Vietnam and Israel are set to accelerate the implementation of their existing free trade agreement and broaden their collaboration across trade, industry, and innovation sectors. This decision emerged from discussions between Vietnam’s ambassador to Israel and Israel’s Minister of Economy and Industry held in Jerusalem. Both parties underscored the strategic importance of leveraging the Vietnam–Israel Free Trade Agreement (VIFTA) to spur further economic growth.
The economic relationship between the two nations has been robust, with bilateral trade reaching approximately $3.63 billion last year. In the first five months of the current year, trade figures have already neared $1.6 billion, marked by a notable increase in Vietnam’s exports compared to the same period the previous year. Officials have pointed out that if the current growth rate persists, Vietnam’s exports to Israel could surpass the $1 billion mark for the first time, thanks to enhanced market access under the free trade pact that took effect in late 2024.
Israel has identified its expertise in areas such as artificial intelligence, cybersecurity, medical technology, and advanced agriculture, and is keen on boosting business cooperation and investment exchanges with Vietnam. The two countries are committed to deepening their economic ties and fully exploiting the opportunities presented by their free trade agreement.
Both sides have agreed to maintain close collaboration between their respective agencies and businesses to maximize the benefits from the trade pact. This cooperative effort is expected to unlock more growth potential and further strengthen the economic partnership between Vietnam and Israel.