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| Mr. Tran Ngoc Liem, Director of the Ho Chi Minh City Branch of the Vietnam Federation of Commerce and Industry , provided information on the cooperation between the two countries at the Forum. (Photo: Xuan Anh/VNA) |
At the Forum, Mr. Tran Ngoc Liem, Director of the Ho Chi Minh City Branch of the Vietnam Federation of Commerce and Industry, stated that after 30 years of establishing diplomatic relations, the friendly cooperative relationship between Vietnam and Israel has continuously developed strongly, achieving many important accomplishments and making the two countries leading partners of each other in Southeast Asia and West Asia.
Regarding investment, as of July 20, 2023, Israel had 40 foreign direct investment (FDI) projects in Vietnam, with a total capital of over US$140 million, ranking 47th out of 148 countries and territories investing in Vietnam. Vietnam currently has 4 investment projects in Israel with a total value of approximately US$76 million.
In terms of trade, Israel is Vietnam's fifth largest trading partner and third largest export market in the Middle East, and its 33rd largest trading partner out of more than 200 countries and territories with which Vietnam imports and exports goods.
Structurally, the economies of Vietnam and Israel are complementary; the goods imported and exported by the two countries not only do not compete directly but also complement each other.
In 2022, Vietnam's total import and export turnover with Israel reached US$2.2 billion, an increase of 17.9% compared to the same period in 2021; of which, Vietnam's exports to Israel reached US$785.7 million and Vietnam's imports from Israel reached US$1.4 billion.
Vietnamese products that have established a foothold in the Israeli market include: mobile phones and components, seafood, agricultural products, footwear, textiles, etc.
However, according to Mr. Tran Ngoc Liem, compared to Israel's potential in science, technology, and finance, the figures for direct investment in Vietnam in recent years are very small and do not match the potential and needs of both sides.
The Vietnamese government consistently creates favorable conditions to encourage Israeli businesses to invest in Vietnam in high-tech industrial and agricultural sectors; materials industry; information technology; green manufacturing; clean manufacturing; and industrial infrastructure development.
Simultaneously, the two countries are striving to increase bilateral trade to reach the target of 3 billion USD in the near future.
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| Mr. Nir Barkat, Minister of Economy and Industry of Israel, speaks at the Forum. (Photo: Xuan Anh/VNA) |
Also at the Forum, Mr. Nir Barkat, Minister of Economy and Industry of Israel, stated that Israel is one of the world's leading countries in technology and entrepreneurship.
With a population of just 10 million, Israel has over 10,000 startups targeting the global market. Among these, the sectors in which Israel has strengths and is prioritizing development are high technology, life sciences and healthcare, advanced manufacturing systems, education and human resources, tourism, agriculture and food, and national security and defense.
Mr. Nir Barkat emphasized: "Besides its scientific and technological potential, the Israeli government also has mechanisms and policies to encourage businesses to develop, expand investment, and cooperate in developing foreign markets."
With the signing of the Vietnam-Israel Free Trade Agreement (VIFTA), Israel is opening its doors to Vietnamese goods for direct entry into its domestic consumer market. Therefore, this is an opportunity for both sides to boost trade and investment, forming a business ecosystem within the business communities of the two countries.
Mr. Vo Van Hoan, Vice Chairman of the People's Committee of Ho Chi Minh City, also stated that the signing and implementation of VIFTA will open up new and broader opportunities for cooperation between the two countries. Ho Chi Minh City, in particular, as the largest economic, cultural, and tourism center in the country, is a vast and potential market for domestic and foreign businesses to invest and operate.
Following the Covid-19 pandemic and other adverse events, Ho Chi Minh City's economy is recovering rapidly and comprehensively across all sectors.
Mr. Hoan affirmed: "Ho Chi Minh City wishes to promote cooperation and attract Israeli businesses to invest in areas where the city has great needs such as the digital economy, science and technology, high-tech agriculture, renewable energy… 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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