The Ministry of Finance and the Ministry of Agriculture and Rural Development of Israel recently agreed to abolish import quotas placed on a wide range of dairy products, including yogurt, low-fat cheese, and other dairy products.
The elimination of import quotas is therefore expected to reduce the price of dairy products faced by Israeli consumers, whilst simultaneously facilitating the import of these products from European countries.
During a recent virtually held event to boost exports to the Israeli market, Le Thai Hoa, Vietnamese Trade Counselor to Israel, said trade exchanges between the two countries have grown strongly in recent years, climbing from US$1.2 billion in 2018 to US$1.6 billion in 2020, and the figure is expected to reach about US$1.9 billion this year.
Israel is currently Vietnam’s third largest export market and the fifth largest trading partner in the Middle East.
Despite a range of unpredictable developments caused by the COVID-19 pandemic, Vietnamese exports of agricultural and food products, such as cashew, seafood, consumer goods, garments and textiles, and footwear have all witnessed robust growth, Hoa noted.
Hoa revealed that several Israeli businesses consider Vietnam one of the most important suppliers in Asia, noting that Vietnamese goods are required to comply with stringent food safety and hygiene standards set by Israeli importers similar to those set out by the EU and the United States.