Viet Nam’s CT Group has officially opened its representative office in Tel Aviv, Israel in an effort to boost cooperation with the innovation and hi-tech market of the host.

Addressing the launching ceremony, Chairman of CT Group Tran Kim Chung said the establishment of the representative office in Israel is of significance as it reflects the Vietnamese group’s strategy to innovate its business model, in which priority is given to developing hi-tech sectors, in order to keep up with the robust growth of the Fourth Industrial Revolution.

CT Group sees Israel as a very promising market that has great potential to foster partnership in innovation and high tech, he said.

He also noted that it is the first-ever business representative office of Viet Nam in Israel.

The ceremony saw two memoranda of understanding signed between CT Group and Israeli corporations. VGCT, a member company of CT Group, inked a MOU with OBCT-CD24, an Israel-based clinical-stage biopharmaceutical company, in applying breakthrough solutions for the treatment of lung diseases. Meanwhile, CT Group sealed an agreement with Falcon to boost hi-tech adoption in its key business sectors.

Speaking at the event, Vietnamese Trade Counsellor in Israel Le Thai Hoa said that the economic-trade relations between the two countries have grown constantly. The two sides have been in talks for the signing of a bilateral free trade agreement to facilitate their cooperation in business, investment and services.

He expected CT Group pioneering in opening a representative office in Israel will pave the way for more Vietnamese firms to do the same, contributing to accelerating the two countries’ ties in economy, trade, investment and technology.

CT Group is a multi-sectoral corporation that has around 50 member companies operating mostly in construction and urban development. It has shifted its eye to hi-tech sectors, such as biotech, fintech and flytech, in recent years. — VNS