VIFTA facilitates bilateral trade

(VEN) - The Vietnam-Israel Free Trade Agreement (VIFTA) was signed on July 25, 2023 following seven years of negotiations with 12 rounds of talks. The agreement has opened up a new avenue for Vietnamese goods to be exported to Israel, thereby providing a platform to penetrate this Southwest Asian market.

Opportunities for market diversification

According to Dr. Le Quoc Phuong, former Deputy Director of the Vietnam Industry and Trade Information Center under the Ministry of Industry and Trade (MoIT), the VIFTA was signed only three months after the announcement of negotiation conclusion. This was a significant effort of the MoIT. Notably, the FTA reflects Vietnam’s policy for comprehensive and deep integration into the world economy and its efforts to expand relations with all economies. It also helps diversify the export and import markets for Vietnamese goods.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien (right) and Israeli Minister of Economy and Industry  Nir Barkat at an August-16 talk in Hanoi
Vietnamese Minister of Industry and Trade Nguyen Hong Dien (right) and Israeli Minister of Economy and Industry Nir Barkat at an August-16 talk in Hanoi

The VIFTA consists of 15 chapters and several annexes, covering various key areas such as trade in goods, services and investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), customs, trade defense, government procurement, and legal and institutional provisions. The agreement includes strong commitments from both sides to enhance the rate of trade liberalization, with Israel committing to a 92.7 percent tariff elimination rate by the end of the agreed timeframe, while Vietnam commits to an 85.8 percent tariff elimination rate. The two sides expect bilateral trade will experience significant growth to reach US$3 billion and higher levels in the near future.

According to annually-published data, Israel spends around US$35 billion to import consumer goods. Meanwhile, this sector is one of Vietnam’s strengths. Dr. Le Quoc Phuong said that Israel is currently Vietnam’s third largest export market and fifth largest trading partner in the West Asian region. Therefore, the VIFTA is expected to boost bilateral trade relations. “Israel plays the role of a stepping stone for Vietnamese goods to increase their presence in the Southwest Asian market. Their presence in the Israeli market will bring opportunities for Vietnamese goods to access many other markets in the region,” emphasized Dr. Le Quoc Phuong.

Textiles and garments are key Vietnamese exports to Israel
Textiles and garments are key Vietnamese exports to Israel

New impetus for business community

The VIFTA will bring significant benefits and opportunities for the business communities of both countries. This provides favorable conditions for the two business communities to build, strengthen and diversify their supply chains, especially in sectors where one party has strengths and the other has demand, and vice versa.

In the future, economist Assoc. Prof., Dr. Ngo Tri Long recommends that Vietnamese businesses take proactive measures to fully exploit or optimize the benefits of the VIFTA. This involves understanding the mechanisms, policies, markets, and trade barriers in order to enhance the quality of their products and goods. Businesses need to operate more professionally. “Israel is a highly competitive partner with advanced scientific and technological capabilities, so Vietnamese consumer goods exporters should pay attention to improving quality, especially in terms of food safety and hygiene,” said Assoc. Prof., Dr. Ngo Tri Long.

Dr. Le Quoc Phuong emphasized that businesses must thoroughly understand the market. Currently, many FTAs require standards related to the environment, labor, and the utilization of human resources. However, Vietnamese businesses are still weak in these aspects. They need to make efforts to increase the localization rate. At the same time, they should explore and take advantage of preferences related to product origin certification to make the most of FTAs.

Tran Quang Huy, Director of the MoIT’s Asia-Africa Market Department, affirmed that the advantages and opportunities opening up in the bilateral relationship serve as a crucial foundation, providing motivation and confidence for businesses from both sides to expand their investments, production and business activities in the future. He said that the Asia-Africa Market Department, together with the Vietnam Trade Office in Israel, will continuously update market developments, changes in trade policies, and new import regulations in Israel. This information will be widely disseminated through electronic platforms and magazines.

According to Tran Quang Huy, the Asia-Africa Market Department and the Vietnam Trade Office in Israel are willing to support Vietnamese businesses in verifying the legal status of Israeli partners as well as in accessing the market and establishing business cooperation relations.

Thu Trang & Hoa Quynh

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