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| Mr. Tran Ngoc Liem, Director of the Vietnam Federation of Commerce and Industry Branch in Ho Chi Minh City, informed about the cooperation situation between the two countries at the Forum. (Photo: Xuan Anh/VNA) |
At the Forum, Mr. Tran Ngoc Liem, Director of the Vietnam Federation of Commerce and Industry Branch in Ho Chi Minh City, said that after 30 years of establishing diplomatic relations, the friendly cooperation between Vietnam and Israel has continuously developed strongly, achieving many important achievements, making the two countries become each other's leading important partners in the Southeast Asia and West Asia regions.
Regarding investment, as of July 20, 2023, Israel has 40 foreign direct investment (FDI) projects in Vietnam, with a total capital of more than 140 million USD, ranking 47th out of 148 countries and territories investing in Vietnam. Vietnam currently has 4 investment projects in Israel with a total value of about 76 million USD.
In terms of trade, Israel is the 5th largest trading partner and the 3rd largest export market of Vietnam in the Middle East, and the 33rd largest trading partner out of more than 200 national and territorial markets where Vietnam imports and exports goods.
In terms of structure, the economies of Vietnam and Israel are complementary to each other. Import and export goods of the two countries not only do not compete directly but also complement each other.
In 2022, Vietnam's total import-export turnover with Israel reached 2.2 billion USD, up 17.9% over the same period in 2021; of which, Vietnam's export turnover to Israel reached 785.7 million USD and Vietnam's import turnover from Israel reached 1.4 billion USD.
Vietnamese products that have established a foothold in the Israeli market include: mobile phones and components, seafood, agricultural products of all kinds, footwear, textiles, etc.
However, according to Mr. Tran Ngoc Liem, compared to Israel's potential in science, technology and finance, the figures on direct investment in Vietnam in recent times are very small and not commensurate with the potential and needs of both sides.
The Vietnamese Government always creates favorable conditions to encourage Israeli enterprises to invest in Vietnam in the fields of industrial production, high-tech agriculture; materials industry; information technology; green production; clean production... investing in industrial infrastructure development.
At the same time, the two countries are striving to increase bilateral trade turnover to the target of 3 billion USD in the coming time.
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| Mr. Nir Barkat, Minister of Economy and Industry of Israel, speaking at the Forum. (Photo: Xuan Anh/VNA) |
Also at the Forum, Mr. Nir Barkat, Minister of Economy and Industry of Israel, said that Israel is one of the world's leading countries in technology and startups.
With a population of only 10 million, Israel has more than 10,000 startups targeting the global market. Among the areas in which Israel has strengths and is prioritizing development are high technology, life sciences-health-medicine, advanced production systems, education-human resources, tourism, agriculture-food and national security.
Mr. Nir Barkat emphasized: "In addition to the potential of science and technology, the Israeli government also has mechanisms and policies to encourage businesses to develop, expand investment, and cooperate to develop in foreign markets.
With the signing of the Vietnam-Israel Free Trade Agreement (VIFTA), Israel is opening the door for Vietnamese goods to directly penetrate the domestic consumer market. Therefore, this is an opportunity for both sides to promote trade and investment, forming a business ecosystem in the business communities of the two countries."
Mr. Vo Van Hoan, Vice Chairman of Ho Chi Minh City People's Committee, also said that the signing and implementation of VIFTA will open up new opportunities for deeper cooperation between the two countries. Ho Chi Minh City, as the largest economic, cultural and tourism center in the country, is a large and potential market for domestic and foreign enterprises to invest and do business.
After the Covid-19 pandemic and other adverse fluctuations, Ho Chi Minh City's economy is recovering quickly and synchronously in all fields.
Mr. Hoan affirmed: "Ho Chi Minh City wishes to promote cooperation and attract Israeli businesses to invest in areas that the city has great demand for such as digital economy, science and technology, high-tech agriculture, renewable energy, etc. Thereby, contributing to promoting investment and trade relations between Vietnam and Israel commensurate with the potential and needs of the two countries."
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