New milestone in promoting economic and trade cooperation between Vietnam and Israel

On December 11, the Vietnam - Israel Free Trade Agreement (VIFTA) was officially introduced in Hanoi.

On the afternoon of December 11, in Hanoi, a workshop introducing the Vietnam - Israel Free Trade Agreement (VIFTA) was held, marking an important milestone in promoting economic, trade and technological cooperation between Vietnam and Israel.

VIFTA not only expands trade opportunities but also facilitates cooperation between businesses of the two countries in the fields of technology and innovation. Israel will support Vietnam in improving and implementing advanced technological solutions.

Speaking at the workshop, Deputy Minister of Industry and Trade of Vietnam Nguyen Sinh Nhat Tan said that the trade structure of Vietnam and Israel is not competitive but complementary. This is an important premise for the two sides to expand trade exchanges in the future.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan speaks at the workshop. Photo: Phuong Nguyen.

Accordingly, Vietnam and Israel went through a difficult negotiation process, but with great efforts and determination, the two sides finally signed and implemented the agreement. The current trade turnover is only approximately 3 billion USD, not commensurate with the potential and position of the two sides. VIFTA will create a premise for the two sides to carry out many trade, investment, tourism and other exchange activities.

In addition to trade, VIFTA also creates a great driving force for investment cooperation between the two countries. Simplifying legal procedures and reducing administrative barriers helps Vietnamese and Israeli businesses gain more confidence in expanding investment activities.

Mr. Luong Hoang Thai - Director of the Multilateral Trade Policy Department, Ministry of Industry and Trade, said that although Vietnam's export potential to Israel is not as large as many other countries, the agreement coming into effect will help balance bilateral trade.

Mr. Luong Hoang Thai - Director of Multilateral Trade Policy Department, Ministry of Industry and Trade spoke at the workshop. Photo: Phuong Nguyen.

Israel is a very important partner of Vietnam in the Middle East, a channel for Vietnam to enter the region. Therefore, the implementation of VIFTA is not only reflected in the numbers, but also an opportunity for the industries that Vietnam is aiming for in the future.

On the other hand, Israel is also very interested in this region, in which Vietnam is an emerging partner. The two sides see in each other highly complementary advantages.

On the occasion of the workshop, Vietnam and Israel signed an Agricultural Cooperation Initiative, aiming to expand the application of Israeli irrigation techniques to provinces and cities in Vietnam.

Signing ceremony of agreement on transfer of modern irrigation technology between Israel and Vietnam. Photo: Phuong Nguyen.

After being piloted in orange gardens in Ha Tinh province, Israel’s irrigation technology brought about significant positive changes and has since been replicated in 10 provinces and cities in Vietnam. The initiative is expected to help Vietnam address the important challenge of effective water management in agriculture.

Source: https://congthuong.vn/dau-moc-moi-trong-thuc-day-hop-tac-kinh-te-thuong-mai-giua-viet-nam-va-israel-363795.html