Vietnam, Israel discuss Investment Protection Agreement
A high-level delegation from the Israeli Ministries of Finance and Foreign Affairs is visiting Vietnam from January 6-10 to start the first round of negotiating a Vietnam-Israel Investment Protection Agreement.
“This would be one of the basic agreements that promote bilateral trade and investment,” said Effie Ben Matiyau, Israeli Ambassador to Vietnam.
The two countries’ export-import turnover has sharply increased in recent years, especially after their signing of the bilateral economic and trade agreement in 2004. Two-way trading value in the first nine months of 2007 is estimated to have hit US$113 million, up 50 percent from the same period of 2006.
Trading with Israel, Vietnam mainly imports steel, fertilizers, petrol, wool, chemicals and medicine while exporting crude oil, coal, rice, rubber, coffee, pepper, cashew nuts, seafood and shoes.
Vietnam has become one of the most attractive destinations for Israeli investors. Some Israeli real estate and telecommunications corporations have established their representative offices in order to initiate cooperation with Vietnamese partners. In 2007, an Israeli company signed a US$1-billion contract with Vietnam’s shipbuilder Vinashin.
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