, that is not polluting but it has a huge impact on environment and on population, because of the rivers deviation and the reservoirs creation.

Elettra Sincrotrone Trieste Elettra Sincrotrone Trieste is an international re-

free electron laser. The light produced is collected and

search centre specializing in the study of materials

conveyed to over 30 experimental stations, which use

through a highly versatile and powerful tool: synchro-

it as their main tool for analysis. Laboratories spe-

tron light.

cializing in chemistry, microscopy, materials science, electronics, and information technology support the

This light makes it possible to see the details of the

research activities carried out at these stations and

structure and behaviour of atoms and molecules, help-

round out the centre’s offer.

ing solve the most disparate problems in fields encompassing electronics, environmental science, pharma-

Every year, researchers from over 50 countries send

cology, diagnostics, engineering, nanotechnology, and

Elettra their research proposals, which are then evalu-

cultural heritage.

ated by an international committee of experts on the basis of their scientific merit and potential impact. After this

The centre hosts two different synchrotron light sourc-

selection, over one thousand users per year gain access

es: Elettra, a third-generation storage ring after which

to the centre’s technologies and services, on condition

the centre itself is named, and FERMI, a cutting-edge

that their findings are made public.

Elettra - Sincrotrone Trieste S.C.p.A. is a non-profit Share Company (SocietĂ Consortile per Azioni) of national interest pursuant to Law 370/99. Its partners are the AREA Science Park Consortium (53.7%), the Autonomous Region of Friuli Venezia Giulia (37.63%), the Italian National Research Council (4.85%), and Invitalia Partecipazioni S.p.A. (3.82%).

the framework of the United Nations for the peaceful use of nuclear technology) and is part of the primary science and technology network of the Central European Initiative (CEI). Over the years, Elettra has launched intensive technology transfer efforts; through the Industrial Liaison Office (ILO), it provides assistance to companies and private research centres interested in direct access to its analysis and measurement services and its technologies. The centre plays a leading role in the development of joint

By providing the scientific community and the private sec-

projects between European research facilities: Elettra is the

tor with constantly updated services, Elettra Sincrotrone

coordinator of the networks promoting transnational access

Trieste is pursuing its own mission - promoting cultural,

to synchrotrons and free electron lasers, the development

social, and economic growth - at the international le-

of shared activities, and the strengthening of services provi-

vel through three key activities: basic and applied rese-

ded to clients. Elettra is also an associate of IAEA, the Inter-

arch, technical and scientific training, and technology and

national Atomic Energy Agency (established in 1957 within

knowledge transfers.

ENVIRONMENT. Air, water, and land pollution poses urgent environmental threats and calls for specific, targeted solutions. The high resolution of its techniques makes Elettra an advanced tool for the study of pollutants and their chemical behaviour. NEW PHARMACEUTICALS. The modern approach to developing pharmaceuticals requires a detailed knowledge of the proteins involved in the onset of illnesses: synchrotron light can help collect vital structural information on these molecules, to build their three-dimensional models and understand their functioning. MEDICAL DIAGNOSTICS. The unique properties of Elettra’s light make it possible to boost conventional radiological techniques and help provide clearer, more detailed images of tissues. FOOD AND AGRICULTURE. Analyses using synchrotron light can help improve the food production chain, for instance by determining the effect of preservation processes on the chemical composition of food, or by defining the internal and microscopic architecture of the mixture which assesses the organolectic properties of the final product. TEXTILES. Creating new fibres that are resistant to wear and tear and free from blemishes is a constant challenge for the textile industry. Synchrotron light makes it possible to reveal the micro-structure of materials and study their response to mechanical stress. CULTURAL HERITAGE. Elettra makes it possible to perform a detailed analysis of the microstructure and chemical composition of precious materials and ancient items without destroying or altering them. This is of great help to uncover hidden features and gather information on the efficacy of restoration processes and materials. MICRO- AND NANO-TECHNOLOGIES. Analyzing and observing phenomena at a nanometre scale (one millionth of a millimetre) is not the only use of Elettra’s light. It also allows to build devices at such tiny scale with lithographic techniques.

