Vietnam calls for further investment from Israeli businesses

12:07 | 25/03/2017 Investment

Vietnam welcomes Israeli investors to do business in the country and further cooperation with Vietnamese partners in various fields for the benefit of both sides.

Politburo member and Deputy Prime Minister Vuong Dinh Hue calls for further Israeli investment during the Vietnam-Israel Business Forum

The statement was made by Politburo member and Deputy Prime Minister Vuong Dinh Hue during a Vietnam-Israel Business Forum held in Hanoi this morning by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Israeli Embassy in Vietnam.

The government official stressed that cooperation opportunities do exist in a wide range of economic fields for both sides, including agriculture, renewable energy, smart electricity, effective water resource use, e-commerce, network security, human resource development, healthcare and education, among others.

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.

The Vietnamese government, together with the Israeli side, pledges to build the most favourable legal framework to facilitate cooperation between the two business communities and peoples, Politburo member Hue affirmed, adding that the two countries have signed a range of bilateral agreements and are to conclude negotiations for a free trade agreement, which is hoped to be concluded by 2018 on the occasion of 25th anniversary of Vietnam-Israel diplomatic ties, in order to open up opportunities for strengthening economic relations as well as trade and investment between the two.

He also urged enterprises and entrepreneurs of both sides to act as links between the two economies and leading forces in the realisation of bilateral agreements for Vietnam and Israel’s common prosperity.

Israeli President Reuven Rivlin speaks at the Vietnam-Israel Business Forum in Hanoi on March 21, 2017 - Credit: NDO

Addressing the forum, Israeli President Reuven Rivlin said that Vietnam has a fast-growing, steady market economy of which Israel wants to become a part of such development.

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.

Concurring with the two leaders, VCCI President Dr. Vu Tien Loc said startup and agricultural development are the two breakthroughs that will boost Vietnam's economic development in the future. On that basis, the VCCI president said that Israeli companies would become the leading partners in the field of start-up and hi-tech agriculture in Vietnam.

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. After the opening session, enterprises of the two countries attended seminars on related fields of cooperation.

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.

Theo NDO