Deputy Head of the Trade Promotion Agency, under Vietnam’s Ministry of Industry and Trade, Le Hoang Tai said that Vietnam and Israel have set up cooperation in wide-ranging fields since they first established diplomatic ties in 1993.
Two-way trade surpassed US$1 billion in 2017 with Vietnam’s exports to Israel worth over US$700 million, he cited.
As of 2017, Israel ran 26 direct investment projects in Vietnam with a total capital of over US$47 million, ranking 11th among the 56 countries and territories investing in the Southeast Asian country. Notably, the processing and manufacturing industries attracted seven foreign direct investment (FDI) projects worth more than US$25 million.
Deputy Head of the Ministry of Industry and Trade’s Department of Asia-Africa Market Le Thai Hoa said Israel has a developing economy with hi-tech industries playing a crucial role. Israel is one of the countries utilising hi-tech agriculture development, he said, adding that Vietnam could become a potential market for Israeli businesses in manufacturing and creating state-of-the-art farming equipment.
Vietnam is able to export farm produce such as rice, coffee, tea, pepper, and timber products, as well as garments and footwear to the country.
Hoa suggested that Vietnamese enterprises actively participate in trade fairs and coordinate with the relevant agencies to promote their products.
