Vietnam News Today (Aug. 17): Vietnam Emerging a Big Player on Israel’s Investment Map

Israeli Minister of Economy and Industry Nir Barkat (middle) at the press conference. (Photo: VNA)

Vietnam emerging a big player on Israel’s investment map: Minister

With the recently-signed bilateral free trade agreement (FTA), Vietnam begins to be a big player on Israel’s investment map, Israeli Minister of Economy and Industry Nir Barkat affirmed on August 16.

Speaking at a press conference in Hanoi, the official further said the two countries “have many things in common” 30 years after the establishment of their diplomatic ties (July 12, 1993).

Notably, both countries are seeking global collaboration through FTAs around the world, and their governments have been aware of big cooperation opportunities, he elaborated.

Barkat described the FTA inked in Tel Aviv on July 25 as a testimony for the good bilateral relationship over the past three decades, and called the FTA "one of the fastest deals ever done" that will open up many opportunities and benefit both economies.

“And today, Vietnamese Minister of Industry and Trade Nguyen Hong Dien told us that we are going to have direct flights between Vietnam and Israel,” Barkat said, describing it “a huge milestone” in the relationship.

At the Vietnam-Israel Business Forum in Ho Chi Minh City on August 15, the Israel minister also suggested launching a direct air route between the southern metropolis and Israel, cited VNA.

He stressed once e-visas and direct flights are launched, the two countries will see growth in cooperation in tourism and trade and other spheres, adding more Vietnamese products will be shipped to Israel while more technologies will come to Vietnam from Israel.

Barkat highlighted the seven business clusters on which Israel is focusing that are high-tech, homeland security, Industry 4.0, health care, life sciences, agrifood tech, and tourism, and suggested the two countries expand collaboration in these sectors.

He also suggested the two countries establish joint ventures in Vietnam, where Israel brings technologies while the Vietnamese side is in charge of marketing and development, and create a collaboration fund.

Vietnam is not just a country of some 100 million people and one of the fastest growing economies, Barkat said, adding it is actually a gateway to the Association of Southeast Asian Nations (ASEAN) and South Asia, which is a “big opportunity" for Israel.

Moreover, the Vietnamese government is really open to listen and to partner, he commented.

The minister noted his belief that the smart strategy that the Vietnamese government is taking to position itself will create big opportunities for both Vietnam and Israel.

Regarding challenges to the bilateral trade, he stressed both Vietnamese and Israeli businesses have expressed their happiness and optimism for the future and said: “Where there's a will, there's a way".

Vietnam remains vigilant amid global resurgence of EG.5 COVID sub-variant

The Ministry of Health (MoH) has requested that localities proactively implement prevention and control measures for COVID-19 and other infectious diseases, as well as steps to prevent the EG.5 coronavirus strain.

The ministry issued the warming after the new sub-variant of the Omicron EG.5 has been recorded in more than 50 counties and territories worldwide. The World Health Organization (WHO) has also classified EG.5 dubbed "Eris" as a "variant of interest.”

To this end, numerous localities have been urged to follow the Government and Prime Minister’s directives relating to pandemic prevention and control efforts for COVID-19 and other infectious diseases such as dengue fever and hand-foot-and-mouth disease, according to VOV.

Photo: VOV

They must also be prepared with contingency plans specifically for patient care and treatment, while also enhancing their diagnostic and treatment capabilities.

The MoH stressed that localities should press ahead with preventive measures, such as wearing masks in high-risk areas, regularly washing hands, vaccination drives, and other efforts.

EVFTA facilitates Vietnamese goods' entry into French market: official

The European Union – Vietnam Free Trade Agreement (EVFTA) which took effect in August 2020, has created significant positive impacts on Vietnam's exports to France, according to Vu Anh Son, head of the Trade Office of Vietnam in France.

He said joining the agreement helps Vietnam improve its prestige in the international arena as it is one of the first developing countries to engage in a new-generation trade agreement with high-standard commitments with the EU.

For the business community, this prestige acts as one of the crucial driving forces to encourage European businesses to either increase or engage for the first time in trade activities with Vietnamese enterprises, Son said.

Tangible benefits from tariff reduction under the EVFTA have significantly contributed to maintaining the momentum of Vietnam's exports to the EU during and after the COVID-19 pandemic, he noted.

