Vietnam and Israel are taking significant steps to accelerate the implementation of their free trade agreement and deepen their cooperation in trade, industry, and innovation. This decision was reached during a meeting in Jerusalem between Vietnam’s ambassador to Israel and the Israeli Minister of Economy and Industry. Both parties stressed the critical role of the Vietnam–Israel Free Trade Agreement (VIFTA) in fostering further economic growth between the two nations.
The economic relationship between Vietnam and Israel has been on a robust upward trajectory, with bilateral trade reaching approximately $3.63 billion last year. In the initial five months of this year alone, trade between the countries nearly hit $1.6 billion. This growth has been driven by a marked increase in Vietnam’s exports, which are set to surpass $1 billion for the first time if the current trend continues. This boost in trade is largely attributed to the enhanced market access facilitated by the free trade agreement, which was enacted in late 2024.
Israel has expressed a keen interest in leveraging its strengths in sectors such as artificial intelligence, cybersecurity, medical technology, and advanced agriculture to foster greater business collaborations and investment exchanges with Vietnam. This initiative aims to capitalize on the opportunities provided by VIFTA, encouraging both nations to explore new avenues for economic partnership.
In light of these developments, both countries have agreed to keep a close alignment between their respective agencies and businesses. This coordination is essential in maximizing the benefits of the trade agreement and ensuring that the economic ties between Vietnam and Israel continue to expand. The commitment to this partnership underscores the potential for both nations to achieve greater economic integration and mutual growth.