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.
Hanoi (VNA)༒ – Vietnamese Minister of Industry and Trade NguyenHong 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 PrimeMinister Benjamin Netanyahu.
The two countries started negotiations for the agreementseven years ago and held 12 negotiation sessions. The agreement signing is even more meaningful in the context that the two countries are holding manypractical activities to celebrate the 30th anniversary of the establishment oftheir diplomatic relations.
Notably, Israel is the first country in West Asia with whichVietnam has signed a free trade agreement (FTA) and Vietnam is also the firstcountry in Southeast Asia that Israel has signed an FTA with.
💞 Israel is currently one of the leading trade, investment,and labour cooperation partners of Vietnam in West Asia. The economic structureof Vietnam and Israel is complementary to each other, and the import and exportproducts of the two countries do not compete directly but complement eachother instead.
The signing and implementation of the VIFTA will create afavorable premise for Vietnam to promote the export of its goods toIsrael, and at the same time have the opportunity to access Israeli high-techproducts, contributing to reducing production and business costs and improvingthe competitiveness of Vietnamese goods. The agreement consists of 15 chapters and several appendicesabout trade in goods, services - investment, rules of origin, technicalbarriers to trade (TBT), sanitary and phytosanitary measures (SPS), customs,trade remedies, government procurement, and legal – institutional framework. With the agreed commitments, the two sides expect thattwo-way trade will have remarkable growth, reaching 3 billion USD and moresoon. The agreement will ultimately remove duties on at least 86% of Vietnameseproducts and 93% of Israeli products, according to the Vietnamese Ministry of Industry and Trade. VIFTA is also expected to be a lever to help strengthen thecooperation relationship between the two countries in investment, services,digital transformation, and technology. In addition, the signing and implementation of VIFTA willcreate a favourable premise for Vietnam to promote the export of strongproducts not only to Israel but also to other markets in the Middle East, NorthAfrica, and South Europe. Meanwhile, besides Vietnam's market of over 100 millionpeople, Israeli goods and technology will have opportunities to access marketsin ASEAN countries, Asia-Pacific, and major economies which Vietnam has signed FTAswith. VIFTA is expected to bring many opportunities for Israelibusinesses when investing in Vietnam. Socially, such investment will helpcreate more jobs in areas in that Israeli investors have interests andinvest./.
The Vietnamese Embassy in Israel in coordination with authorities of Israel’s Netanya city organised an event popularising the Vietnamese culture, cuisine and tourism to local residents and businesses on July 11.
The upcoming signing of a free trade agreement (FTA) between Vietnam and Israel will be a great achievement, opening up bilateral trade and investment cooperation opportunities, Israeli Ambassador to Vietnam Yaron Mayer has said.
A plate marking the 30th anniversary of the establishment of Vietnam-Israel diplomatic relations (July 12, 1993-2023) was installed in the Middle Eastern country’s Ashdod city on July 12.
The 30th anniversary of the establishment of diplomatic relations between Vietnam and Israel and the 78th anniversary of Vietnam’s National Day were marked at a ceremony in Tel Aviv on July 23, held in the framework of an official visit of Vietnamese Deputy Prime Minister Tran Luu Quang.
Leaders of Vietnamese localities are more open to business opportunities, showing greater interest in seeking good technologies and economic development opportunities without being concerned about personal economic benefits or political advancement, President of the Israel-Vietnam Chamber of Commerce (IVC) Einat Halevy Levine, who has 10 years of experience in the Vietnamese business environment, has said.
Vietnam attaches importance to consolidating and further developing friendship and cooperation with Israel, Deputy Prime Minister Tran Luu Quang told Israeli President Isaac Herzog at their meeting on July 25.
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
At the signing ceremony. (Photo: VNA) 
