Free Trade Agreement to Enhance Vietnam – Israel Bilateral Ties in All Fields

Vietnam's Deputy Foreign Minister Ha Kim Ngoc stressed the breakthroughs in Vietnam - Israel economic cooperation Vietnam on May 30, at the ceremony on Israel's National Day Celebration and the celebration of the 30th founding anniversary of Vietnam - Israel bilateral relations.

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The ceremony was organized by the Embassy of Israel in Vietnam in Hanoi. From the Vietnamese side, some of the special guests are Former Secretary General of the Vietnam Chamber of Commerce and Industry Pham Chi Lan and Former Director of the Middle East – Africa Department, Ministry of Foreign Affairs Nguyen Quang Khai. From the Israeli side, there was Dr. Rafi Kot, founder of Family Medical Practice.

Israeli Ambassador to Vietnam Yaron Mayer delivered his remarks on the the 75th Anniversary of the establishment of the State of Israel, welcoming Vietnamese, Israeli and international friends to celebrate the important event.

Free Trade Agreement to Enhance Vietnam - Israel Bilateral Ties in All Fields
Israeli Ambassador to Vietnam Yaron Mayer (Photo: Ngoc Chau)

“Seventy-five years of innovation is a transformation [for Israel]. Visionary leaders led the people of Israel to initiate innovation in almost every area of ​​life: education and research, agriculture, water management, science and technology, and healthcare. Today, Israel is a rising power in the world in technological innovation, known as the Startup Nation,” said the Israeli Ambassador.

He also claimed that, since the establishment of diplomatic relations on July 12, 1993, the multifaceted cooperation relationship between Vietnam and Israel has continuously achieved many important achievements. The two countries become each other’s leading important partners in Southeast Asia and the Middle East.

In his speech, Deputy Foreign Minister Ha Kim Ngoc stressed the breakthroughs in Vietnam – Israel economic cooperation, including the concluded negotiations of the Vietnam – Israel Free Trade Agreement (VIFTA). This is an important milestone contributing to the completion of the legal framework, for economic, trade, and investment cooperation between the two countries in the coming time.

Free Trade Agreement to Enhance Vietnam - Israel Bilateral Ties in All Fields
Deputy Foreign Minister Ha Kim Ngoc (Photo: Ngoc Chau).

“We appreciate Israel’s agricultural training. Trainees returning from Israel have promoted the spirit of entrepreneurship and applied advanced technologies to agricultural projects in Vietnam. They contributed to the development of Vietnam’s agricultural industry and are the bridge to cultivate the friendship between Vietnamese and Israeli people,” said Deputy Minister Ha Kim Ngoc.

Another special part of the ceremony is the introduction of Israel’s smart irrigation system, water treatment, and testing technology. There were also music performances of the Israeli band “Ice Hokku,” a 3D apparel and footwear fashion, VR experience.

Free Trade Agreement to Enhance Vietnam - Israel Bilateral Ties in All Fields
Delegations at the ceremony (Photo: Ngoc Chau).

A Bilateral Free Trade Agreement is an economic cooperation agreement signed between two countries to remove barriers to most trade activities and to promote bilateral trade. Barriers can be in the form of tariffs, import quotas, other non-tariff barriers such as technical standards, and sanitary and phytosanitary standards.

After taking effect, the VIFTA will promote trade exchange between the two countries and increase bilateral import and export turnover. Basically, the product structure of Israel and Vietnam complement each other, not compete directly. While Vietnam is one of the world-famous exporters of agricultural products, Israel is a leading country in high-tech products.

Zoey Nguyễn