On July 25th, 2023, at the Office of the Prime Minister of Israel, in the presence of Israeli Prime Minister Benjamin Netanyahu and Vietnam Deputy Prime Minister Tran Luu Quang, Minister of Industry and Trade Nguyen Hong Dien announced and Israel's Minister of Economy and Industry Nir Barkat signed the Vietnam - Israel Free Trade Agreement (VIFTA).
The signing of VIFTA marks the achievement of efforts of both countries after 7 years with 12 negotiation sessions and 30th anniversary of establishing diplomatic relations. This is the first time for Israel to sign FTA with a SEA country and Vietnam with a West Asia country.
Israel is currently one of the leading trade, investment and labor cooperation partners of Vietnam in West Asia. The economic structure of Vietnam and Israel is complementary, the import and export products of the two countries not only do not compete directly but also complement each other.
The signing and implementation of VIFTA will create a favorable premise for both countries to promote export/import major products of both countries, improving the competitiveness.
In addition, Vietnam's market of over 100 million people, Israeli goods and technologies can reach ASEAN, Asia-Pacific and other major economies in the region with 16 FTAs that Vietnam has joined.
The Agreement consists of 15 chapters and a number of attached appendices with basic contents such as trade in goods, services - investment, rules of origin, technical barriers to trade (TBT), international trade agreements, Sanitary and phytosanitary measures (SPS), customs, trade remedies, government procurement, legal - institutional.
Both countries committed to raise liberalization rate of trading and overall towards the end of the angreement: Israel is 92,7% of tariff lines while Vietnam is 85,8%, the two sides expect two-way trade to have a remarkable growth, soon reaching 3 billion USD and higher in the future.
Furthermore, VIFTA will create more investment opportunities for both countries and more jobs in specific industries that Israel interested.
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