Israel and Ho Chi Minh City Foster Collaboration in Start-up Ventures and Tourism

    Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, met with Israeli Minister of Economy and Industry, Nir Barkat, on August 14th. The two discussed potential cooperation in the fields of innovation and technology, with HCM City expressing its desire to learn from and partner with Israel.

    HCM City aims to become an innovation center in the region and has ample opportunities for collaboration in technology, startup, and innovation with Israeli partners.

    Ho Chi Minh City, Israel Promote cooperation in Innovative Start-ups
    Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai (R) and Israeli Minister of Economy and Industry Nir Barkat. Photo:

    Mai expressed his support for an early direct flight between the two countries and proposed a cooperation agreement between HCM City and Israel. This agreement would focus on supporting young businesses, creating favorable conditions and a legal framework for startups, and cooperation in investment, trade, high-tech agriculture, and climate change response. Mai hopes to see the agreement signed and implemented in the near future.

    In response, Barkat praised Vietnam’s dynamic development and emphasized the importance of entrepreneurship in overcoming challenges and attracting innovative businesses. He expressed his belief that the Vietnam-Israel Free Trade Agreement (VIFTA) will bring many opportunities for cooperation in startup, innovation, technology, and other areas where Israel excels.

    Barkat proposed establishing a direct flight between Vietnam and Israel to facilitate business exchanges. He also suggested building a media image positioning HCM City as an innovation center and creating startup and innovation support centers to attract startups. Barkat expressed Israel’s readiness to share its experience in high-tech farming, technological solutions, and marketing and distributing technological products and solutions.

    The Vietnam-Israel business and trade forum was held on August 15th and aimed to further enhance bilateral economic cooperation.

    Ho Chi Minh City, Israel Promote cooperation in Innovative Start-ups
    Israeli Minister of Economy and Industry Nir Barkat at the Vietnam-Israel business and trade forum. Photo: VNA

    As of July 20th, Israel had invested in 40 FDI projects worth over $140 million in Vietnam, while Vietnam had invested in four projects worth around $76 million in Israel. Israel is Vietnam’s fifth-largest trade partner and third-largest importer in the Middle East, with two-way trade reaching $2.2 billion in 2022. The Vietnam-Israel Free Trade Agreement is expected to further facilitate bilateral trade and open up opportunities for Vietnam in the Middle East, North Africa, and Southern Europe markets.

    HCM City is keen to attract more Israeli enterprises in the areas of digital economy, science, technology, high-tech agriculture, and renewable energy.

    Hannah Nguyen

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