Israel signs free trade deal with Vietnam

25 July 2023, 4:45 pm

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Economy Minister Nir Barkat (R) and his Vietnamese counterpart Nguyen Hong Dien (L) hold up copies of a signed free trade agreement, at the Prime Minister's Office in Jerusalem on July 25, 2023, as Prime Minister Benjamin Netanyahu (2nd-R) and Vietnamese Deputy Prime Minister Tran Luu Quang applaud. (Kobi Gideon/GPO)

Israel has finalized a free trade agreement with Vietnam, the Prime Minister’s Office announces.

The deal was signed by Economy Minister Nir Barkat and his Vietnamese counterpart Nguyen Hong Dien at a ceremony attended by Prime Minister Benjamin Netanyahu and Vietnam’s Deputy Prime Minister Tran Luu Quang.

The Prime Minister’s Office says the agreement, which was signed thirty years after Jerusalem and Hanoi established diplomatic ties, includes a reduction of customs duties and will make it easier for Israeli firms to do business in Vietnam.

“I expect to expand our relations on innovation in all areas in which we can improve the lives of citizens in both countries,” Netanyahu is quoted saying in a statement from his office. “The cooperation between us opens new horizons.”