Two-way trade turnover between Vietnam and Israel is expected to reach $3-4 billion now that the two countries have reached agreement over the Vietnam-Israel Free Trade Agreement (VIFTA), especially from their commitment to increase trade liberalization, a forum in Hanoi on August 16 heard.

The Vietnam-Israel Business Forum was co-chaired by Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat.

Minister Dien said the recently-signed VIFTA will contribute to bringing about greater interest from and opportunities for businesses in both countries.

Israel is a leading partner of Vietnam in West Asia in terms of trade, investment, and labor. Bilateral trade amounted to $2.2 billion last year.

Israeli businesses have so far invested in 40 FDI projects in Vietnam, with capital of over $140 million, ranking the country 47th among 148 countries and territories investing in Vietnam.

Israel is Vietnam’s fifth-largest trade partner and third-largest importer in the Middle East. It ranks 33rd among the more than 200 countries and territories having trade ties with Vietnam.