Vietnam is regarded as a target market of Israeli businesses and the two countries possess great potential to boost their bilateral business and trade ties, according to an Israeli business leader.

Arie Zief, Vice President of the Federation of Israeli Chambers of Commerce, made the remark at a recent conference themed “Business and Success in Vietnam” in Tel Aviv, which attracted representatives from several dozens of local companies.

The Israeli business community has been keen on seeking investment and business chances in Vietnam in recent years, said Zief, adding that Vietnam is an attractive investment destination in the eyes of Israeli investors operating in the spheres of agriculture, water treatment, energy, and high technology.

He forecast that two-way trade can double in the next five years.

Director of the Israel-Vietnam Corporation Rafi Kaufman said Vietnam is one of the top six emerging markets, citing the country’s large population and increasing income.

According to Vietnamese Ambassador to Israel Ta Duy Chinh, the conference will help further accelerate and deepen bilateral economic ties between the two countries in the coming time.

In 2013, two-way trade between Vietnam and Israel reached 604 million USD, a year-on-year hike of 37.9 percent. Of the amount, 401 million USD was Vietnam’s export turnover.

Israel, which ranks 62 nd among foreign investors in Vietnam, now has 16 projects in the country with total disbursed capital of 20.65 million USD.-VNA