Hanoi: Vietnam and Israel have agreed to step up the effective rollout of the Vietnam-Israel Free Trade Agreement (VIFTA) and foster cooperation in trade, industry, and innovation. The consensus was reached during a working session between Vietnamese Ambassador to Israel Nguyen Ky Son and Israeli Minister of Economy and Industry Nir Barkat in Jerusalem on June 29.

According to Vietnam News Agency, the meeting highlighted the mutual commitment of both nations to enhance their economic partnership through the VIFTA. The agreement is expected to bolster trade relations by reducing barriers and facilitating smoother transactions in various sectors. Both parties expressed a strong desire to expedite the agreement's implementation to maximize its potential benefits.

The Vietnam-Israel Free Trade Agreement aims to create new opportunities for businesses in both countries, focusing on mutual benefits in trade and innovation. The discussions also underscored the importance of collaboration in industry-specific sectors, which could lead to significant advancements in technology and economic growth.