Vietnam, Israel conclude FTA negotiations

Accordingly, the announcement was made at a working session between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat during his ongoing visit to Israel.

Minister of Industry and Trade Nguyen Hong Dien said with the reciprocal economies and growing two-way trade, the two countries will benefit much from the agreement, whose negotiations lasted seven years with 12 rounds.

He then suggested the two sides step up coordination and delegation exchange to seek and promote cooperation opportunities in trade and investment, and encouraged Israel’s businesses to invest in Vietnam in such areas as industry, high-tech agriculture, IT, green production and industrial infrastructure.

He also called on Israel to share its experience and technology in digital economy, digital transformation and energy transition.

For his part, Israeli Minister of Economy and Industry Nir Barkat agreed to continue with cooperation and exchange activities between the two ministries, as well as trade promotion programmes in order to facilitate the operation of their enterprises, enabling them to optimise the VIFTA once it is put into place.

According to the Vietnamese Ministry of Industry and Trade, Israel is Vietnam’s third biggest importer and fifth largest trade partner in West Asia. Bilateral trade between the countries rose 18% last year to $2.2 billion. Vietnam's largest exports to Israel include smartphones, footwear and seafood, while it imports electronics and fertiliser.