Vietnam will sign free-trade agreement with Israel this year
Announcement made by Vietnam's Minister of Industry and Trade during his visit to Israel
As Israel and Vietnam celebrate 30 years of official diplomatic relations, they prepare to sign a free trade agreement later this year, according to an announcement by the southeast Asian country on Monday.
The announcement came during a visit to Israel by Vietnam's Minister of Industry and Trade Nguyễn Hong Diên, where he met with Israel's Minister of Economy and Industry Nir Barkat.
The two countries have completed 12 rounds of negotiations over seven years, according to Vietnam.
Vietnam-Israel Free Trade Agreement negotiation was concluded on 2 April in Israel. Thank you to all involved from the two sides who made this happen. Looking forward to the signing of the official #FTA in this special 30th anniversary year of diplomatic relations. pic.twitter.com/HjSkaMCsVu— Israel in Vietnam (@IsraelinVN) April 3, 2023
Bilateral trade between Israel and Vietnam rose to $2.2 billion in 2022. Vietnam’s primary exports to Israel include smartphones, footwear and seafood, while it imports primarily electronics and fertilizer from the Jewish state.
Israel is home to a small Vietnamese population, following the decision by then-Prime Minister Menachem Begin in 1977 to grant entry to approximately 360 Vietnamese individuals after the nation was taken over by Communists.
Vietnam has signed over 15 bilateral and multilateral free trade agreements since the 1990s. The country has been trying to attract more foreign investors as it develops its manufacturing-driven economy.
The All Israel News Staff is a team of journalists in Israel.