Monday, 20 Nov 2017

Vietnam expects to attract more investments from Israeli businesses

Updated at Wednesday, 22 Mar 2017, 09:36
The Hanoitimes - Vietnam always welcomes Israeli investors to do business in the country and further cooperation with Vietnamese partners in various fields, Deputy Prime Minister Vuong Dinh Hue stressed during a Vietnam-Israel Business Forum held in Hanoi on March 21.
Deputy Prime Minister (PM) Vuong Dinh Hue attended a Vietnam-Israel Business Forum held in Hanoi on March 21 by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Israeli Embassy in Vietnam.
Deputy Prime Minister Vuong Dinh Hue speaks at a Vietnam-Israel Business Forum
Deputy Prime Minister Vuong Dinh Hue speaks at a Vietnam-Israel Business Forum
The forum, held in the framework of the official State visit to Vietnam by Israeli President Rivlin from March 19-25, gathered 27 Israeli leading companies in the fields of agriculture, network security, water solutions, renewable energy, healthcare, education and finance.
Addressing the forum, Deputy PM Hue highly valued the special attention that the Israeli Government has paid to the promotion of economic, trade and investment partnership with Vietnam.
The Deputy PM noted that although two-way trade spiraled from 200 million USD in 2010 to over 1.2 billion USD last year, the figure has yet to meet expectations.
He affirmed that Vietnam always opens doors for Israeli businesses and supports them to access its 90-million strong market, over-600-million ASEAN market, and other countries that have established trade ties with Vietnam.
Deputy PM Hue also noted that, Vietnam not only welcomes Israeli manufacturers but also consulting firms, financial investors and particularly venture capital funds to join Vietnam’s startup ecosystem development.
He suggested that the two sides should boost cooperation in areas of Vietnam’s needs, including farming, breeding, renewable energy, smart power grid, water resource management, e-commerce, cyber security and human resource training.
He also expressed his hope that Vietnamese businesses will learn from their Israeli peers’ experience, especially in how to develop the world’s leading startup country with modest natural resources.
The Deputy PM affirmed that the Vietnamese Government commits to working together with the Israel Government in building optimal legal frameworks serving partnerships between the two sides’ business communities.
He said he hopes that negotiations for a Vietnam-Israel free trade agreement will be completed in 2018 when the countries celebrate the 25th anniversary of diplomatic ties.
Speaking at the event, visiting Israeli President Reuven Rivlin highlighted the significance of bilateral ties with Vietnam in his country’s international integration. 
Israeli President Reuven Rivlin makes a speech at the forum.
Israeli President Reuven Rivlin makes a speech at the forum.
The President stated that Israel is interested in affiliating with Vietnam in various fields, including trade, knowledge-based development, water treatment, irrigation, dairy industry, medical equipment, education, agriculture, fertilizer production, and cyber security.
At the same time, he also expressed his hope that the Vietnam-Israel Free Trade Agreement would soon be finalised to facilitate cooperation in the future for comprehensive partnership development and the mutual benefit of both sides.
Currently, Israel has 25 valid direct investment projects in Vietnam with a total registered capital of over US$46 million, ranked 56 out of 116 countries and territories investing in Vietnam.
Translated by Thu Minh
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