Vietnam and Israel are set to accelerate the implementation of their free trade agreement while broadening their cooperation in trade, industry, and innovation. This decision was reached during a meeting in Jerusalem between Vietnam’s ambassador to Israel and Israel’s Minister of Economy and Industry. Both parties underscored the significance of the Vietnam–Israel Free Trade Agreement (VIFTA) as a catalyst for further economic growth.
The bilateral trade relationship between the two nations has been on a strong upward trajectory, achieving a value of approximately $3.63 billion last year. In just the first five months of the current year, trade figures have already approached $1.6 billion, with a notable increase in Vietnam’s exports compared to the same period last year. If this growth trend continues, Vietnam’s exports to Israel are poised to surpass the $1 billion mark for the first time, largely driven by strong demand and enhanced market access provided by the free trade agreement that took effect in late 2024.
Israel has emphasized its expertise in fields such as artificial intelligence, cybersecurity, medical technology, and advanced agriculture. The country is keen on fostering increased business cooperation and investment exchanges with Vietnam, aiming to leverage these strengths.
Both nations have committed to maintaining close coordination between their respective agencies and businesses. This approach aims to maximize the benefits of the trade agreement and further expand economic ties between Vietnam and Israel, ensuring that the opportunities presented by their partnership are fully realized.