Vietnamese and Israeli enterprises seek to intensify trade exchange

The event was held as part of an initiative launched by the Vietnam Trade Office of the Vietnamese Embassy in Israel, with the primary aim to promote the local export of agricultural products, food, footwear, garment and textiles, and consumer goods to the Israeli market amid the novel coronavirus (COVID-19) pandemic.

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.