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HCM City partners with Israeli firms to improve business climate

HCM City partners with Israeli firms to improve business climate

In his speech, Phong spoke highly of Israel’s technology and management experience and believed that Ho Chi Minh City, which boasts an abundant workforce and great potential, would become a promising partner of the Middle Eastern country, contributing to their mutual development in the near future.

Lauding trade and investment ties between Israel and the city, Phong vowed to offer all possible support to Israeli visitors, businesses and investors to the city to seek partnership opportunities.

Vietnam, including Ho Chi Minh City, and Israel are not competitive markets but development partners supporting mutual development on the basis of cooperation potential, common friendship and prosperity, he stressed.

Israeli President Reuven Ruvi Rivlin, for his part, hailed the growing trade ties between the two countries over the past years, adding that there is room for further growth not only in commodity trade but also in technical know-how in relation to water resources management, the milk industry, medical equipment and education.

While recalling Israel’s path to becoming a start-up nation, he expressed his belief that Vietnam, on the back of its long-standing history and young population, will work closely with Israeli people to bring benefits to the two countries and the world.

At the event, co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the Israeli embassy in Vietnam, the two leaders witnessed the signing of a Memorandum of Understanding (MoU) on research and development cooperation between the Israel Innovation Authority and the National Technology Innovation Fund.

Nearly 500 participating Vietnamese and Israeli enterprises sought to boost trade and investment in hi-tech agriculture, information technology and communications, water resources management and green energy.

Earlier, a MoU for a US$ 200 million financial package in healthcare between Israel’s Jasmine Group and Dat Vang Real Estate Investment Company was signed.

As of the late 2016, 11 Israeli firms had invested in Ho Chi Minh City with a total registered capital of more than US$ 10 million. Two-way trade between the city and Israel neared US$ 1 billion.

Over the past years, the two sides have partnered effectively in the fields of agriculture, information technology, chemicals and cosmetics, among others.