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.

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