Viet Nam, Israel promote economic cooperation
Viet Nam, Israel promote economic cooperation
Deputy Prime Minister Vuong Dinh Hue welcomed Israeli President Reuven Rivlin at a joint business forum yesterday to advocate mutual economic, trade and investment relations between the two nations as part of Rivlin’s state visit to Viet Nam.
The Deputy PM praised Israel’s interest in Viet Nam’s business and economic environment, especially in areas where Israel has an advantage such as high-tech agriculture, animal husbandry, renewable energy and smart grid development.
“There are many things Viet Nam can learn from Israel, and I hope Vietnamese businessmen can use this opportunity to its fullest. Israel as the world best startup nation can offer many lessons on this matter, and your entrepreneurs are welcomed here. Bilateral trade has increased six-fold in six years, but we have only begun to tap its potential together. Viet Nam can offer Israel a gateway to the ASEAN market in areas such as high-tech agriculture, water system management and even online security,” said Hue.
Hue also promised to create favourable conditions for Israeli businesses with a more suitable legal framework to aid the two sides in signing a free trade agreement and create more partnerships.
President Rivlin emphasised the importance of cooperation with Viet Nam and said he expected businesses from Israel to work closely with their Vietnamese counterparts in many areas from education and technology to fertiliser production.
“Viet Nam is a regional power in Asia that can bring added value into partnerships with other countries, and the Vietnamese market economy is growing at a steady pace. Our commercial partnership includes a large variety of goods and services, and there is so much more to do. Our cooporation will let us face global challenges and benefit humanity, but we also need your help on matters such as intellectual property protection and for our free trade agreement to move forward,” said Rivlin.
Viet Nam Chamber of Commerce (VCCI) Chairman, Vu Tien Loc, said he was pleased that the two countries’ leaders and entrepreneurs were coming together for a better future.
“The need for a startup ecosystem in Viet Nam is vital and urgent, as well as investment in the agricultural sector in order to create momentum for development. That is why we need Israel’s help through technological transfer and shared experience,” said Loc.
According to VCCI’s data, as of 2016, total trade turnover between Viet Nam and Israel reached more than US$1.2 billion, with Viet Nam exporting $554 million and importing $683 million.
Israel is ranked 54 out of 116 countries and territories investing in Viet Nam with nine foreign direct capital projects, as well as high-tech agricultural and diary farms.
President Rivlin will visit several key projects of collaboration between Israel and Viet Nam on Thursday and Friday.
One such investment is the VinEco project run by the VinEco company as part of Vingroup Corp. and Israeli firms Netafim and Teshuva Agricultural Projects with an investment of more than $38 million in Tam Dao, Vinh Phuc Province.
The President will also visit a model dairy farm in HCM City in its fifth year of operation, founded by the Israeli Ministry of Foreign Affairs and the HCM City People’s Committee.
