Israeli firms explore business opportunities in Vietnam

Tel Aviv (VNA) – Some 35 Israeli companies explored business and investment opportunities in Vietnam during a seminar co-held by the Vietnamese Trade Office and Israel-based accounting and consulting firm BDO in Tel Aviv on November 5.

The firms included manufacturers, investors and importers of various products, ranging from foods, consumer goods, to clothing, electronics, furniture and construction materials.

Opening the event, Vietnam Desk Manager of BDO Israel Einat Halevy Levin provided attendees with an outlook of the Vietnamese market, saying the seminar is a good chance for Israeli firms to explore and get updates about business opportunities in Vietnam.

Vietnamese trade counsellor Le Thai Hoa, for his part, gave an overview of Vietnam’s economy, the Free Trade Agreements the country has joined or is negotiating, its business climate and investment support policies.

Representatives of some Israeli companies said they wish to learn about Vietnam’s investment incentives and how the Vietnamese government will assist Israeli companies in seeking and getting in touch with Vietnamese manufacturers of products they want to import.

Others shared experiences in doing business with their Vietnamese partners, saying the two sides still have plenty of room for cooperation.

Latest statistics indicated in the first nine months of 2019, the Vietnam – Israel trade exceeded 790 million USD, with Vietnam enjoying a trade surplus of approximately 410 million USD.

Vietnam’s exports to Israel are likely to hit over 800 million USD this year while imports from Israel are estimated at about 260 million USD.

In the first three quarters, Israel exported 39.26 billion USD worth of goods and services, including raw and polished diamonds, a year-on-year decrease of 3.47 percent. The country’s imports slightly increased to 56.65 billion USD. Its trade deficit grew 10.2 percent year on year to 17.39 billion USD./.