(VOVWORLD) - The Vietnam-Israel Free Trade Agreement (VIFTA), signed in 2023, marked an important milestone in promoting economic, trade, and technological cooperation between the two countries, said a workshop in Hanoi on Wednesday.
 Hanoi workshop on Vietnam-Israel Free Trade Agreement (Photo: Gia Thanh/baoquocte.vn) |
Vietnam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said relations between Vietnam and Israel have been steadily expanded, with two-way trade turnover reaching 2.8 billion USD over the past 11 months, up 15% from last year.
The two countries’ key export products are complementary, not competitive with each other. The deal will facilitate cooperation in trade, investment, tourism, and other exchange activities, said Mr. Tan.
He noted that great effort and determination on the part of both sides during the negotiations ensured balance and comprehensiveness in the agreement, which will be a foundation for future trade and investment.
“I believe it will play a key role in increasing bilateral trade and cooperation and will contribute to the growth of both economies,” according to Tan.
The agreement encompasses commitments to 85% tariff cut from Vietnam and 92% from Israel. Key areas of cooperation are agriculture technology, water management, and renewable energy. VIFTA also helps simplify legal procedures and reduce administrative barriers for investors from both sides.
The workshop was organized by the Embassy of Israel in Vietnam and the Israel Chamber of Commerce and Industry, in coordination with the Vietnam Chamber of Commerce and Industry (VCCI).