Ample Opportunities to Foster Vietnam- Israel Business Ties

“The potential for cooperation between Vietnam and Israel is huge. After the FTA is signed, the bilateral trade volume is expected to increase exponentially from the current figure,” agreed VCCI President Pham Tan Cong and Israeli Ambassador Nadav Eshcar at the latter’s working visit to the Vietnam Chamber of Commerce and Industry (VCCI) on April 13.

VCCI President Pham Tan Cong (R) and Israeli Ambassador Nadav Eshcar (L)

The purpose of the visit of the Israeli Ambassador is to strengthen the relationship between VCCI and the Israeli Embassy, as well as create an effective cooperation channel between Israel and Vietnam.

At the reception, VCCI President Pham Tan Cong affirmed that Vietnam and Israel have great potential for cooperation.

"The Vietnamese market is large and is expanding rapidly in the coming years. Vietnam is also a gateway to the ASEAN market and other countries around the world. Currently, Vietnam and Israel have a trade turnover of nearly US$2 billion. When the FTA is signed, the trade turnover is expected to increase exponentially," said VCCI President Pham Tan Cong.

Israeli Ambassador Nadav Eshcar said that Vietnam and Israel have complementary advantages. The Embassy hoped that the FTA between Vietnam and Israel will facilitate trade between the two countries.

The Ambassador said that the Trade Delegation is finding out the challenges facing the Vietnamese business community and introducing Israeli technologies that can solve these challenges as well as help the Israeli business community in Vietnam.

"The delegation also introduced the main areas where Israel has advantages, interests and is suitable for Vietnam such as irrigation, water supply, circular economy, health, clean technology and fintech," Ambassador Nadav Eshcar shared.

To strengthen cooperation between the two countries, the Ambassador proposed establishing a special online forum between Vietnam and Israel to discuss business opportunities and encourage investment, based on the model of a successful forum between Vietnam and Israel in which VCCI experts, business leaders and government officials of the two countries will attend.

VCCI President Pham Tan Cong agreed to continue exchanging information with each other. In the coming time, VCCI and the Embassy of Israel will coordinate to organize a business forum or exhibition with the participation of the business communities of the two countries, for example, “Israel Day in Vietnam”.

VCCI President Pham Tan Cong also announced that VCCI will open the VCCI business school next year. This school is expected to become one of the most prestigious business schools in Vietnam, with branches across the country. The VCCI President wished to have cooperation with Israel on this business school such as inviting Israeli business leaders to the school.