More room for Vietnam – Israel trade cooperation towards US$4 billion target
VOV.VN - Both Vietnam and Israel have ample room to raise their annual two-way trade turnover to US$3-4 billion in the coming time from last year’s US$2.2 billion following the impending enforcement of the recently signed free trade agreement (VIFTA) between the two countries, a joint business forum heard in Hanoi on August 16.
Addressing the Vietnam – Israel business forum that brought together 150 leading businesses of the two countries, Vietnamese Minister of Industry and Trade Nguyen Hong Dien noted with satisfaction the growing ties between the two countries, especially in trade and economy.
He said the recent signing and coming implementation of the VIFTA would open up numerous opportunities for the two sides to enhance their trade-economic-investment cooperation.
Vietnam and Israel inked the VIFTA on July 27, 2023 after 12 rounds of negotiations lasting for seven years. The deal will create a favourable premise for Vietnam to increase the export of its major products to not only Israel but also other markets in the Middle East, North Africa and Southern Europe.
Meanwhile, Israeli goods and technologies will not only have the opportunity to access the market of more than 100 million consumers in Vietnam, but also through Vietnam to access the markets of countries in ASEAN, Asia - Pacific and major economies of 16 FTAs which Vietnam has signed with.
Dien said he hopes Israeli businesses will continue to explore and soon have new investment projects in Vietnam. He also affirmed that the Ministry of Industry and Trade of Vietnam is ready to coordinate with the Israeli Ministry of Economy and Industry and the Israeli Embassy in Vietnam to support businesses of the two countries in implementing cooperation projects in the future.
“We are committed to creating all favourable conditions in accordance with the law to help Israeli firms to invest, produce and do business in Vietnam,” he emphasized.
Representatives of the two ministries reviewed economic development and opportunities for trade cooperation between Vietnamese and Israeli businesses. They also put forward recommendations and initiatives as well as opportunities, to strengthen bilateral cooperation, especially in key areas.
Delegates to the forum witnessed the signing of a memorandum of understanding on cooperation between Vietnamese and Israeli businesses.
At the forum, businesses of the two sides shared information and success stories, as well as cooperation orientations moving forward.
Israel is currently Vietnam’s third largest export market and fifth largest trading partner in West Asia. The product structure of both Israel and Vietnam is said to be highly complementary rather than directly competitive. Vietnam can promote the export of its key products to Israel, and at the same time can have the opportunity to access Israeli high-tech products, contributing to reducing production and business costs and improving the competitiveness of Vietnamese goods.
