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

On the afternoon of December 11th, in Hanoi, a seminar 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 seminar, Vietnam's Deputy Minister of Industry and Trade, Nguyen Sinh Nhat Tan, stated that the trade structures of Vietnam and Israel are not competitive but complementary. This is an important prerequisite for both sides to expand trade in the future.

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

Accordingly, Vietnam and Israel underwent a difficult negotiation process, but with much effort and determination, the agreement was finally signed and implemented. Current trade turnover is only approximately 3 billion USD, which is not commensurate with the potential and relative standing of the two sides. The VIFTA will create a foundation for both sides to implement many activities in trade, investment, tourism , and other exchanges.

Beyond trade, VIFTA also provides a significant impetus for investment cooperation between the two countries. The simplification of legal procedures and reduction of administrative barriers gives Vietnamese and Israeli businesses more confidence in expanding their investment activities.

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

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

Israel is a very important partner of Vietnam in the Middle East, serving as a channel for Vietnam to enter the region. Therefore, the implementation of VIFTA is not just about numbers, but also about opportunities for the industries that Vietnam aims to develop in the future.

Conversely, Israel is also very interested in the region, with Vietnam being an emerging partner. Both sides see highly complementary advantages in each other.

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

Following a pilot program in orange orchards in Ha Tinh province, Israeli irrigation technology has brought about significant positive changes and has since been replicated in 10 provinces and cities across Vietnam. This initiative is expected to help Vietnam address the crucial challenge of efficient water management in agriculture.

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