Vietnam will continue to work closely with Israel to early sign and enforce the two countries’ Free Trade Agreement (FTA), bringing practical benefits to businesses and people of both sides, Minister of Industry and Trade Nguyen Hong Dien stressed at a meeting with Israeli Ambassador to Vietnam Yaron Mayer in Hanoi on May 19.

At the meeting, Minister Dien and Ambassador Mayer shared latest information on the review of the FTA document and other legal procedures to prepare for the signing of the FTA.

Regarding other bilateral trade matters, Minister Dien suggested the two countries continue to strengthen cooperation in trade and investment promotion and sending business delegations to each other’s trade and investment promotion events. He proposed building mechanisms for information sharing between agencies of the two countries on policies, technical standards and regulations applied to a number of import and export commodities to facilitate import and export goods of both sides.

He also called for stronger cooperation in high-tech equipment, biotechnology, agricultural product processing, food and other potential fields in which the two countries have strengths.

The minister shared that Vietnam encourages Israeli businesses to invest more in industrial production, biotechnology, information technology, new material technology, consumer goods and food industries, start-ups, vocational training, technology transfer and development of high technology in Vietnam.

Israel is currently the third largest export market and the fifth largest trading partner of Vietnam in West Asia and is considered a large and potential market for Vietnamese goods in West Asia.

Vietnam mainly exports products such as phones and components, seafood, cashew nuts, coffee, shoes, pepper, garment and textiles, wood and wood products to Israel.

It imports computers, electronic products and components, machinery, equipment and spare parts, fertilizers, vegetables and fruits from the West Asian country.

VNA