iet Nam's main exports were agricultural products, seafood, garments and electrical equipment. The imported goods were fertilisers, machinery and equipment and electronics. — File Photo

HA NOI (Biz Hub) — Viet Nam is considered to be a promising investment destination for Israeli enterprises which want to explore new markets besides their traditional markets in Europe and the US.

Federation of the Israeli Chambers of Commerce Vice Chairman Arie Zief said this at a seminar organised in Tel Aviv on Wednesday with the aim of helping Israeli companies learn more about investment opportunities in Viet Nam.

Over the past four years, Israeli businesses have been actively seeking opportunities to cooperate with Vietnamese partners, the vice chairman noted.

There is huge potential for the two business communities to accelerate economic and trade relations, he said, forecasting that the bilateral trade was likely to double in the next five years. Besides trade, he said, agriculture, water treatment, energy, high tech and biotech are also promising sectors for bilateral cooperation.

Director of the Israel-Viet Nam Corporation Rafi Kaufman agreed, saying that Viet Nam offered great investment potential for Israeli businesses due to the young consumer population, which would touch 17 million in the next 10 years, its lucrative retail market and the rising ratio of services compared with the agricultural sector.

During his speech at the forum, the Vietnamese Ambassador to Israel Ta Duy Chinh called on Israeli businesses to invest more in the country.

The bilateral trade reached US$604.29 million last year, a year-on-year rise of 38 per cent. Viet Nam's exports rose 44 per cent to touch $401.29 million. Among Viet Nam's main exports were agricultural products, seafood, garments and electrical equipment. The imported goods were fertilisers, machinery and equipment and electronics.

Meanwhile, Israeli firms have, till date, pumped $20.65 million into 16 projects in Viet Nam, giving Israel the 62nd rank out of the 101 countries and territories investing in the country.

These results, however, failed to match the potential and expectations of the two nations, Chinh concluded. — VNS