|Vietnam's medical masks are qualified for export to many countries, including Israel
According to the Vietnam Trade Office in Israel, May alone saw the two-way trade turnover between both nations reach US$136.15 million, with Vietnamese exports to Israel gradually recovering and imports from this market enjoying a slight increase from the previous month due to the impact of social changes and the COVID-19 pandemic.
The first five months of the year saw bilateral trade between the two countries hit US$649.4 million, with Vietnamese exports to Israel falling by 17.9% and imports from the Middle Eastern nation rising to 419.3% over the same period from a year earlier.
These growing levels of import turnover can largely be put down to the country importing computers, electronic products, and components from Israel at a great value, thereby raising the nation’s trade deficit to US$101.4 million during the reviewed period.
Most notably, Vietnamese tuna exports to Israel during the opening five months of the year hit US$11.09 million, accounting for 4.6% of the country's total export turnover for the commodity. At present, Israel represents one of the top 10 tuna import markets for the Southeast Asian nation.
Moreover, Israel is ranked ninth among the top 10 leading Vietnamese squid import markets, positioned behind Japan, the Republic of Korea, Thailand, China, Hong Kong (China), Italy, Malaysia, the Philippines, and the United States, whilst placed ahead of Taiwan (China).
Currently, there is interest among Israeli businesses for goods such as pangasius (Tra fish) fillets, canned food, in addition to garments and textiles, with many firms partnering with their Vietnamese counterparts to continue boosting the export of these items to Israel in the near future.
Furthermore, in the context of complicated developments relating to the COVID-19 pandemic, Israeli enterprises have a desire to sign a number of orders with local firms to boost the flow of items such as medical masks, medical gloves, and medical protective clothing to the Middle Eastern nation.
Meanwhile, a number of Israeli organisations and businesses have expressed a keen interest in co-operating alongside Vietnamese partners in areas such as start-up activities, scientific and technological applications, and technical solutions in a bid to increase production activities and shift investment and production chains to Vietnam.