Vietnam, Israel look toward bilateral FTA next year

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has hailed Israel as a promising market of Vietnam in West Asia.

At the working session (Photo: VNA)

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has hailed Israel as a promising market of Vietnam in West Asia.
During a working session with the Israeli Ambassador to Vietnam Nadav Eshcar in Hanoi on November 16, Dien said Israel is now the fifth-largest trade partner of Vietnam. Despite the COVID-19 pandemic last year, two-way trade still hit 1.6 billion USD, up 36.4 percent annually. The figure went up 14.3 percent year-on-year to 1.3 billion USD in nine months of this year.

Vietnam’s major exports to Israel include mobile phones, computers and accessories, aquatic products, cashew nuts, apparel, footwear, coffee, pepper, machinery and equipment, natural rubber, beverages, plastic and wooden products, chemicals, handicrafts and ceramics.

Ambassador Nadv Eshcar said that the cooperation between Vietnam and Israel is diverse and shows great potential to promote the bilateral relationship more comprehensively and substantive. In particular, the negotiation of the Vietnam-Israel FTA is in the final stages, which will create a new breakthrough for the bilateral relations of the two countries.
Dien suggested the ambassador offer support to the country in trade promotion, both directly and indirectly, to bring more Vietnamese goods such as pepper, cashew nuts, coffee, fruits and vegetables, leather and footwear to Israel.
Particularly in the industrial sector, Minister Nguyen Hong Dien also hoped that Israeli businesses pay more attention and invest in fields such as supporting industries, electronics industry... in Vietnam. Although the FTA between Vietnam and Israel has not been negotiated and signed yet, Vietnamese and Israeli businesses have shown great interest in bilateral activities such as the cooperation of Israeli businesses with TH TrueMilk in Nghe An and Vinfast invest in Israel in the field of automobile manufacturing…
According to him, both sides should consider a mechanism on sharing information regarding technical requirements for exports, contributing to lifting two-way trade.
Eshcar, for his part, said negotiations on a free trade agreement between Vietnam and Israel are in the final stage which will create a new breakthrough for bilateral ties. If the deal is signed, two-way trade could increase to 3-4 billion USD each year quickly.
The Israeli side is urging agencies concerned to complete the talks this year and look to sign the deal next year, he said.
The host wished that the Israeli firms would invest more in support and electronics industries in Vietnam, as well as offer more assistance in investment, digital transformation, and technological infrastructure.
Vietnam is ready to step up negotiations towards reaching a bilateral FTA with balanced interests for both sides, he said./.