(VOVWORLD) - Both Vietnam and Israel have ample room to raise bilateral trade to 3-4 billion USD in the coming time when the signed Free Trade Agreement (VIFTA) comes into force.
 Representatives of more than 150 Vietnamese and Israeli businesses attend the Vietnam-Israel Business Forum 2023 in Hanoi on August 16. (Photo: congthuong.vn) |
Addressing the Vietnam-Israel Business Forum that brought together 150 leading businesses of the two countries, Vietnamese Minister of Industry and Trade Nguyen Hong Dien praised the growing ties between the two countries, especially in trade and economy.
He said recently-signed Vietnam-Israel Free Trade Agreement would open up numerous opportunities for the two sides to enhance bilateral trade-economic-investment cooperation.
Vietnam and Israel signed the VIFTA on July 27, 2023 after 12 rounds of negotiations lasting for seven years. The deal will create a favorable premise for Vietnam to increase the export of its major products to not only Israel but also other markets in the Middle East, North Africa and Southern Europe.
Dien said he hopes Israeli businesses will expand investment in Vietnam. He said that the Ministry of Industry and Trade of Vietnam is ready to coordinate with the Israeli Ministry of Economy and Industry and the Israeli Embassy in Vietnam to support businesses of the two countries in implementing cooperation projects.
Attending the Forum were many large Israeli corporations in high-tech agriculture and agricultural equipment, distribution, and supply, information technology and security; medical equipment, water technology, clean energy, security and defense.