Trade with Israel forecast to surge
Bilateral trade between Vietnam and Israel will likely reach some US$574.4 million by year-end, up 31% year-on-year, according to the Ministry of Industry and Trade (MoIT).
Of the sum, Vietnamese exports will contribute US$387.5 million, 39% higher than last year, said the Africa-West Asia, South Asia Markets Department under the MoIT
Further, the General Customs Department's statistics revealed that the two-way trade topped US$431 million over the past nine months, US$291 million of which came from Vietnamese exports, mainly mobile phones and components, as well as agricultural and consumer goods, up 34% year-on-year.
Vietnam also imported more than US$140 million of goods from the Israeli market, surging 36% against last year's corresponding period.
Despite the encouraging results, Vietnamese enterprises encounter several challenges in shipping goods to the Israeli market, including increasing transport costs, high taxes imposed on imported products like food stuffs, vegetables and fresh fruits, and milk.
The businesses, meanwhile, still lack updated information about Israeli technical standards, as well as legal procedures for imported goods, the department said.
In order to deal with these issues, the department will continue organising trips for local firms to explore the market in Israel, and provide the two countries' businesses with the latest information about each other’s markets.
Businesses are encouraged to boost trade promotion in Israel and join trade fairs and exhibitions to seek new partnerships.
Head of the department Ly Quoc Hung said that besides trade, there remains room for Vietnam and Israel to further co-operate, especially in food preservation, agricultural technology, telecommunications, health care and waste treatment.