Vietnamese Minister of Science and Technology Huynh Thanh Dat (L) and Israeli Minister of Economy and Industry Nir Barkat at the third meeting of the Inter-Governmental Committee in Hanoi on August 16. (Photo: Vietnam Government Portal)

The event took place under the chair of Vietnamese Minister of Science and Technology Huynh Thanh Dat and Israeli Minister of Economy and Industry Nir Barkat.

Stressing the importance of the signing of the Vietnam-Israel Free Trade Agreement, Dat and Barkat said the agreement has created a new chance for bolstering bilateral trade and investment, providing a crucial prerequisite for the countries to reach the trade target of 3 billion USD.

They agreed on the need to complete the procedures for ratifying the VIFTA early and help businesses learn about the potential and opportunities it generates. Meanwhile, the two governments should supply information for enterprises, step up trade and investment promotion, and expand partnerships between their business communities.

In terms of science and technology, Vietnam and Israel will coordinate to fruitfully carry out the signed agreements, foster cooperation in startup and innovation, and view science - technology as the focal priority and one of the pillars of bilateral cooperation. Particularly, they will enhance ties in the areas related to emerging economic trends and those matching Vietnam’s development strategy, including sustainable development, digital transformation, green economy, and circular economy, among others.

Both sides will continue strengthening collaboration in the fields of agriculture, environment, energy, customs, information technology, quality standards, development cooperation, education, tourism, and justice, the ministers added.

At the meeting, the officials witnessed the signing of a cooperation agreement between the Authority of Information Security under the Vietnamese Ministry of Information and Communications and the information safety agency of Israel.

They agreed to hold the fourth meeting of the Inter-Governmental Committee in Israel in 2025.