Israel and Vietnam have signed a free trade agreement, Israel's Ministry of Economy and Industry has announced. The agreement was signed in Jerusalem yesterday by Minister of Economy and Industry Nir Barkat and Vietnam's Ministry of Industry and Trade Nguyen Hong Dien. The signing ceremony was attended by Prime Minister Benjamin Netanyahu and Vietnam's Deputy Prime Minister Tran Luu Quang.
In 2022 Israel exported goods worth $175 million to Vietnam, up from $158.9 million in 2021, the Central Bureau of Statistics reports. Israel imported goods worth $278 million from Vietnam in 2022, down from $337.5 million in 2021. It is hoped that the free trade agreement will boost these figures.
The agreement is the culmination of seven years of negotiations the Vietnamese Ministry of Industry and Trade reports and marks 30 years since the two countries established diplomatic relations.
Israel's exports to Vietnam include chemicals, machinery, medical and optical equipment, rubber, and plastics, while imports from Vietnam include machinery, fresh agricultural produce, and food products.
Published by Globes, Israel business news - en.globes.co.il - on July 26, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.