Vietnamese Deputy Prime Minister Tran Luu Quang visited an innovation center in Israel in July 2023.

Israel is a small country with only about 20.000 km2 , mostly desert, a population of less than 10 million people, and poor natural resources. Israelis began to innovate and invent in almost all areas of life including industry, agriculture, health, education, scientific research, irrigation, water management and climate change, defense, and security.

Today, Israel is a world power in technological innovation, known as the "Start-up Nation."

Israel produces fabrics and clothing, food, the latest electronic and medical equipment, jewelry and alcohol, and equipment for the military and medical industries. IT and software technology occupy a special place in exports. The economy of Israel is the economy of a highly developed country.

Vietnam - Israel relations develop rapidly

Vietnam and Israel established diplomatic relations on July 12, 1993. The visit of Israeli President Shimon Peres to Vietnam in November 2011 was an important milestone in cooperation between the two countries in many fields. During this visit, Israel's Minister of Science and Technology, Minister of Agriculture and Rural Development, and more than 60 representatives of leading Israeli businesses and Vietnamese partners attended the Vietnam-Israel Business Forum. This event opened up many opportunities for deeper cooperation between the two countries in economy, trade, and investment.

The Vietnam-Israel relationship witnessed strong developments in many fields. High-level visits, cultural exchanges, and people-to-people dialogue further consolidated the Vietnam-Israel friendship and promoted mutual understanding between the two peoples.

Regarding trade, according to Vietnam's Ministry of Industry and Trade, Israel is currently the third-largest export market and the fifth-largest trading partner of Vietnam in the Middle East. Among Southeast Asian countries, Vietnam is Israel's largest trading partner. In 2022, despite many difficulties due to the COVID-19 pandemic, the total import and export turnover between the two countries still reached 2.185 billion USD, up 17.9% compared to 2021, of which Vietnam's exports to Israel worth 785.7 million USD, and imports from Israel were 1.4 billion USD.

Ambassador Nguyen Quang Khai, former Vietnamese Ambassador to Middle Eastern countries.

In July 2023, Vietnam and Israel signed a free trade agreement (VIFTA) after 7 years with 12 negotiating sessions. This is Vietnam's first free trade agreement with the Middle East. This agreement was signed also to celebrate the 30th anniversary of diplomatic relations between the two countries.

This is an important milestone contributing to the legal framework, creating favorable conditions for the development of economic, trade, and investment cooperation between the two countries.

Regarding investment, according to the Ministry of Foreign Affairs of Vietnam, up to now, Israel has 37 investment projects with a total registered capital of 85.27 million USD, ranking 49th out of 140 countries and territories investing in Vietnam. A typical project is the textile-dyeing-garment factory Delta Galil Industries Ltd. in Binh Dinh with a capital of 54.42 million USD.

In Ho Chi Minh City, there are 23 projects with a total registered capital of 13.65 million USD. Da Nang City has 3 projects with total registered capital of 5.99 million USD. Israeli companies also participated in joint ventures, investing in several projects such as Anh Duong tourist area in Khanh Hoa, a Landmark building in Hanoi and the Capital Fund in Ho Chi Minh City. Many cooperative projects on planting flowers, vegetables, fruit trees, and raising TH True Milk dairy cows using high technology from Israel in Hanoi, Hai Phong, Nghe An, Da Lat, and Ho Chi Minh City initially obtained positive results.

Regarding training, Israel helped Vietnam train experts in agriculture and high technology. Upon returning home, experts then promoted the entrepreneurial spirit, and successfully absorbed and applied Israel's advanced technologies to projects in Vietnam, and achieved encouraging results.

Cooperation between Vietnam and Israel has brought positive results but has not yet fully utilized the potential available between the two countries. In the coming time, with new favorable conditions brought by the Vietnam - Israel Free Trade Agreement to businesses, cooperation will certainly develop in many fields.

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