Checking quality of coffee before it is exported (Photo: VNA) After seven years with 12 negotiation sessions, recently the Ministry of Industry and Trade (MoIT) announced that it had officiallyconcluded VIFTA negotiations with the Israeli Ministry of Economy and Industryto reach agreements in accordance with both countries’ aspirations andinterests.
In the coming time, Vietnam and Israel will promote thefinal internal and legal works towards the signing of the agreement, which isexpected to take place in 2023 in celebration of the 30th anniversary of the establishmentof the two countries’ diplomatic relations, they said.
Director of the MoIT’s Multilateral Trade Policy Department LuongHoang Thai said that with a mutually complementary economic structure andstrong growth in two-way trade turnover, Vietnam and Israel will gain morebenefits when the deal’s incentives and advantages are effectively utilised.
The two sides will continue to strengthen coordination andexchange delegations between ministries, sectors, associations and enterprises tojointly seek and promote opportunities for trade and investment cooperation,and to build and popularise trade brands at fairs and exhibitions held in bothnations.
According to the MoIT, Israel is currently the third largestexport market and the fifth largest trading partner of Vietnam in West Asia, and considered a large and potential market for Vietnamese goods in the. Lastyear, the bilateral trade reached 2.2 billion USD, up 17.9% year-on-year, ofwhich Vietnam’s exports were valued at 785.7 million USD and its imports hit 1.4 billion USD.
Vietnam mainly exports phones andcomponents, seafood, cashew nuts, coffee, shoes, pepper, garment and textiles,wood and wood products to Israel. Meanwhile, it imports computers, electronic products and components,machinery, equipment and spare parts, fertilisers, vegetables and fruits fromthe West Asian country.
Tra fish processing (Photo: VNA) This is also a "springboard" for Vietnameseenterprises to expand their exports to regional markets.
Elaborating on this market, TradeCounsellor in Israel Le Thai Hoa said that Israel has diverse needs andstable purchasing power and high spending. The country’s enterprises in generalare very dynamic, and do business quite methodically and seriously. This marketrequires imports to strictly comply with specific local standards.Besides, Israel also applies the standards of the European Union and the US andimplements quite strict inspection and control.
Vietnamese enterprises need to focus on offering processedproducts with high added value, competitive prices and appropriate quality; and to comply with requirements of the newly-issued Israeli import regulations andstandards, Hoa advised./.
VNA