Elettra Elettra is a third-generation synchrotron light source: it comprises a 260-meter storage ring where, thanks to intense electromagnetic fields, electrons of very high-energy, travelling at nearly the speed of light, are circulated and forced to follow undulating trajectories. This induces them to release energy in the form of synchrotron light: electromagnetic waves over a wide range of wavelengths, from infrared to X-rays, which are emitted tangentially to the storage ring. The light beams produced are conveyed to beamlines that focus them and select their characteristics according to the experimental needs.

Synchrotron light produced by modern storage rings is a light with a wavelength that varies between infra-red and X-rays and characterized by very high brilliance (high intensity and low divergence). It is a powerful tool for analysing materials in solid, liquid, and gaseous states: indeed, whenever it reaches a sample to be analysed, it can interact with its atoms in various ways, and can be partly transmitted, partly absorbed, and partly reflected. Each interaction is able to provide key information on the nature of the material – its chemical composition, its microscopic structure, the kind of chemical bonding, and so forth.

Each beamline leads to an experimental chamber where

material. Today, Elettra hosts 26 different operational

the sample under investigation is placed: by knowing

beamlines, specialized in various types of analytical

the characteristics of the incident light and by measuring

measurements ranging from diffraction to spectroscopy

the effects of its interaction with the sample, researchers

and from microscopy to tomographic imaging and which

can obtain new information on the deep structure of the

can be applied to a variety of materials and samples.

FERMI FERMI is a fourth-generation synchrotron light source

more intense that those generated by third-generation

that allows extremely advanced analyses of materials that

light sources) of ultra-brief duration – as brief as the

push the boundaries of scientific research. It was designed

oscillation of an atom within a molecule. These char-

to study ultra-fast phenomena such as the propagation of

acteristics make the light produced by FELs the only

a heat wave, the growth of a biological membrane, or the

probe able to follow the dynamic evolution of atomic and

actions of a catalyser, and makes it possible to record a

electronic transformations of materials.

rapid sequence of images which, taken together, make up a veritable film of the process under study.

FERMI, one of the first FEL sources in the world, produces light between the ultraviolet and X-ray range of

FERMI takes advantage of the only existing technology

the spectrum. It stands out from the other light sources

that can perform this type of analysis: the Free Electron

thanks to the purity of its light and its exceptional ability

Laser (FEL). A FEL is a light source that can generate

to synchronize each frame with the instant it is meant

incredibly intense light pulses (up to ten billion times

to capture.

FERMI, and more generally FELs, are a brand new and important probe now available to scientists. They can explore both the infinitesimally fast (millionths of billionths of a second) and infinitesimally small (billionths of a meter).

By passing through a lengthy series of devices with

oscillatory path. The electrons are thus induced to emit a

intense electromagnetic fields, beams of electrons

powerful light with characteristics that are for all intents

are accelerated at extremely high energy (1.5 billion

and purposes identical to those of lasers. The process

electronvolts). At the end of this acceleration process

repeats itself in a continuous, self-feeding loop, until

the electrons travel at nearly the speed of light and are

the radiation is released in the form of extremely brief

transferred to a second sequence of magnetic devices

and intense flashes. In FERMI’s last sections, these

known as undulators, which force them - under the direction

flashes are collected and conveyed to four experimental

of a so-called seed laser - to follow a precisely controlled

beamlines, where they are used for analyses.

FERMI is the first source in the world to produce light in the spectrum interval from ultraviolet rays to X-rays using a seed laser at the beginning of the light production process, thus earning a world record. By controlling the seed’s characteristics, researchers can control with extreme precision the characteristics of the final flashes, and modulate them in accordance with their experimental needs.

In order to analyze a given process by combining a series of snapshots, researchers can take advantage of a technique known as pump and probe: an initial light flash illuminates the sample, providing the necessary energy to activate a given process, and is then followed by a second flash that photographs the state of that process after a chosen period of time. By repeating the process at increasing intervals of time and by combining the images progressively acquired, it is possible to reconstruct the dynamics of ultra-fast chemical, physical, and biochemical processes. The ability to synchronize the light flash with the exact instant to be observed makes FERMI a one-of-a-kind light source worldwide.

