Today: 25/02/2024 15:22:29 (GMT+7)

Ample room remains for Vietnam-Israel to boost trade, investment cooperation

There remains ample space for Vietnam and Israel to enhance their economic and trade cooperation, towards building a business ecosystem for their business communities in the time ahead, heard a forum in Ho Chi Minh City on August 15.

The Vietnam-Israel business and trade forum was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI)’s chapter in Ho Chi Minh City and the Embassy of Israel in Vietnam.

Ample room, Vietnam-Israel, boost trade, investment cooperation, economic and trade cooperation, business communities

The Vietnam-Israel business and trade forum held in Ho Chi Minh City on August 15.

Addressing the event, Director of the VCCI’s Ho Chi Minh City chapter Tran Ngoc Liem noted that since the two countries established diplomatic ties 30 years ago, they have become leading important partners of each other in Southeast Asia and West Asia, respectively.

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

Meanwhile, Vietnam invested in four projects valued at some 76 million USD in Israel, he added.

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

The two economies are reciprocal, Liem stressed, adding that two-way trade reached 2.2 billion USD last year, up 17.9% from 2021, of which Vietnam’s export value hit 785.7 million USD.

Some Vietnamese goods such as mobile phones and components, agro-aquatic products, footwear, and garment-textiles have gained a firm foothold in the Israeli market, he went on.

Liem emphasised that Vietnam always creates optimal conditions for Israeli enterprises to invest in the country in industrial production, high-tech agriculture, materials, information technology, green and clean production, and industrial infrastructure development.

The two countries are working hard to raise their bilateral trade to 3 billion USD in the time ahead, he said.

Regarding the Vietnam-Israel Free Trade Agreement (VIFTA) signed on July 25, Liem stressed that Israel is the first country in West Asia with which Vietnam has reached an FTA. Vietnam is also the first Southeast Asian nation with which Israel has inked such deal.

The agreement is expected to facilitate Vietnam’s export to not only Israel but also other markets in the Middle East, North Africa and Southern Europe.

In return, Israel’s goods and technologies will find it easier to access markets in the Association of Southeast Asian Nations (ASEAN), Asia-Pacific and other major markets in the 16 FTAs in which Vietnam is a signatory.

Israeli Minister of Economy and Industry Nir Barkat briefed the participants on Israel’s strengths and potential, and affirmed that the Israeli Government has adopted mechanisms and policies to encourage businesses to expand investment and cooperation abroad.

The VIFTA will offer opportunities for the two sides to boost their trade and investment ties, and form a business ecosystem, he said.

The minister pointed to limitations in transport connectivity and market information sharing, which have hindered the bilateral cooperation, and suggested the two countries soon launch direct flights between Ho Chi Minh City and Israel to foster the collaboration.

Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan said the southern metropolis wants to enhance cooperation with and attract more Israeli enterprises in such areas as digital economy, science-technology, high-tech agriculture and renewable energy.

FTAs to which Vietnam is a signatory, as of July 2023
The Vietnam - Israel Free Trade Agreement (VIFTA) was signed on July 25 and is the latest free trade agreement (FTA) Vietnam is a party to. Joining more FTAs will create significant opportunities for the country to deeply participate in global value chains, increase exports, boost GDP growth, and improve its institutions.
CPTPP and UKVFTA help Vietnam-UK trade ties flourish
The United Kingdom’s upcoming membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will help both this nation and Vietnam to increase trade and investment ties, in addition to benefits from an existing bilateral trade deal that’s already taking effect.
Vietnam, Israel conclude FTA negotiations
Vietnam and Israel on April 2 announced the conclusion of negotiations for their free trade agreement (FTA), creating a premise for the two countries to sign the deal right this year.
EVFTA offering big benefits to Vietnam’s exports
Vietnam and the EU are increasing trade and investment ties backed by a bilateral free trade agreement, which are offering a raft of benefits over the past more than two years.
Vietnamese firms making relatively good use of EVFTA
Vietnamese enterprises are making relatively good use of the EU-Vietnam Free Trade Agreement (EVFTA), a recent survey revealed.

Source: VNA

Ample room, Vietnam-Israel, boost trade, investment cooperation, economic and trade cooperation, business communities
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