Vietnam to Increase Retail Sector With New FTA With Israel

Vietnam-Israel FTA to Help Boost Vietnam's Retail Industry
It is forecast that the size of Vietnam’s retail market will increase to US$350 billion by 2025. Photo: congthuong.vn

The Vietnam-Israel Free Trade Agreement (VIFTA) was officially signed on July 25, and is expected to bring new opportunities for trade cooperation and export promotion. The retail industry is also expected to benefit from this agreement.

Israel is renowned for its innovation, with over 500 startups specializing in retail technology. These startups offer solutions for various areas, including logistics, supply chains, and in-store consumer experience.

This has attracted the interest of multinational companies like Nike, Alibaba, and Walmart, who have increasingly shown interest in Israeli solutions.

Nguyen Anh Duc, Chairman of the Association of Vietnamese Retailers and General Director of Saigon Co.op, believes that the VIFTA will directly impact the Vietnamese retail industry in two ways.

Firstly, retailers will have access to high-level technology supplies from Israel. This will be particularly beneficial for the computerization and digitization of Vietnam’s retail services, especially in the growing e-commerce sector.

Secondly, Israel’s expertise in high-tech agriculture can facilitate Israeli retailers in introducing production technology to domestic manufacturers, thus enhancing the quality of goods available in the market.

Israeli businesses have already been exploring investment opportunities and expanding cooperation in the Vietnamese retail sector. The Israeli delegation, led by Gal Saf, commercial counselor of the Israeli Embassy in Vietnam, met with the Association of Vietnamese Retailers (AVR) on May 29.

Vietnam-Israel FTA to Help Boost Vietnam's Retail Industry
Gal Saf, commercial counselor of the Israeli Embassy in Vietnam, worked with the Association of Vietnamese Retailers.

During the meeting, Israel recognized the potential of the Vietnamese retail market and proposed collaboration with the association to share market information and facilitate businesses’ participation in the Vietnam Retail Forum.

Nguyen Anh Duc emphasized the need for support from relevant ministries and sectors to strengthen the connection with Israeli businesses. This support includes informing Vietnamese businesses about the advantages of the agreement and helping them understand the Israeli market, which has a cooperative model similar to Vietnam’s model.

The Association of Vietnamese Retailers has been actively connecting and supporting businesses in the retail sector to take advantage of opportunities presented by new-generation free trade agreements, including VIFTA. They are organizing two significant events: the Vietnam Retail Forum and the strategic cooperation forum focused on import-export cooperation and private label goods processing between Vietnam and other countries, including Israel.

According to the Ministry of Industry and Trade, Vietnam’s retail industry currently has a market size of US$142 billion, which is projected to increase to US$350 billion by 2025. The retail market continues to attract both domestic and foreign businesses.
Rosie Nguyen

The post Vietnam to Increase Retail Sector With New FTA With Israel appeared first on Vietexplorer.com.

View more from VietExplorer:

World ‘Start-up’ Ecosystem, India Ranks Third
Green Energy Focus in Sync with Ongoing G20 Presidency
French Saintes City Wishes to Promote Cooperation with Vietnam
Thailand down Malaysia to set up Vietnam final showdown
Locals rush to purchase gold ahead of God of Wealth Day
Palestinian Ambassador expresses profound love for Vietnam
Wrestling festival excites crowds in early Spring
Trending products in high demand on God of Wealth Day
Vietnam successfully connecting tangible with intangible heritage: UNESCO
Unique goat fighting festival gets underway in Dien Bien province
Thousands attend Lim festival in Bac Ninh
Hanoi engulfed in spell of drizzle and fog
Hanoi villagers bring lucky fire home to welcome in new lunar year
First Vietnamese painter honoured at US’s watercolour awards
Provinces organise activities to lure tourists over Tet holiday
Film week set to mark Party’s 93rd founding anniversary
Da Lat hot air balloon festival slated for late April
Muong ethnic girl keen to introduce int'l audience to Xam folk singing
Festival of folk games for children
Traditional ploughing festival held to pray for bumper crops

Comments

Post a Comment

Popular posts from this blog

A Taste of Australia: Ho Chi Minh City’s Exclusive Weekend Experience

Image
This year, for the first time, Taste of Australia will open its doors to the public in Ho Chi Minh City. A press release from the Australian Consulate General in the city announced that the event will showcase the finest Australian food, drink, and cultural experiences to locals and visitors alike. Taste of Australia aims to promote Australian premium produce to Vietnamese consumers and businesses through a variety of channels, including business and trade events, social media, and traditional media coverage. The event also seeks to enhance Australia’s global reputation as a provider of high-quality, safe, and sustainable food and beverages. Taste of Australia 2024 will feature a range of world-class offerings, including exquisite cuisine and beverages, family-friendly activities, and educational exhibits. It promises to be a celebration of Australian culture and hospitality. Attendees will have the opportunity to immerse themselves in a unique cultural showcase, featuring the Firs
Read more

Messi claims his eighth Ballon d’Or as the world’s best player

Inter Miami’s Messi, the winner of the award in 2021, played a crucial role in leading Argentina to their first World Cup title in 36 years in Qatar last season. The 36-year-old is now three Ballons d’Or ahead of his rival Cristiano Ronaldo, whose last win was in 2017 with five trophies in total. Messi has now finished in the top three a record 14 times, finishing as runner-up five times. “I couldn’t imagine having the career that I have had. Everything that I have achieved. The privilege of playing for the best team in the world, the best team in history. It is satisfying to win these individual awards. It is incredible to win the Copa America and then the World Cup,” said Messi. “All of the Ballon d’Or awards are special for different reasons,” he added. “I am happy to receive this recognition thanks to what we have accomplished with the national team,” Messi told Reuters. “This World Cup title that we had been chasing for so many years makes it even more special.” When asked i
Read more

France sets new records in 14-0 victory, Dutch, Swiss, and Romania secure spots at Euro 2024

The French national team, known as Les Bleus, achieved a remarkable victory in the European qualifying tournament, setting a new record margin of victory. The match took place in Nice, where Ethan Santos’ own goal and a goal from Marcus Thuram started the scoring spree. The 17-year-old Warren Zaire-Emery also got on the scoresheet before being forced off the pitch due to an ankle injury. The floodgates truly opened when Santos received a red card just 18 minutes into the game. Kylian Mbappe converted a penalty to make it 4-0, and the goals kept coming with strikes from Jonathan Clauss, Kingsley Coman, and Youssouf Fofana before halftime. The second half saw goals from Adrien Rabiot, Coman again, and Ousmane Dembele. Mbappe sealed his hat-trick with two more goals, including an incredible lob from just inside the Gibraltar half, marking his 300th career goal at the age of only 24. Olivier Giroud came off the bench to add the final two goals, ensuring the history books were re-written. T
Read more