Minister of Vietnam Trade and Industry Nguyễn Hồng Diên delivers a speech at the event on August 16 in Ha Noi. — VNS Photo

HÀ NỘI —  There remains ample space for Việt Nam and Israel to enhance their economic and trade cooperation, towards building a business ecosystem for their business communities, heard a forum in Hà Nội on Wednesday.

The Việt Nam-Israel business forum was jointly held by the Ministry of Industry and Trade of Việt Nam (MoIT), the Embassy of Israel in Việt Nam and the Ministry of Economy and Industry of Israel.

Addressing the event with a participation of more than 150 Vietnamese and Israeli businesses, Vietnamese Minister of Trade and Industry Nguyễn Hồng Diên said that since the two countries established diplomatic ties 30 years ago, their relationship has recorded fruitful development, generating momentum for economic and trade cooperation. The clearest proof was the recent exchange of high-level visits between the two countries.

Diên noted that the two-way trade between the two countries maintained a steady growth rate amid the COVID-19 pandemic and global political instability over the years. As a result, Việt Nam has grown to be the second largest importer of Israel in the ASEAN and Israel has become one of Việt Nam's largest trade destinations in West Asia.

Minister Diên also expressed his hope that Israeli businesses would continue to do research and soon have new investment projects in Việt Nam, affirming that his ministry was ready to work with the Israeli Ministry of Economy and Industry and the Israeli Embassy in Việt Nam to support businesses of both sides in the future. He said that his ministry was committed to creating all favourable conditions to support Israeli businesses to do business and investment in the country.

Opening his speech at the forum, Israeli Minister of Economy and Industry Nir Barkat said the relationship between the two countries was moving ahead, noting that he was happy to hear the good news that Việt Nam started granting e-visas for all countries and territories from August 15 and stressed the importance of opening direct flights that aimed to foster people-to-people exchanges and economic cooperation.

He also briefed the participants on Israel’s strengths and potential, and affirmed that the Israeli Government has adopted mechanisms and policies to encourage businesses to expand investment and cooperation abroad.

Also, at the forum, Trần Quang Huy, director general of the Asia-Africa Market Department under MoiT told participants that as of July 20, Israel ran 40 FDI projects worth more than US$140 million in Việt Nam, ranking 47th among the 148 countries and territories investing in the country. Việt Nam invested in four projects valued at some $76 million in Israel.

Israel is now Việt Nam’s fifth-biggest trade partner and third-largest importer in the Middle East. It ranks 33rd among more than 200 countries and territories that have trade ties with the Southeast Asian nation, adding that two-way trade reached $2.2 billion in 2022, up 18 per cent from 2021, of which Việt Nam’s export value hit $800 million, up 30 per cent.

Vietnamese goods such as mobile phones and components, agro-aquatic products, footwear, and garment-textiles have gained a firm foothold in the Israeli market.

He emphasised that Việt Nam always creates optimal conditions for Israeli enterprises to invest in the country in industrial production, high-tech agriculture, materials, information technology, green and clean production, and industrial infrastructure development. The two countries were working hard to raise their bilateral trade to $3 billion in the future.

Regarding the Việt Nam-Israel Free Trade Agreement (VIFTA) signed on July 25, Israel is the first country in West Asia with which Việt Nam has reached an FTA. Việt Nam is also the first Southeast Asian nation with which Israel has inked such a deal.

Since 1997, the two countries have signed an agreement on agricultural cooperation, whereby Israel has supported Việt Nam in implementing many projects and transferred technologies in sectors like animal husbandry, cultivation, and irrigation. Israel's high technology and advanced techniques in production have helped Việt Nam's agricultural industry develop and obtain many results, contributing to promoting and building a modern Vietnamese agriculture, narrowing the gap with advanced countries, and meeting the demand for food and ensuring food hygiene and safety for the people.

Israel has been supporting Việt Nam in training human resources in science and technology, offering agricultural traineeship programmes in Israel, and sending experts to different localities of Việt Nam to share experiences and knowledge in applying working methods and using advanced and modern equipment. — VNS