Vietnam, Israel hope to hit 3 billion USD in trade: forum

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, heard a forum in Hanoi on August 16.

Wednesday, August 16, 2023 16:32

Vietnamese Minister of Industry and Trade Nguyen Hong Dien speaks at the forum. (Photo: VNA)

The Vietnam-Israel Business Forum was co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat.

In his remarks, 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 official highlighted their cooperation in agriculture with an agreement reached in 1997, and Israel’s support to Vietnam in personnel training in science-technology.

Trade between Vietnam and Israel jumps from 1.2 billion USD in 2019 to 2.2 billion USD last year. (Photo: VNA)

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.

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.