The DIPROI beamline takes advantage of the purity of its

The LDM beamline is dedicated to the analysis of rarefied

light to acquire bi- and tri-dimensional diffraction images.

samples: jets of atoms, molecules, and their aggregates,

It is dedicated in particular to the study of solid, biological

which are of great importance for our understanding of

and chemical samples and the analysis of their ultra-fast

chemical reactions and environmental pollutants.

dynamics. The EIS - TIMEX beamline is dedicated to the analysis of

The EIS - TIMER beamline uses ultra-fast spectroscopy

warm dense matter, the state of matter that can be found

to study - for the first time ever in liquid, fluid, or vitreous

in the core of planets, for example. The exceptional photon

systems - dynamic phenomena such as phase transitions.

density targeted at the sample makes it possible to excite the atoms and to bring them to temperature and pressure

The TERAFERMI and MAGNEDYN beamlines are

regimes that would otherwise be unobtainable on the sur-

respectively dedicated to the spectroscopic analysis

face of our planet, thus providing substantial contributions

of inorganic, organic, and biological materials and to

to research on geological and extra-terrestrial materials.

experiments regarding magnetic dynamics.

Technology transfer The skills developed and updated over time by the staff

parts, amplifiers, and sensors. Through its Industrial

of Elettra Sincrotrone Trieste have grown into a set of

Liaison Office (ILO), Elettra provides companies, private

specific abilities and knowledge which increasingly

research centres, and small and medium enterprises

range beyond basic research to encompass applied

to access the centre’s sophisticated equipment in full

research and its industrial applications. The centre

respect of industrial secrets, and with the guarantee

develops products and prototypes for the international

of a rapid, efficient service. It thus provides significant

market. Among others, instruments for environmental

support in areas such as quality control, the optimization

quality control, fine-particle analyzers, anti-counterfeit

of production processes, the analysis of subcomponents

sensors and devices, light source and accelerator

and materials, and much more.

Diamonds are forever... by Ivan De Stefano

Timeless luxury items, loved by women and appreciated by traders from all over the world; today more than ever, diamonds are an investment tool extremely sough-after from traders all around the world, especially during an historic moment like this, where bank interest

2016/2017 market. We met with Mr. Ernesto Colombi, a foremost authority in diamonds and an expert in the high-end jewellery business. Patron of the Colombi Diamons in Milan, operating in the diamonds sector and high-end jewellery since 1940, he has kindly welcomed us in his offices in Via Ugo Foscolo in the Duomo area; where we asked him some questions to closely understand the world of diamonds, timeless luxury items. When does your passion for diamonds date back to?

CEO of Colombi Diamonds, Mr. Ernesto Colombi

rates have a considerably lower income than in the past. The investment in the diamonds market seems to be, finally, brought back to the top and certainly revalued, with gold, as safe-haven asset. Today, compared to the past, everything looks changed and the diamonds trading appears again as the big news of the

Colombi Diamonds, previously Colombi Ferrucci, dates back to the forties; a time when the jewellery store in Milan became an important part of the market thanks to my father, who at the time was partner of the Diamond Exchange. I became a member at the age of twenty, and subsequently became the President of the Diamond Exchange for twenty-four years; I am now honorary President. We have always been specialized in diamond wholesale, and in the manufacturing of items for high-end jewellery stores. Today the “D Color” series, which includes classic models designed by us, remains the main asset of our business. The peculiarity of the “D Color taglio excellent” (excellent cut) line, synonymous with exceptional whiteness and absence of yellow shading, associated to high-quality cut and proportions, allows the stone to show at best its lustre, brightness and focus. But we are also able to satisfy private clients with unique projects; thanks to our international connec

tions we can provide precious stones with the highest quality criteria at a direct price without distribution transitions. So is Colombi Diamonds looking at supplying international partners at the present time? Of course, firstly we have all the skills and professionalism necessary in selecting precious stones. Secondly we can check the consistency with our dedicated machinery, giving a certified guarantee within our Jewellery Centre offices in Milan in Via Achille Papa 30; which gives a greater security to the potential investor or international distributer. We have also activated an online service related to investments in gems, where the investor, by visiting the site, can have all the qualitative estimates at international level. What opportunities of the Asian markets for your sector? For our sector, Asian markets are certainly interesting, they are really attracted from Italian quality and design, in the luxury jewelry too, in fact in 2014, in order to appear on the specific Chinese market, we entrusted to a market place portal (e-commerce),, registering the brand Colombi; in this portal only made in Italy products are proposed, to this day this mechanism produced collaborations

with Chinese partners for the resale and we hope to enter in their internal market. Has the European crisis effected luxury items such as diamonds? Luxury items in high-end jewellery have not lost their attraction; on the contrary there is a greater demand for quality and excellency on behalf of big spending buyers, while a negative inflection is being registered by mediumtarget jewellery stores, which are the most effected at the moment. To the high-end client the consultancy aspect carried out by reliable experts has become fundamental; as due to the internet the information on the origin and authenticity of the stones is available to everybody.

