Vietnam is considered to be a promising investment destination for Israeli enterprises which want to explore new markets besides their traditional markets in Europe and the US. Federation of the Israeli Chambers of Commerce Vice Chairman Arie Zief forecasted that the bilateral trade was likely to double in the next
Vietnam is considered to be a promising investment destination for Israeli enterprises which want to explore new markets besides their traditional markets in Europe and the US.
Federation of the Israeli Chambers of Commerce Vice Chairman Arie Zief forecasted that the bilateral trade was likely to double in the next 5 years. Besides trade, he said, agriculture, water treatment, energy, high tech and biotech are also promising sectors for bilateral cooperation.
Director of the Israel-Vietnam Corporation Rafi Kaufman agreed, saying that Vietnam offered great investment potential for Israeli businesses due to the young consumer population, which would touch 17 million in the next 10 years, its lucrative retail market and the rising ratio of services compared with the agricultural sector.
During his speech at the forum, the Vietnamese Ambassador to Israel Ta Duy Chinh called on Israeli businesses to invest more in the country.
The bilateral trade reached $604.29 million last year, a year-on-year rise of 38%. Vietnam's exports rose 44 per cent to touch $401.29 million. Among Vietnam's main exports were agricultural products, seafood, garments and electrical equipment. The imported goods were fertilizers, machinery and equipment and electronics.
Meanwhile, Israeli firms have, till date, pumped $20.65 million into 16 projects in Vietnam, giving Israel the 62nd rank out of the 101 countries and territories investing in the country.
These results, however, failed to match the potential and expectations of the two nations, Chinh concluded.