Arie Zief, Vice President Federation of the Israeli Chamber of Commerce, said besides their traditional markets in Europe and Americas, Israeli companies want to explore new markets, and Vietnam is one of their target destinations.

Over the past four years, Israeli businesses have been actively pursuing opportunities to cooperate with Vietnamese partners, he said.

Zief noted the two sides have an untapped reservoir for economic and trade cooperation, and they anticipate a flood of investment into the Vietnamese market in the next five years.

Vietnamese businesses can capitalise on Israel’s strengths in agriculture, water treatment, energy, high tech and biology.

Two-way trade turnover is expected to double in the next five years, he concluded.

Rafi Kaufman, Director of the Israel-Vietnam Corporation, echoed Zief’s view, saying Vietnam boasts great investment potential for Israeli businesses. Vietnam will add 17 million young consumers in the next 10 years to its already lucrative retail market, setting the stage for increased demand for products and services.

The country’s GDP growth ranks third in Asia. Along with Brazil, Russia, India, China and South Africa, Vietnam is one of the six leading emerging countries in the world.

Vietnamese Ambassador to Israel Ta Duy Chinh said the seminar provided only a glimpse of Vietnam’s true potential and encouraged Israeli businesses to invest in the country.

Bilateral trade reached U$S604.29 million last year, a year-on-year increase of 37.9%, of which Vietnam’s exports rose 43.7% to US$401.29 million.

Vietnam mainly exports agricultural products, seafood, garments, and electrical equipment, and imports fertilizers, machinery and equipment, and electronics.

The two sides have also actively cooperated in agriculture, telecommunications, science and technology, maritime transport, finance and industry, and shared experience in management, and environment treatment technology at industrial zones and urban areas.

Israel currently ranks 62 out of 101 countries and territories investing in Vietnam. Its businesses are implementing 16 projects worth US$20.65 million in Vietnam.