Vietnam, Israel hope to hit 3 billion USD in trade: forum

Vietnamese Minister of Industry and Trade Nguyen Hong Dien speaks at the forum. (Photo: VNA)

Hanoi (VNA) – The trade revenue betweenVietnam and Israel is expected to hit 3-4 billion USD soon, and even higher inthe years to come, thanks to their agreements and commitments to tradeliberalisation, heard a forum in Hanoi on August 16.

The Vietnam-Israel Business Forum was co-chaired byVietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Ministerof Economy and Industry Nir Barkat.

In his remarks, Dien said the recently signed Vietnam-IsraelFree Trade Agreement (VIFTA) will contribute to bringing about great interestand opportunity to the businesses of both countries.

Israel is a leading partner of Vietnam in West Asiain terms of trade, investment and labour, he said, noting that their bilateraltrade jumped from 1.2 billion USD in 2019 to 2.2 billion USD last year.

The official highlighted their cooperation inagriculture with an agreement reached in 1997, and Israel’s support to Vietnamin personnel training in science-technology.

Trade between Vietnam and Israel jumps from 1.2 billion USD in 2019 to 2.2 billion USD last year. (Photo: VNA)

As of July 20, 2023, Israel ran 40 FDI projects worthover 140 million USD in Vietnam, ranking 47th among the 148countries and territories investing in the country.

Notably, Israel is Vietnam’s fifth largest trade partner andthird largest importer in the Middle East. It ranks 33rd among more than 200countries and territories that have trade ties with the Southeast Asian nation.

The two economies are reciprocal, he said, suggesting that withtheir strengths in science and technology, Israeli enterprises should launch newprojects in Vietnam soon, especially in the areas where Vietnam is offeringmany incentives like electronics, industrial, chemicals and energy.

Through Vietnam, a market of approximate 100 million consumers,Israeli goods can access other markets in the Association of Southeast AsianNations (ASEAN), Asia-Pacific, and other major economies in the 16 FTAs inwhich Vietnam is a signatory, that includes nearly 6 billion consumers.

According to Tran Quang Huy, Director of the Ministry ofIndustry and Trade's Asian-African Market Department, ample room remains forthe two countries to boost economic and trade ties.

He suggested their business communities step up trade promotionactivities, saying the ministry and its relevant agencies will pay moreattention to the work in the time ahead.

The signing of a cooperation document at the forum. (Photo: VNA)

Within the framework of the forum, participants witnessed thesigning of some memoranda of understanding between Vietnamese and Israelifirms./.

VNA