FTA opens up opportunities in Israeli market: experts
Hanoi (VNA) – The Vietnam-Israel Free Trade Agreement,
which was signed on July 26 after seven years of negotiations, would create a
conducive atmosphere for the export of Vietnamese products to Israel, according
to many experts.
Expert Dinh Trong Thinh said the deal presents stellar
opportunities for Vietnamese producers to drive substantial cost savings and
gain competitive advantages through access to Israeli high-tech
sectors.
Vietnamese tropical products will also have the prospect to serve
as an essential link in Israeli supply chains.
"Israel needs imports from tropical countries
like Vietnam to fuel its processing industry," said Thinh.
But Vietnamese producers still have a lot of work to do to get
there, given that merely 30% of them have managed to use FTAs to their
advantage.
Trade authorities, he said, could use communication and education
tools to get more producers well-informed about VIFTA.
Expert Vu Vinh Phu said the deal would give a big push to Vietnam's exports to
Israel, making bilateral trade more balanced and equitable. Current bilateral
trade is skewed in favour of Israel.
He called on Vietnam's trade offices to assist producers in
business matching to help them avoid scams in trade.
According to expert Ngo Tri Long, Israel is not
self-sufficient in consumer goods and depends highly on imports. The
country imports 35 billion USD worth of consumer goods annually, indicating
large potential demand for Vietnamese exports.
The deal will open up opportunities for Vietnam to turn the
potential demand into real revenue. With VIFTA, bilateral trade is
expected to rise to 3 billion USD soon, from 2.6 billion USD in 2022.
"Vietnam currently has around 70 exportable products to
Israel. Room for commercial growth is ample," said Long.
Long called on Vietnamese producers to read up on trade
rules in Israeli markets to fully exploit the deal. He said market research and
trade promotion would also serve producers well in that regard.
Truong Dinh Hoe, Secretary-General of the Vietnam Association of
Seafood Exporters and Producers, said the deal would bring Vietnam's exports to
new heights thanks to Israel's great demand for its seafood.
In fact, Israel has always been among the 30 largest importers of
Vietnamese seafood, consuming 36.6 million USD worth of tuna, 23.2 million USD
of squid, and 21 million USD of shrimp in 2022.
"Vietnamese seafood has won favour with Israeli
consumers over the years. The deal will push the advantage further by phasing
out tariffs," said Hoe./.