The Vietnam-Israel Free Trade Agreement, which was signed on July 26 after seven years of negotiations, would create a conducive atmosphere for the export of Vietnamese products to Israel, according to many experts.

With VIFTA, bilateral trade with Israel is expected to rise to $3 billion soon, from $2.6 billion in 2022. The trade deal would create a conducive atmosphere for the export of Vietnamese products to Israel and soon bring bilateral trade to US$3 billion.

The Vietnam-Israel Free Trade Agreement (VIFTA) is considered an important FTA, opening up opportunities for Vietnamese goods to access the Israeli market and penetrate the vast Middle East market as well.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat on July 25 signed the Vietnam - Israel Free Trade Agreement (VIFTA) in Tel Aviv in the presence of Vietnamese Deputy Prime Minister Tran Luu Quang and Israeli Prime Minister Benjamin Netanyahu.

According to Israeli Ambassador to Vietnam Yaron Mayer, the key outcome of Deputy Prime Minister Tran Luu Quang's visit to Israel is the signing of the Vietnam-Israel Free Trade Agreement (VIFTA).

On the evening of May 30, in Hanoi, the Israeli Embassy in Vietnam celebrated the 75th Anniversary of the Independence of the State of Israel (1948-2023); 30 years of establishing diplomatic relations between the two countries (1993-2023).

The Vietnam-Israel Free Trade Agreement (FTA) and the Vietnam-UAE FTA are expected to expand the market for Vietnamese goods.

Date: 7/2021 By: Vietnam Trade Office in Israel

Trade between Vietnam and Israel reached 236.58 million USD in the first two months of this year, according to the Vietnamese Trade Office in Israel.

Bilateral trade between Vietnam and Israel will continue thriving this year with its value likely to top 1 billion USD, the Vietnamese trade office in Israel said on August 28.