Vietnam’s CT Group officially opened its representative office in Tel Aviv, Israel on June 19 in an effort to boost cooperation with the innovation and hi-tech market of the host, VNA reported.

The opening ceremony sees two memoranda of understanding signed between CT Group and Israeli corporations. Photo: VNA

CT Group is a multi-sectoral corporation that has around 50 member companies operating mostly in construction and urban development. It has shifted its eye to hi-tech sectors, such as biotech, fintech and flytech, in recent years.

Addressing the launching ceremony, Chairman of CT Group Tran Kim Chung said the establishment of the representative office in Israel is of significance as it reflects the Vietnamese group’s strategy to innovate its business model, in which priority is given to developing hi-tech sectors, in order to keep up with the robust growth of the Fourth Industrial Revolution.

CT Group sees Israel as a very promising market that has great potential to foster partnership in innovation and high tech, he said.

He also noted that it is the first-ever business representative office of Vietnam in Israel.

The ceremony saw two memoranda of understanding signed between CT Group and Israeli corporations. VGCT, a member company of CT Group, inked an MOU with OBCT-CD24, an Israel-based clinical-stage biopharmaceutical company, in applying breakthrough solutions for the treatment of lung diseases. Meanwhile, CT Group sealed an agreement with Falcon to boost hi-tech adoption in its key business sectors.

Speaking at the event, the Vietnamese Trade Counsellor in Israel Le Thai Hoa said that the economic-trade relations between the two countries have grown constantly. The two sides have been in talks for the signing of a bilateral free trade agreement to facilitate their cooperation in business, investment, and services.

He expected CT Group pioneering in opening a representative office in Israel will pave the way for more Vietnamese firms to do the same, contributing to accelerating the two countries’ ties in economy, trade, investment and technology.

In 2021, bilateral trade still grew despite Covid-19 impacts, turning Vietnam into the largest trading partner of Israel in Southeast Asia. The trade turnover hit USD 1.8 billion, a rise from USD 1.6 billion of 2020, and USD 1.2 billion of 2019.

Vietnam and Israel established diplomatic relations in 1993. The bilateral ties have been thriving in multiple fields, particularly science-technology and trade. Vietnam is Israel’s largest trade partner in Southeast Asia.

Around 700 Vietnamese students came to study in Israel every year under an apprenticeship program in modern farming.

In March, the Vietnamese Embassy in Israel, in collaboration with the Israel-Asia Chamber of Commerce, inaugurated the Israel-Vietnam Chamber of Commerce.

According to Einat Halevi Levin, president of the Israel-Vietnam Chamber of Commerce, the decision to set up the chamber was prompted by the huge cooperation potential and rapid trade growth between the two countries.

The chamber will provide support for the two business communities with a goal of doubling the two-way trade value, she said, adding that it has received big assistance from the Israeli Government.

Representatives from Israeli enterprises showed their interest in investing in Vietnam – a nearly 100-million-consumer market, and their hope to import commodities of all kinds, from machinery, automobiles to food from Vietnam.

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