Vietnam and Israeli enterprises to intensify trade exchange

An Israel – Vietnam B2B matching webinar on consumer products was held on Monday to promote local export to the Israeli market amid the COVID-19 pandemic.

Jasmine Le

lehang1997hanu@gmail.com November 25, 2020 | 10:24

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Israel – Vietnam B2B matching webinar on consumer products (Photo: VOV)

According to VOV, the event was held as part of an initiative launched by the Vietnam Trade Office of the Vietnamese Embassy in Israel. Export products include agricultural products, food, footwear, garment and textiles, and consumer goods.

During his speech, Ze’ev Lavie of the Federation of Israeli Chambers of Commerce (FICC), lauded the initiative of the Trade Office under the Vietnamese Embassy in Israel to hold the function, which is set to provide an opportunity for both domestic and Israeli firms to foster greater connections during the COVID-19 pandemic.

He went on to brief participants on different aspects of the Israeli market, along with its high consumption power and liquidity, as well as the their business community.

Lavie added that Israeli enterprises are greatly interested in the Vietnamese market, a stable supplier of products, services, and logistics to Israel in Asia.

Furthermore, Vietnamese Ambassador to Israel Do Minh Hung applauded Vietnamese success in controlling the spread of the COVID-19 pandemic, international integration, as well as the country’s business and investment environment. This is in addition to the prospect of concluding a bilateral free trade agreement in the near future.

In response, Vu Ba Phu, head of the Trade Promotion Agency, presented the strengths of Vietnamese consumer products for export. Following this Le Thai Hoa, the Vietnamese Trade Counselor in Israel, summarised mutual trading ties, prospects for bilateral trade exchanges moving forward, as well as potential co-operation opportunities for the business communities of both sides.

With a population of 9.3 million, Israel represents the third largest export market for the nation in the Middle East. It imports items such as food, foodstuff, farm produce, footwear, garment and textile, mobile phones, coffee, cashew, frozen shrimp, tuna, and frozen squid from the country, with an average annual turnover of approximately US$800 million.

According to the General Department of Vietnam Customs, due to the impact of COVID-19, the first 10 months of the year saw the nation rake in only US$574.21 million from exports to the Israeli market, of which 50% came from telephones and accessories.

In contrast, the country imported US$717.06 million worth of products from Israel during the reviewed period, mostly computer, electronics and spare parts, and fertiliser.During the event, both Vietnamese and Israeli businesses put forward the suggestion of launching similar events in the future as a way of helping them to enjoy greater business co-operation opportunities in the future.

Earlier on October 7, Prime Minister Nguyen Xuan Phuc voiced his hope that Israel will assist Vietnam in innovation and start-up facilitation during a reception for Israeli Ambassador Nadav Eshcar in Hanoi.

The Vietnamese Government leader told his guest that Vietnam sticks importance to the cooperation with Israel, while showing his elation at the great strides in bilateral relations, particularly in trade, agriculture, science-technology and security-defence, making Israel one of the important partners of Vietnam in the Middle East.

He also greatly valued the ambassador’s contributions to the multifaceted ties between the two nations.

Phuc said he is impressed with Israel’s development, especially in terms of economy, agriculture and science-technology, which has helped turn the West Asian country with limited natural resources into a strong economy with developed science-technology in the world.

The Israeli diplomat, in turn, said Vietnam has done a good job of COVID-19 prevention and control and it is a role model in this regard, noting that his country admires and desires to learn from the Southeast Asian nation’s experience as it is seeing a second outbreak of the coronavirus.

Both nations boast huge potential for stepping cooperation in agriculture, technology and water management since Israel is experienced in applying modern technology in drought response and agriculture.

The signing ceremonies in Hanoi (Photo: Bao Van Hoa)

In September, a signed agreement between representatives of the Ho Chi Minh Museum and the Ben Gurion Heritage Institute of Israel will help the Israeli and Vietnamese people to understand more about the special relationship between President Ho Chi Minh and Israeli Prime Minister David Ben Gurion as well as history of the two countries.

Under the agreement, in the 2020-2022 period, the two sides will coordinate to implement scientific and cultural research projects in the field of museum study, share experience and exchange delegations in the fields of museum, relic site and exhibition related to the biography, life and career of President Ho Chi Minh and PM Ben Gurion.

In 2021, they will jointly organise an exhibition at the Ben Gurion Heritage Institute in Israel and an exhibition at the Ho Chi Minh Museum in Vietnam.

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Jasmine Le