Opportunities to enhance Vietnam-Israel cooperation

(VOVworld) – Israeli President Reuven Rivlin began a six-day visit to Vietnam on Sunday to boost bilateral cooperation.

Cooperation between Vietnam and Israel has developed steadily since the two countries set up diplomatic ties in 1973. In May, 2016, Israel recognized Vietnam’s full-market economic status.

Opportunities to enhance Vietnam-Israel cooperation - ảnh 1

Bilateral ties strengthened in various fields

Vietnam and Israel have regularly exchanged delegations at various levels. In 2011 including Israeli President Simon Peres’s visit to Vietnam in 2011 and Deputy Prime Minister Hoang Trung Hai’s visit to Israel in 2015. The two countries have signed a framework agreement on economics, science, technology, agriculture, and trade in 1996, an agreement on culture and information in 2005, and a memorandum of understanding between their Foreign Ministries in 2015. The first session of their Inter-governmental committee convened in Tel Aviv in October, 2014.

Two-way trade between Vietnam and Israel grew from 222 million USD in 2010 to more than 1.2 billion USD in 2016. Vietnam exports telephones, accessories, footwear, coffee, cashew nuts, garments, and fisheries to Israel and imports from Israel machinery, high-tech equipment, and fertilizer. Vietnam and Israel are currently negotiating a bilateral free trade agreement. As of the first quarter of this year, Israel had 25 FDI projects in Vietnam with a total registered capital of more than 46 million USD ranking 56th among 116 countries and territories invested in Vietnam. Israel has pledged to provide 250 million USD in loans to Vietnamese enterprises doing business with Israeli partners.

The two countries have stepped up cooperation in science and technology. Israel has supported Vietnam in a number of technological transfer projects in livestock, farming, and irrigation in Hanoi and HCM City. Since 2008, more than 2,100 Vietnamese graduates have to come to study and work on Israeli farms for a year and since 2010, 1,400 Vietnamese people have come to work for 5 years.

Great potential for bilateral cooperation

Prior to his visit, President Rivlin said the two countries have a great potential for further cooperation. He urged the two sides to enhance cooperation in agriculture, irrigation, and water resource conservation, the fields in which Israel can help Vietnam most. More than 50 Israeli business leaders will accompany the Israeli President to Vietnam.

During the visit, the Israeli President will discuss with Vietnamese leaders ways to strengthen bilateral ties and address global challenges.

Ministry of Foreign Affairs- Edited by Anh Huyen