Israel & Vietnam conclude FTA negotiations

04 Apr '23

1 min read

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Insights

Israel and Vietnam recently announced concluding negotiations for an FTA, raising expectations for the deal to be signed this year.
The latter encouraged Israeli firms to invest in its industry, high-tech agriculture and green production, and called on the former to share experience and technology in digital economy and transformation and energy transition.

Israel and Vietnam recently announced concluding negotiations for their free trade agreement (FTA), raising expectations for the deal to be signed this year.

The announcement was made at a working session between Israeli minister of economy and industry Nir Barkat and Vietnamese minister of industry and trade Nguyen Hong Dien during the latter’s visit to Israel.

Twelve rounds of negotiations have lasted seven years.

Dien 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’s high-tech agriculture, green production and industrial infrastructure.

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

Israel is Vietnam’s third biggest importer and fifth largest trade partner in West Asia, according to the Vietnamese ministry of industry and trade.

Last year, bilateral trade reached $2.2 billion, up 17.9 per cent year on year, of which Vietnam’s export was valued at $785.7 million and imports $1.4 billion.

Fibre2Fashion News Desk (DS)

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