Excellent chance from Vietnam - Israel Economic Forum

DNHN - Vietnamese and Israeli businesses, representing a wide range of industries, will jointly seek cooperation opportunities and potential business partners.

The "Vietnam - Israel Business Forum" will be held in Hanoi on August 16 to connect and promote trade cooperation between the two nations. This event marks the Israeli Minister of Economy's business trip to Vietnam from August 14 to August 18, 2023.

Minister of Industry and Trade, Mr. Nguyen Hong Dien, and Israeli Minister of Economy and Industry, Nir Barkat, co-chaired the event and engaged in extensive discussions regarding opportunities and trade cooperation between the two nations.

The forum is anticipated to attract a large number of diverse businesses from Israel and Vietnam. Businesses, representing a variety of disciplines, will seek out opportunities for collaboration and potential business partners.

With the participation of leading Israeli corporations, the forum includes representatives from a variety of fields, including high-tech agriculture, information technology and information security, medical equipment, processing technology, etc., water management, clean energy, and national security. Particularly, the market for medical equipment desires to collaborate with distribution partners in Vietnam.

Not to mention the growing partnership between Vietnam and Israel. Recently, when both countries celebrated the 30th anniversary of establishing diplomatic relations, the Vietnam-Israel Free Trade Agreement (VIFTA) was officially signed after seven days of negotiations. This is a significant turning point that has the potential to create new opportunities for trade and investment cooperation between the two countries.

VIFTA is not only a trade agreement, but also a bridge to eliminate tariffs, reduce non-tariff barriers, and promote trade in services and investment.

Vietnam, whose economy is expanding rapidly, can take advantage of the Vietnam-Israel Free Trade Agreement (VIFTA) to expand its exports of durable goods to the Israeli market and gain access to this partner's advanced technology goods. This partnership is expected to reduce production and business costs and boost the international competitiveness of Vietnamese goods.

Strong commitments from both parties in the agreement, particularly about increasing the rate of trade liberalisation, demonstrate their determination and desire for a robust expansion of bilateral trade. Both Vietnam and Israel anticipate that this growth will continue, reach the $3 billion mark, and even surpass it shortly.

According to data from the Ministry of Industry and Trade, the trade volume between the two nations has increased from $1.2 billion in 2019 to $1.88 billion in 2021 and is projected to reach $2.2 billion in 2022. not only reflects the robust growth of bilateral relations but also encourages cooperation and future development.

PV (t/h)