Seminar updates trade opportunities in Israel

Hano​i (VNA) – A seminar was held in Hanoi on March 29 to provide Vietnamese firms with the latest information about trade development opportunities in Israel.

Deputy head of the Trade Promotion Agency under Vietnam’s Ministry of Industry and Trade Le Hoang Tai said Vietnam and Israel have set up cooperation in wide-ranging fields since they established diplomatic ties in 1993.

Two-way trade surpassed 1 billion USD in 2017 with Vietnam’s exports to Israel worth over 700 million USD, he cited.

As of 2017, Israel ran 26 direct investment projects in Vietnam with total capital of over 47 million USD, ranking 11th among the 56 countries and territories investing in the Southeast Asian country.

Notably, the processing and manufacturing industries attracted seven foreign direct investment (FDI) projects worth more than 25 million USD.

Israel has pledged to provide a credit package of 250 million USD for Vietnamese businesses in the coming time, he added.

Deputy head of the Ministry of Industry and Trade’s Department of Asia-Africa Market Le Thai Hoa said Israel has a developing economy with hi-tech industries playing the crucial role. 

He hoped Israel will promote technological transfer to Vietnam to develop the economy.

Israel is one of the countries with hi-tech agriculture development, he said, adding that Vietnam could become a potential market for Israeli businesses in manufacturing and creating state-of-the-art farming equipment.

Vietnam is able to export farm produce like rice, coffee, tea, pepper, and timber products, as well as garments and footwear to the country.

He suggested Vietnamese enterprises actively participate in trade fairs and coordinate with relevant agencies to promote their products.-VNA