Vietnam and Israel have signed a free trade agreement, which is an excellent development for the seafood, timber.

DNHN - The Vietnam-Indonesia Free Trade Agreement (VIFTA) will create many opportunities for Vietnamese businesses in the fields of seafood, timber, vegetables, and many others, as well as facilitate import and export between the two nations.

The Vietnam-Israel Free Trade Agreement (VIFTA) has been negotiated within the context of a growing bilateral relationship between Vietnam and Israel, particularly in the economic and commercial fields.

Expert evaluation indicates that VIFTA is of the utmost importance. The signing and implementation of VIFTA will create favorable conditions for Vietnam to promote the export of durable goods not only to Israel, but also to Middle Eastern, North African, and Southern African markets. Europe.

AI), agricultural technology for agricultural production, and numerous other fields of technology. Israel is also a country with a high demand for raw materials for production and business, as well as food and other consumables. Vietnam, meanwhile, has a developed agricultural sector and specializes in the production of agricultural goods.

According to Dr. Dinh Trong Thinh, the signing and implementation of the VIFTA Agreement will create favorable conditions for Vietnam to promote the export of durable goods to Israel and gain access to technological goods. Israeli acclaim. This contributes to reducing production and business costs and enhancing the international competitiveness of Vietnamese goods. The VIFTA Agreement also promises to bring about numerous positive changes in Vietnam's manufacturing and commercial sectors.

With this Vietnam-Israel Free Trade Agreement, the two nations will continue to strengthen their cooperative relationship and advance the growth of their respective economies.

According to expert Vu Vinh Phu, Israel is an unpopulated market with a massive import demand for consumer goods, estimated at approximately USD 25 billion per year. This creates a tremendous opportunity for Vietnam, as textiles, footwear, and seafood are areas in which Vietnam excels, and for which Israel has a high demand. In addition, the two nations can provide each other with high-tech goods and investments, an area in which Israel excels.

Expert Vu Vinh Phu emphasized that the import-export potential between Vietnam and Israel is still substantial. Currently, imports and exports between the two nations total less than 2 billion US dollars, and Vietnam has a trade deficit. The Vietnam-Israel Free Trade Agreement will provide an opportunity to increase trade volume and equalize the bilateral trade balance. If the target is met, the import-export volume between the two countries could reach 4-6 billion US dollars within the next five years.

Expert Ngo Tri Long also expressed his opinion on the tremendous potential of the Israeli-Vietnam trade relationship. Since 1994, the bilateral trade between the two nations has grown steadily. Although Israel is a small country with a population of less than 10 million, its economy and foreign trade are extremely robust. The annual per capita income of Israelis is approximately USD 55,000.

In addition, the annual value of Israel's trade activities exceeds 173 billion US dollars, with imports, particularly imported consumer goods, accounting for approximately 35 billion US dollars of the trade deficit. This benefits Vietnam's economic activities via two-way trade. Therefore, the Vietnam-Israel Free Trade Agreement will open the door for Vietnam's import and export activities, creating numerous opportunities. Vietnam can strengthen its position in international economic activities, particularly if Vietnamese businesses can capitalize on their strengths.

Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), emphasized the significance of the current signing of the VIFTA Agreement for the seafood industry.

Mr. Hoe admired the Israeli market for its high purchasing power and financial stability. Moreover, despite being a small nation, Israel lacks natural resources and domestic labor resources, resulting in a high demand for their consumption. This creates a substantial opportunity for Vietnamese seafood businesses to exploit.

VASEP has also provided a number for Vietnam's exports of seafood to Israel. Shrimp, frozen squid, canned tuna, and pangasius are among the exports. In 2022, tuna exports to Israel will reach 36.63 million USD, and Israel will rank fourth among Vietnam's top 10 tuna import markets. Vietnam's exports of frozen squid reached $23.22 million, and Israel ranked eighth among the top ten import markets for squid and octopus. Exports of frozen prawns to Israel totaled approximately 21 million US dollars, ranking Israel twenty-first in the world.

Mr. Tran Quoc Manh, Vice Chairman of the Vietnam Handicraft Association and Chairman of the Board of Directors of Saigon Commercial Production Development Joint Stock Company, likewise held the Israeli market in high regard. He stated that Israel shares many similarities with Vietnam, particularly the cooperative model. Vietnam can learn a great deal from Israel's strengths in high-tech agriculture and the application of advanced scientific and technological achievements. With the VIFTA Agreement, Vietnamese wood businesses will have the opportunity to enter this market shortly, even though the amount of furniture products exported to Israel is currently low.

Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, also emphasized the Israeli market's potential for Vietnamese fruit and vegetable exports. Currently, Israel is still a small market, and there are no separate statistics on Vietnam's exports of fruits and vegetables. However, he anticipates that in the future, this market will be among the top 15 or top 10 export markets for Vietnamese vegetables and fruits.

The Vietnam-Indonesia Free Trade Agreement (VIFTA) will create many opportunities for Vietnamese businesses in the fields of seafood, timber, vegetables, and many others, as well as facilitate import and export between the two nations, thereby improving the quality of goods and services. The economic standing of Vietnam on the international market.

The Thanh Ha