Interview to CEO of GsAir, Mr. Gastone Nardoni

by Barbara Ganetti When was GS AIR founded? GS AIR is incorporated in June 1995, aiming to represent airlines and tourist entities of those countries willing to enter the Italian market. Celebrated the 20th anniversary in 2015.Philippine Airlines has been the GS AIR’s first client. The SEA carrier after having closed its own offices of Rome and Milan in 1994 decides to maintain the presence on the Italian market by appointing a General Sales Agency (GSA).Soon after Philippine Airlines other Carriers joined: Uzbekistan Airways, Air Moldova, Azerbaijan Airlines,Yemen airways and Vietnam Airlines How did your passion for the travel and tourism industry start? Gastone Nardoni started his career by entering one of the world’s best airlines of the time, BEA, in 1963. He followed his passion for the aviation industry, passing on to Philippine Airlines as Southern Europe General

Manager in 1966. During his time at Philippine Airlines, he held important positions, such as the Presidency of IBAR, the Association of Foreign Airlines in Italy. In 1995 he decided to break new ground by setting up his own general sales agent business. He recognized the signs of the times and successfully convinced airlines to cut costs by outsourcing sales and marketing services, while adding value. How many flag carriers do GS AIR represent? GS AIR currently represents 5 airlines in Italy and cooperate closely with a sixth. 1995: GS AIR is appointed General Sales Agent (GSA) of Philippine Airlines and of the Filipino Department of Tourism (DOT). 1997: GS AIR is appointed Preferential Sales Agent (PSA) of Uzbekistan Airways. 1999: GS AIR is appointed General Sales Agent (GSA) of Air Moldova. 2006: GS AIR is appointed Preferential Sales Agent (PSA) of Azerbaijan Airlines. 2011: GS AIR is appointed General Sales Agent (GSA) of Intas Destinations, one of the main incoming Tour Operators in the Philippines. 2011: GS AIR is appointed General Sales Agent (GSA) of Yemen Airways-Yemenia. 2013: GS AIR is appointed BSP Consolidator of Uzbekistan Airways for the Italian market. 2014: GS AIR is appointed Preferential Sales Agent (PSA) of Vietnam Airlines. What are GS AIR commercial strengths and what is GS AIR annual turnover?

CEO of GsAir, Mr. Gastone Nardoni

GS AIR’s mission is to represent airlines and tourist destinations/entities that need an extensive presence across the Italian market and to enjoy direct contact with the main

actors of the value chain, i.e. tour operators, travel agents and the public. GS AIR ensures efficient coverage of the market, all with variable costs for the Principal directly linked to the results obtained. Moreover, thanks to the in-depth knowledge of the local market, GS AIR can carry out focused marketing activities customised on the client’s needs and with maximum return on investment. 2015 GS AIR turnover was roughly 10 million Euros. Can you detail the services GS AIR offer on the Italian market? GS AIR covers all areas of passenger and cargo sales representation across the Italian market. We offer our clients a wide range of services such as: Passenger GSA, Cargo GSA, destination marketing and promotion, Airport supervision services, Financial and administrative services, Legal services and support. One last question…as an Italian who deals with foreign countries, can you give us a comment on Italy’s situation in the context of the Europen economic crisis experienced in the past years? Italy, as a member of the EU, can and must be one of the leading nations of economic re-

covery. It has potential to play a leading role in the fields of tourism, technology, agriculture, food industry and fashion. It would be beneficial if the Italian state would favour the synergy of all productive areas by simplyfing the many rules and laws which regulate them. GS AIR believes in these potentialities and will keep on pursuing, in all its activities, to contribute to the recovery and further development of this nation’s economy.

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