A ceremony to inaugurate the Israel-Vietnam Chamber of Commerce was held on March 22 by the Vietnamese Embassy in Israel and the Israel-Asia Chamber of Commerce.
Vietnamese Ambassador Do Minh Hung addresses the inaugural ceremony of Israel-Vietnam Chamber of Commerce (Photo: VNA)
As part of his address at the event, Vietnamese Ambassador Do Minh Hung briefed participants on both sides’ trade activities and prospects.
Despite the negative impact caused by the COVID-19 pandemic, bilateral relations and trade ties have seen sound development, with the turnover reaching US$1.8 billion, an increase of US$1.6 billion from 2020 and US$1.2 billion from 2019.
The nation has therefore been able to retain its status as Israel’s largest trade partner in Southeast Asia, he said.
Einat Halevi Levin, president of the Israel-Vietnam Chamber of Commerce, said that the decision to set up the chamber was prompted by the huge co-operation potential and rapid trade growth that exists between the two sides.
The chamber will provide support for the two business communities, with a target of doubling the two-way trade value, she said, adding that it has received major assistance from the Israeli Government.
Representatives from Israeli enterprises have shown a keen interest in investing in the Vietnamese market, a market of roughly 100 million consumers, with many looking to import commodities of all kinds, from machinery, automobiles to food from Vietnam.