Vietnam and Israel announced the official conclusion of seven years of negotiations over a free trade agreement on April 2.

The two will therefore sign the Vietnam - Israel Free Trade Agreement (VIFTA) during 2023, which also marks the 30th anniversary of bilateral ties.

During a working visit to Israel at the invitation of Israeli Minister of Economy and Industry Nir Barkat, Minister of Industry and Trade Nguyen Hong Dien said that with reciprocal economies and growing two-way trade, the VIFTA will further benefit both sides.

Minister Dien called for increased cooperation and exchanges of visits by ministries, sectors, associations, and businesses to seek and promote trade and investment cooperation opportunities.

He said Vietnam encourages Israeli businesses to invest in areas such as industrial production, high-tech agriculture, materials, information technology, green production, and industrial infrastructure. He also called on Israel to share its experience and technology in the digital economy, digitalization, and energy transformation, among others.

Minister Barkat said he agrees with continuing cooperation and exchange between the two ministries and organizing trade promotion programs, helping the two countries’ enterprises with business and investment activities to optimize the VIFTA as soon as it is signed and comes into force.

Israel is one of Vietnam’s leading partners in trade, investment, and labor in the region. It is its third-largest export destination and fifth-largest trade partner in West Asia.

Bilateral trade reached $2.2 billion in 2022, up 17.9 per cent year-on-year, of which Vietnam’s exports were valued at $785.7 million and imports at $1.4 billion.