Vietnam, Israel step up trade cooperation

The event, co-organised by the Ministry of Industry and Trade (MOIT) and the Federation of Israeli Chambers of Commerce, attracted more than 40 businesses operating in various fields such as textile and garments, footwear, fisheries, food, agricultural products and food processing, logistics, healthcare and machinery.

Addressing the event, Ly Quoc Hung, head of the Africa MOIT’s Department for the Africa-West Asia, South Asia Markets said the meeting provides businesses of the two countries with a chance to get closer and grasp a better understanding on each other’s markets and demands, which would strengthen their linkage and cooperation, and contribute to boosting bilateral trade ties.

During the video conference, Hung said both sides are eager to create favourable conditions to foster trade cooperation between the two countries.

Two-way trade between Vietnam and Israel has grown rapidly in the past years, reaching US$375.4 million in 2011 and hit US$320.8 million in the first 9 months of 2012 alone. Of the 2012 figure, Vietnam earned US$217.7 million in export revenues to Israel, twofold higher than that of the same period last year.

Vietnam mainly shipped to Israel seafood, cashew-nut, coffee, footwear, garments, rice and pepper, while importing key products including fertilisers, pesticides, high-tech machinery and equipment, chemicals and medicines.

According to Hung, there is room for Vietnam and Israel to further cooperate, especially in food preservation, agricultural technology, telecommunications, healthcare, waste treatment and diamond manipulation.

Such meetings will help both sides strengthen their cooperation, and should be held more frequently in the future, he added.