Despite the global economic downturn and the challenging trends for exports in general, Vietnam's exports to France still sustained stable growth in the first four months of this year at 7.7% year-on-year, hitting over EUR2.12 billion (over US$2.3 billion).

Leather and footwear, electronics and telecommunications, and textile and garment continued to be the key exports, constituting about 60% of Vietnam's total export value to France. In particular, the export of footwear and phones posted strong increases of 30.5% and 21.9%, respectively.

Vietnam’s export turnover to France in 2022 surged by 18.8% to over EUR7.27 billion from EUR6.12 billion in 2020, reaching a record-high level, reported VNA.

Vietnamese rice sold at Carrefour Collagen supermarket in France (Photo: VNA)

The credibility and tariff incentives brought by the EVFTA are providing a significant advantage for Vietnam's exports, particularly in farm produce.

The trade official noted that the EVFTA is a "boost" and a significant source of encouragement that propels Vietnamese businesses to engage more professionally and systematically in the international supply chain with well-defined plans,

In the French market, following a series of promotion activities, image-building, and consumer-orienting efforts carried out by the Vietnam Trade Office, Vietnam's products have gradually gained footholds and recognition among local consumers, Son said, citing as an example the entry of Vietnamese rice into two major supermarkets chains - Carrefour and E.Leclerc.

The Vietnam Trade Office is continuing to capitalize on opportunities and potential generated by the EVFTA, towards further supporting Vietnamese goods to access the retail segment in France, Son went on.

However, he noted that technical specifications and rules of origin are always significant hurdles for Vietnam's goods exported to the EU in general and France in particular.

He advised businesses to invest more in technology development to produce products meeting regulations on technical specifications, and quality and environmental standards.

Lonely Planet reveals best time to visit Vietnam

World-renowned travel guide Lonely Planet has published an article revealing the best time to visit Vietnam.

According to the magazine, the hot and sticky high season which lasts from July to August is the busiest time of year to visit the country, coinciding with favorable beach weather that can be enjoyed on the central coast.

Lonely Planet noted that the rest of the country is warm and humid, whilst sunny days are punctuated by spectacular summer monsoon downpours and even the odd typhoon on the coast.

“This is a poor time of year for visiting the north, as trekking trails turn into quagmires, and Hanoi and Ha Long Bay are drenched by heavy showers,” the travel guide added.

The magazine shared that December to March is typically the best season to visit Hanoi and Ho Chi Minh City as the winter tends to be drier and cooler compared to the sticky summer, whilst the weather can be downright chilly in the north, particularly at higher elevations.

Photo: VOV

This is the perfect time to explore the nation’s characterful northern and southern cities, with manageable temperatures and low humidity which tend to the sting out of exploring Hanoi and Ho Chi Minh City on foot for foreign guests, Lonely Planet suggested.

The transition periods from April to June and from September to November are therefore good times to avoid crowds at popular sights and save money to explore the whole country, particularly as the weather is not notably awful anywhere.

It also added that there are some good festivals to be enjoyed, including the Hue Festival, the Nha Trang Sea Festival, Buddha's Birthday Celebration, the Danang Fireworks Festival, the Mid-Autumn Festival, and the Khmer Ok Om Bok Festival.

5 to 7 storms or depressions to hit East Sea till year’s end

Between five to seven tropical storms or tropical depressions are likely to strike the East Sea till the end of the year, with two to three to batter Vietnam, according to the National Center for Hydro-Meteorological Forecasting.

From December 2023 to February 2024 there will be another one to two storms and depressions to form in the East Sea and likely to impact the central and southern regions of Vietnam, said the center.

July 2023 saw two powerful storms form in the East Sea, VOV reported.

The eye of a powerful storm forming in the ocean.

Typhoon TALIM slammed into the southern part of China’s Quangxi province on July 18 before moving along the Vietnam – China border, weakening and dissipating in northern border localities of Vietnam.

Meanwhile, DOKSURI strengthened into a super typhoon before sweeping across the Philippines and then pounding Taiwan (China), but it did not hit the northern coast of Vietnam.

Meanwhile, hot weather is forecast to continue warming up the central region in the second half of August with a higher number of scorching days than the average of many years in the same period.

In September, hot weather is likely to let up and not last for a long time, according to the National Center for Hydro-Meteorological Forecasting.

This year’s winter is expected to come later and be warmer than the average of many years, with temperatures set to be between 0.5 and 1.5 degrees Celsius higher.

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