Vietnam-Israel trade likely to exceed 3 billion USD this year
Vietnam-Israel trade, propelled by the current growth momentum, is expected to surpass 3 billion USD in 2024, Vietnamese Trade Counsellor in the Middle Eastern nation Le Thai Hoa has said.
At the meeting between Vietnamese Ambassador to Israel Ly Duc Trung and Israeli Minister of Economy and Industry Nir Barkaton November 11. (Photo: VNA)
Tel Aviv (VNA) – Vietnam-Israel trade, propelled by the current growth momentum, is expected to surpass 3 billion USD in 2024, Vietnamese Trade Counsellor in the Middle Eastern nation Le Thai Hoa has said.
According to the diplomat, Vietnam’s export to and import from the partner are projected to reach about 850 million USD and more than 2.15 billion USD respectively.
In the first nine months, bilateral trade turnover hit 2.28 billion USD, including 614 million USD worth of Vietnamese exports.
With over 153 million USD in foreign direct investment, Israel is Vietnam's second-largest Middle East investor, following Turkey, and stands 44th among the 146 countries and territories investing in the Southeast Asian nation. Meanwhile, Vietnam’s investment in Israel has so far exceeded over 40 million USD.
Set to take effect in November, the Vietnam-Israel Free Trade Agreement (VIFTA) is expected to further enhance their bilateral trade and investment ties. Speaking at a meeting with Vietnamese Ambassador to Israel Ly Duc Trung on November 11, Israeli Minister of Economy and Industry Nir Barkat praised both sides for their seven-year efforts, which included 12 rounds of negotiations and a year of finalising legal procedures to bring the pact into force.
Barkat also highlighted the vast potential for cooperation in the Vietnamese market, which he considers a strategic gateway for Israel to access other Southeast Asian markets. Noting the prospect of establishing a direct flight route between the two countries, he pledged to support aviation businesses in realising this goal.
The “what’s good for Europe is good for Israel” bill, which will take effect in early 2025, will align Israeli import standards for consumer goods with European Union regulations. Vietnamese exports to the EU have already met these standards under the EU-Vietnam Free Trade Agreement (EVFTA), positioning them for smoother entry into Israel once the VIFTA comes into effect.
Currently, Israel is Vietnam's third largest trading partner, fourth biggest export market and second largest import market inꦚ the Middle East. Last year, bilateral trade stood at approximately 2.68 billion USD, with Vietnamese exports totaling 631 million USD./.
The Vietnamese Embassy in Israel on July 19 hosted a cultural exchange themed "Living Fully in Vietnam”, as part of a series of events celebrating the 31st anniversary of Vietnam-Israel diplomatic ties (July 12).
Strengthening bilateral economic and trade cooperation after the Vietnam-Israel Free Trade Agreement (VIFTA) comes into effect will bring about great benefits and opportunities to businesses from both countries, Minister of Industry and Trade Nguyen Hong Dien has said.
Vietnam always attaches importance to Vietnam-Israel relations, Prime Minister Pham Minh Chinh told visiting Israeli Minister of Economy and Industry Nir Barkat, who is also head of the Israel subcommittee of the Vietnam-Israel Intergovernmental Committee, in Hanoi on August 16.
The Party and State of Vietnam always attach great importance to and give top priority to the development of Vietnam–China relations. Vietnam is ready to work with the Chinese Party and State to further deepen the Comprehensive Strategic Cooperative Partnership and promote the building of the Vietnam-China community with a shared future that carries strategic significance.
Under the leadership of President Ho Chi Minh and the CPV, President Cuong said, the press has been a steadfast force on the ideological and cultural front, rallying the masses to pursue national aspirations.
NA Chairman Tran Thanh Man stressed the need to accelerate the application of artificial intelligence and smart teaching equipment, innovate teaching and assessment methods, and further improve the quality of formal education.
He also pledged that the NA will promote its ongoing supervision, making sure that every promise must lead to results, and every commitment must bring about real changes.
Minister of Industry and Trade Nguyen Hong Dien welcomed the proposals put forward by the US side and reiterated Vietnam’s request for consideration of key areas of interest, including reciprocal tariff policies and access for Vietnamese key export products to the US market.
Deputy PM Le Thanh Long proposed countries promote shared values, including building trust, sincerity, and solidarity among nations and peoples; fostering cooperation spirit and responsible behaviour as well as upholding international law and the UN Charter; and placing people at the centre and as the goal, the key player, and the driving force of all policies.
The show, together with a grand parade to be held silmutaneously at Ba Dinh Square in Hanoi, will celebrate the 80th anniversary of the August Revolution, the National Day, and the General Staff of the Vietnam People’s Army (VPA).
In particular, in April 2023, the two sides successfully carried out a joint operation that dismantled a major organised, transnational drug trafficking ring involving both Vietnamese and Cambodian suspects.
The Vietnamese Embassy in Israel is closely coordinating with relevant local agencies to stay informed and provide the utmost support possible for Vietnamese nationals.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
New Zealand is currently one of Vietnam’s most important partners in the region, marked by a high level of political trust, strong and reliable defence and security cooperation, and increasingly open economic, trade, and investment ties.
Party General Secretary To Lam stressed that the Central Public Security Party Committee must be fully aware of the extremely important role of the People's Public Security force in the country's new revolutionary phase, so as to guide each branch and level of the force as the nation undergoes transformation.
Addressing concerns over university education spending, Son explained that as public universities gain greater autonomy, the Ministry of Finance has scaled back recurrent state funding. “Over the past decade, as autonomy has increased, the State's support has steadily declined”, he noted
Lao Minister of Foreign Affairs Thongsavanh Phomvihane affirmed that the presence of Vietnamese press offices in Laos vividly demonstrates the great friendship, special solidarity, and comprehensive cooperation between the two nations, as the press is not only a means of communication but also an important bridge for spreading consciousness about the history, values, and strategic depth of the Laos – Vietnam relationship to the people of both countries and the international community.
The country is willing to participate in collective efforts to promote cooperation and mobilise resources to advance the current priority issues of developing countries, such as trade, investment, infrastructure connectivity, making the most of scientific and technological advances for development, and people-to-people exchanges, Hang said.
During the negotiations, the US highly evaluated Vietnam’s goodwill and efforts, affirmed its appreciation for the bilateral relationship, acknowledged Vietnam’s proposals and concerns, and considered these an important basis for continuing discussions and moving towards a final agreement.
The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
