Vietnam and Israel signed a memorandum of understanding (MoU) to strengthen their bilateral economic ties during a 5-day visit to Israel by Minister of Science and Technology Nguyen Quan that concluded last week.
The visit was the first state visit by top Vietnamese official to Israel and first joint economic committee since ties established 20 years ago. The minister led a large delegation of senior Vietnamese government officials.
The visit came as bilateral trade has reached a high of $1 billion per annum in recent years, and as both governments are discussing a free trade agreement. The deal was reached during Minister of Science and Technology Nguyen Quan’s visit to Israel from September 28 – October 2 to attend the first meeting of the Inter-Governmental Committee for Economic and Technological Cooperation.
At the signing, Minister Quan noted that science and technology are the core of Vietnam – Israel trade relations and Vietnam hopes to develop comprehensive cooperation with Israel in this field.
Vietnam hoped to develop technology in the fields of agriculture and cyber security and safety with Israel, he said, and pledged maximum support to Israeli investors.
Under the MoU , the two countries will increase exchanges of scientists as well as personnel training and research cooperation. Vietnam anticipates more cooperation with Israel in high tech agriculture and network security. Quan pledged to create the best possible conditions for Israeli businesses to invest in Vietnam, particularly in high-tech.
