Tel Aviv (VNA) – Vietnamese businesses introduced their potential and strong export products in various fields to Israeli partners at a Vietnam-Israel consumer goods trade exchange that was held virtually on November 23.

Addressing the event, Ze’ev Lavie from the Federation of Israeli Chambers of Commerce (FICC) lauded the initiative of the Trade Office under the Vietnamese Embassy in Israel in holding the event, which provides a chance for Vietnamese and Israeli firms to foster connections amid the COVID-19 pandemic.

He briefed participants on the Israeli market and its high consumption power and liquidity, as well as the country’s business community.

He said that Israeli enterprises are interested in the Vietnamese market, a stable supplier of products, services and logistics to Israel in Asia.

Meanwhile, Vietnamese Ambassador to Israel Do Minh Hung highlighted Vietnam’s success in controlling the COVID-19 pandemic, international integration as well as the country’s business and investment environment and the prospect of concluding a bilateral free trade agreement in an early date.

Head of the Trade Promotion Agency Vu Ba Phu presented the strength of Vietnamese consumer products for export, while Vietnamese Trade Counselor in Israel Le Thai Hoa summarised the Vietnam-Israel trade relations, prospects for bilateral trade exchange as well as cooperation opportunities for the business communities of both sides in the future.

With a 9.3-million population, Israel is the third biggest export market of Vietnam in the Middle East region. It imports food, foodstuff, farm produce, footwear, garment and textile, mobile phones, coffee, cashew, frozen shrimp, tuna, and frozen squid from Vietnam, with an average annual turnover of about 800 million USD.

According to the General Department of Vietnam Customs, due to the COVID-19 impacts, in the first 10 months of this year, Vietnam earned only 574.21 million USD from exports to the Israeli market, of which 50 percent was from telephones and accessories.

The Southeast Asian country imported 717.06 million USD worth of products from Israel during the period, mostly computer, electronics and spare parts, and fertilizers./.