At the invitation of Israel's Minister of Economy and Industry Nir Barkat, Minister of Industry and Trade Nguyen Hong Dien led a delegation to visit and work in Israel to agree on the content and officially announced the end of negotiations on the Free Trade Agreement between Vietnam and Israel (VIFTA) and discussed bilateral trade issues.
At the meeting taking place on April 2, 2023, Minister Nguyen Hong Dien said that with a mutually complementary economic structure and a strongly growing two-way trade turnover, Vietnam and I Israel will gain more benefits when incentives and advantages from VIFTA are effectively utilized. Minister Nguyen Hong Dien proposed that the two sides strengthen coordination and exchange of delegations between ministries, branches, industry associations, businesses... to jointly seek and promote opportunities for trade and investment cooperation, building Build and promote brands at fairs and exhibitions held in both Vietnam and Israel.
Minister Nguyen Hong Dien especially encourages Israeli businesses to invest in Vietnam in the fields of industrial production, agriculture with high technology applications, materials industry, information technology, green production, clean production..., investment in industrial infrastructure development. In addition, the Minister also asked Israel to share experience and technology in the field of digital economy, digital transformation, energy conversion...
On his part, Minister Nir Barkat agreed to continue implementing cooperation and exchange activities between the two Ministries, as well as promoting trade promotion programs, creating favorable conditions for Israeli and Israeli businesses. Vietnam in business and investment to be able to take advantage of the commitments of the Vietnam - Israel FTA Agreement once the agreement is signed and takes effect.
Next, the two sides agreed to issue a Declaration on the conclusion of negotiations on the Vietnam - Israel FTA Agreement. Both Ministers highly appreciated the efforts of the two negotiating teams of Vietnam and Israel during 7 years with 12 negotiating sessions, overcoming difficulties and challenges during the Covid-19 pandemic. to finally reach an agreement that suits the wishes and interests of both countries. With the official conclusion of negotiations, the next two countries will soon promote the final internal and legal work to prepare for the signing of the Vietnam - Israel FTA Agreement expected in 2023. Celebrate the 30th anniversary of the establishment of diplomatic relations between the two countries.
Full text of the Joint Statement of the Ministers on the conclusion of negotiations on the Free Trade Agreement between the Socialist Republic of Vietnam and the State of Israel: Vietnamese version, see here; Committee English, see here.
| Israel is one of Vietnam's leading trade, investment and labor cooperation partners in the region. Israel is currently the third largest export market, the fifth largest trade partner of Vietnam in West Asia and is considered a large, potential market in West Asia.
In 2022, Vietnam's total import-export turnover with Israel will reach 2.2 billion USD, an increase of 17.9% compared to the same period in 2021, of which Vietnam's export turnover to Israel en reached 785.7 million USD and Vietnam's import turnover from Israel reached 1.4 billion USD. |
