At the event (Photo: VNA) The Vietnam-Israel business and trade forum wasjointly held by the Vietnam Chamber of Commerce and Industry (VCCI)’s chapterin HCM City and the Embassy of Israel in Vietnam.
Addressing the event, Director of the VCCI’s HCMCity chapter Tran Ngoc Liem noted that since the two countries establisheddiplomatic ties 30 years ago, they have become leading important partners ofeach other in Southeast Asia and West Asia, respectively.
As of July 20, Israel ran 40 FDI projects worth morethan 140 million USD in Vietnam, ranking 47th among the 148countries and territories investing in the country.
Meanwhile, Vietnam invested in four projects valuedat some 76 million USD in Israel, he added.
Israel is now Vietnam’s fifth biggest trade partnerand third largest importer in the Middle East. It ranks 33rd among morethan 200 countries and territories that have trade ties with the SoutheastAsian nation.
The two economies are reciprocal, Liem stressed,adding that two-way trade reached 2.2 billion USD last year, up 17.9% from2021, of which Vietnam’s export value hit 785.7 million USD.
Some Vietnamese goods such as mobile phones andcomponents, agro-aquatic products, footwear, and garment-textiles have gaineda firm foothold in the Israeli market, he went on.
Liem emphasised that Vietnam always creates optimalconditions for Israeli enterprises to invest in the country in industrialproduction, high-tech agriculture, materials, information technology,green and clean production, and industrial infrastructuredevelopment.
The two countries are working hard to raise theirbilateral trade to 3 billion USD in the time ahead, he said.
Regarding the Vietnam-Israel Free Trade Agreement(VIFTA) signed on July 25, Liem stressed that Israel is the first country inWest Asia with which Vietnam has reached an FTA. Vietnam is also the firstSoutheast Asian nation with which Israel has inked such deal.
The agreement is expected to facilitate Vietnam’sexport to not only Israel but also other markets in the Middle East, NorthAfrica and Southern Europe.
In return, Israel’s goods and technologies will findit easier to access markets in the Association of Southeast Asian Nations(ASEAN), Asia-Pacific and other major markets in the 16 FTAs in which Vietnamis a signatory.
Israeli Minister of Economy and Industry Nir Barkat briefedthe participants on Israel’s strengths and potential, and affirmed that theIsraeli Government has adopted mechanisms and policies to encourage businessesto expand investment and cooperation abroad.
The VIFTA will offer opportunities for the two sidesto boost their trade and investment ties, and form a business ecosystem, hesaid.
The minister pointed to limitations intransport connectivity and market information sharing, which have hindered thebilateral cooperation, and suggested the two countries soon launch direct flightsbetween HCM City and Israel to foster the collaboration.
Vice Chairman of the HCM City People’s Committee VoVan Hoan said the southern metropolis wants to enhance cooperation with andattract more Israeli enterprises in such areas as digital economy,science-technology, high-tech agriculture and renewable energy. /.
VNA
