August 8, 2023

Vietnam-Israel FTA holds promises for Vietnam's seafood exports

The Vietnam-Israel Free Trade Agreement (VIFTA), which was signed on July 25, could provide a push for Vietnam's seafood exports.

The general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), Truong Dinh Hoe, said although the Israeli market accounts for a small proportion of Vietnam's seafood exports, it is a very high-potential market due to its high purchasing power and solvency.

Furthermore, Israel has limited natural resources and domestic labour resources; although it is a small country, its consumption demand is quite significant, meaning the market still has much room for Vietnamese seafood enterprises to operate effectively.

The agreement will scale down duties on at least 86% of Vietnamese products sent to Israel, including seafood, eventually zeroing them out. Tariffs will also be eliminated on 93% of Israeli products exported to Vietnam, according to the Vietnamese Ministry of Industry and Trade.

"[The deal will] facilitate Vietnam's exports of its products not only to Israel but also pave the way for Vietnamese products to access other Middle East, North African and Southern European markets," the ministry said in a statement.

- SeafoodSource