Vietnam - Israel Business Forum hopes for 3 billion USD in trade revenue after VIFTA
WVR/VNA - The trade revenue between Vietnam and Israel is expected to hit 3-4 billion USD soon, and even higher in the years to come, thanks to their agreements and commitments to trade liberalisation, according to the Forum in Hanoi on August 16, 2023.
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| Vietnam - Israel Business Forum hopes for 3 billion USD in trade revenue: Minister of Industry and Trade Nguyen Hong Dien speaks at the Forum in Hanoi, on August 16, 2023. (Photo: VNA) |
The Vietnam-Israel Business Forum was co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien, Israeli Embassy in Vietnam and Israeli Minister of Economy and Industry Nir Barkat.
In his remarks, Minister Dien said the recently signed Vietnam-Israel Free Trade Agreement (VIFTA) will contribute to bringing about great interest and opportunity to the businesses of both countries.
Israel is a leading partner of Vietnam in West Asia in terms of trade, investment and labour, he said, noting that their bilateral trade jumped from 1.2 billion USD in 2019 to 2.2 billion USD last year. The Minister highlighted their cooperation in agriculture with an agreement reached in 1997, and Israel’s support to Vietnam in personnel training in science-technology.
As of July 20, 2023, Israel ran 40 FDI projects worth over 140 million USD in Vietnam, ranking 47th among the 148 countries and territories investing in the country.
Notably, Israel is Vietnam’s fifth largest 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.
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| Vietnam - Israel Business Forum hopes for 3 billion USD in trade revenue: Participants at the Forum. (Photo: Duc Duy/Vietnam+) |
The two economies are reciprocal, he said, suggesting that with their strengths in science and technology, Israeli enterprises should launch new projects in Vietnam soon, especially in the areas where Vietnam is offering many incentives like electronics, industrial, chemicals and energy.
Through Vietnam, a market of more than 1 million consumers, Israeli goods can access other markets in the Association of Southeast Asian Nations (ASEAN), Asia-Pacific, and other major economies in the 16 FTAs in which Vietnam is a signatory, that includes nearly 6 billion consumers.
According to Tran Quang Huy, Director of the Ministry of Industry and Trade's Asian-African Market Department, ample room remains for the two countries to boost economic and trade ties.
He suggested their business communities step up trade promotion activities, saying the Ministry and its relevant agencies will pay more attention to the work in the time ahead.
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| Vietnam - Israel Business Forum hopes for 3 billion USD in trade revenue: Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat witnessed the signing of a Memorandum of Understanding between Vietnamese enterprises and Israeli enterprises. (Photo: Duc Duy/Vietnam+) |
Within the framework of the Forum, participants witnessed the signing of some memoranda of understanding between Vietnamese and Israeli firms.
(Source: WVR/VNA)
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