Vietnamese Minister of Science and Technology Huynh Thanh Dat (L) and Israeli Minister of Economy and Industry Nir Barkat show the signed minutes of the third meeting of the Inter-Governmental Committee in Hanoi on August 16. (Photo: Vietnam Government Portal) The event took place under the chair of Vietnamese Minister of Science and Technology Huynh Thanh Dat and Israeli Minister of Economy andIndustry Nir Barkat.
Highlighting the significance of the meeting after a six-yearhiatus, Dat said the event was held amidst the 30th anniversary ofthe two countries’ diplomatic ties (July 12, 1993 - 2023) and following the signingof the Vietnam - Israel Free Trade Agreement (VIFTA) after seven years ofnegotiations. It provided a condition for the countries to continue fosteringcomprehensive cooperation in the new context.
He noted that bilateral cooperation has been growing well in therecent past.
In the first half of 2023, their trade revenue approximated 1.4billion USD, up 21% year on year. That comprised 336.7 million USD in Vietnam’sexports to Israel, down 17.6%, and 1.05 billion USD in imports, up 42.3%.Vietnam’s trade deficit with Israel surged 116.4% to 714.8 million USD,statistics show.
The VIFTA signing has opened up a new chapter and marked a stridein bilateral relations, he said, considering the deal as a condition for thetwo sides to increase their trade by 10 - 15% this year so as to reach thetarget of 3 billion USD in the coming time.
Barkat said his country wants to focus on several groups ofsectors that it is strong at, including high technology; home security;application of Industry 4.0 technology to raise productivity; health care andlife aspects; desert technology, agriculture, food; and hi-tech tourism.
To Israel, Vietnam is a highly potential land because it notonly has population of nearly 100 million and fast growth but also serves as animportant gateway to other markets, he went on.
Sharingthe view that cooperation potential in all fields remain substantial, theofficials said the two countries boast a number of complementary advantages forcooperation, and they need to seek measures for tapping into each side’sadvantages to further promote cooperation effectiveness.
Israel is currently the third largest export market and thefifth biggest trading partner of Vietnam. It is considered a potential marketfor Vietnamese goods in the West Asia region.
Stressing the importance of the VIFTA signing, Dat and Barkatsaid the agreement has created a new chance for bolstering bilateral trade andinvestment, providing a crucial prerequisite for the countries to reach thetrade target of 3 billion USD.
They agreed on the need to complete the procedures for ratifyingthe VIFTA early and help businesses learn about the potential and opportunitiesit generates. Meanwhile, the two governments should supply information for enterprises,step up trade and investment promotion, and expand partnerships between theirbusiness communities.
In terms of science and technology, Vietnam and Israel willcoordinate to fruitfully carry out the signed agreements, foster cooperation instartup and innovation, and view science - technology as the focal priority andone of the pillars of bilateral cooperation. Particularly, they will enhanceties in the areas related to emerging economic trends and those matchingVietnam’s development strategy, including sustainable development, digitaltransformation, green economy, and circular economy, among others.
Bothsides will continue strengthening collaboration in the fields of agriculture,environment, energy, customs, information technology, quality standards,development cooperation, education, tourism, and justice, the ministers added.
At the meeting, the officials witnessed the signing of a cooperationagreement between the Authority of Information Security under the Vietnamese Ministryof Information and Communications and the information safety agency of Israel.
They agreed to hold the fourth meeting of the Inter-GovernmentalCommittee in Israel in 2025.
Talking to the Vietnam News Agency on the sidelines of themeeting, Minister Barkat held that to further boost cooperation in startup,innovation and technology transfer, the two sides should learn about the demandof each country’s private sector, which will help Israel’s private sectorexpand their operations in not only Vietnam but also the ASEAN region.
He pledgedcoordination to ensure the first Israeli companies present in Vietnam and ASEANwill reap success, adding that 10,000 Israeli startups will question whetherthey should come to open companies in Vietnam, and when the answer is “yes”,many other firms will follow./.
VNA
