Vietnam and Israel are making strides to accelerate their free trade agreement’s execution and deepen collaborations across trade, industry, and innovation. This development follows a meeting in Jerusalem between Vietnam’s ambassador and Israel’s Minister of Economy and Industry, where the two sides underscored the Vietnam–Israel Free Trade Agreement (VIFTA) as a key driver for future economic growth.
The trade relationship between Vietnam and Israel is on a strong upward trajectory, with bilateral trade reaching approximately $3.63 billion last year. In just the first five months of this year, trade has already approached $1.6 billion, marking a notable increase in Vietnam’s exports compared to the same timeframe the previous year. Officials noted that, if current trends persist, Vietnam’s exports to Israel could surpass $1 billion for the first time, aided by the enhanced market access provided by the free trade agreement, which came into effect in late 2024.
Israel has highlighted its expertise in areas such as artificial intelligence, cybersecurity, medical technology, and advanced agriculture. The country is encouraging greater business partnerships and investment exchanges with Vietnam, recognizing the potential for mutual benefits in these high-tech sectors.
The two nations are committed to maintaining close coordination between their agencies and businesses to capitalize on the opportunities presented by the trade agreement. By doing so, they aim to further enhance their economic ties and drive continued growth in bilateral trade.