Vietnam,Israel boost economic, trade cooperation

The Vietnam-Israel Business Forum was held here on Thursday by the Vietnam Chamber of Commerce and Industry (VCCI) and the Embassy of Israel in Vietnam, during Israeli President Shimon Peres'on-going visit to Vietnam, to promote bilateral economic and trade cooperation. Vietnam encourages and provides favorable conditions for Israeli businessmen doing business in Vietnam. The two countries share many common points that businessmen from both sides can cooperate with each other, addressed Vietnamese Deputy Prime Minister Hoang Trung Hai. Hai said in recent years, the two countries have expanded exchange of visits and meetings, through which Vietnam is impressed by Israeli technology level and management capability. For this, the two sides can cooperate with each other, especially in the context that the world economy is facing chaos, and climate change is taking place worse. Israeli President Shimon Peres said he is impressed by Vietnam' s vision and development over the years, and that Vietnam's big population and potential market will facilitate cooperation with Israel, especially in agriculture and technology. In the framework of the forum, VCCI signed with the Federation of Israeli Economic Organizations (FIEO) a memorandum of understanding, and with the Federation of Israeli Chambers of Commerce (FICC) a cooperative agreement, in the witness of the two sides' state leaders. According to VCCI, Vietnam-Israel trade turnover in 2010 reached more than 220 million U.S. dollars, up 34 percent over 2008. Vietnam exports footwear, garments and agricultural products to Israel, and imports high-tech equipment, chemicals and fertilizers. In 2011, Israel granted Vietnam with an additional credit loan worth 100 million U.S. dollars. It ranks 54th among 93 countries and territories investing in Vietnam, with nine projects and a total registered capital of nearly 33.8 million U.S. dollars.