Vietnam Israel trade relations
Economic relation between Israel and Vietnam has been growing during the last years. In 2011, bilateral trade exchange turnover between two countries reached US$532 million. Israeli exports to Vietnam reached US$334 million, a 173 percent increase Y-O-Y. Israel mainly exports electronics & machinery (60 percent), chemicals and minerals. Israeli imports from Vietnam reached US$198 million, a 51 percent increase Y-O-Y. Israel mainly imports natural products (35 percent) and textiles & shoes (28 percent) from Vietnam.
Exchanges of delegations are regularly organized in order to promote the mutual demands of the two sides. In June 2011, a delegation led by the Minister of Information and Communication visited Israel, which was the first official visit of a Vietnamese minister in Israel for 12 years. The Economic Department of the Embassy of Israel in Hanoi coordinated 7 delegations including 70 Vietnamese officials and businessmen to attend Watec Exhibition 2011 on water solutions in Israel. Israeli companies are also coming to Vietnam to seek business opportunities. In the same year, 10 Agro technology companies visited Vietnam to meet with potential partners. Besides, many business seminars have been held last year such as Seminars on Water Solutions in Hanoi and Hai Phong, Seminars on Agricultural technology in Hanoi and Ho Chi Minh City.
Remarkably, in November 2011, at the invitation of the President of the Socialist Republic of Vietnam, H.E. Mr. Truong Tan Sang, the President of the State of Israel, H.E. Mr. Shimon Peres an official visit to Vietnam. The Minister of Science and Technology Minister and Minister of Agriculture and Rural Development also accompanied the President. The delegation included Israel’s Manufacturers Association President and 60 representatives of leading Israeli firms in the fields of infrastructure, communications, finance, high-tech, agricultural and water technology. The Israeli-Vietnam Business Forum was successfully organized and proved to be an opportunity to promote knowledge exchange and explore cooperation opportunities between Vietnamese and Israeli partners in the above mentioned areas. This historical visit may open doors for further cooperation between the countries in Information and Communications Technology (ICT), Homeland Security, Agricultural Technology, Water Technology and many more.
These forums will continue to act as a bridge between both countries in terms of boosting economic and trade ties