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By signing an FTA with Israel, Vietnam will receive tax reductions of more than 90%

August 08, 2023 14:45 PM

After 7 years and 12 discussions, Vietnam signed The Vietnam-Israel Free Trade Agreement (VIFTA) on July 25, 2023, with the prospect of substantial economic development.

Commitment to reducing taxes by more than 90%

Israeli Prime Minister Benjamin Netanyahu and Deputy Prime Minister Tran Luu Quang, as well as Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat, were present at the signing ceremony.

The VIFTA agreement is divided into 15 chapters and many appendices including trade in products, services and investment, rules of origin, technical trade barriers (TBT), sanitary and phytosanitary measures (SPS), customs, trade remedies, government procurement, and the legal and institutional framework. These agreements will aid in the liberalization of commerce between the two countries while significantly lowering tariffs on both sides. In particular, Israel promised to reduce the tariff line by 92.7%, while Vietnam committed to a tariff line reduction of 85.8%. Furthermore, by creating VIFTA with Israel, Vietnam will get a number of advantages:

  • Increase the relationship between the two countries.
  • Promote economic growth cooperation and two-way commerce of USD 3 billion or more in the near future.
  • Vietnam will have greater prospects for collaboration and transformation in the areas of digital and technological transformation, as well as services.
  • Provide favorable conditions for Vietnam to boost its product exports to Israel, as well as the Middle East, North Africa, and Southern Europe.

Opportunities for Vietnamese businesses

With several benefits, GNP Dong Van 3 rental industrial real estate will help enterprises in saving costs, optimizing operations, increasing competitiveness, and being ready to accept possibilities after Vietnam’s signing of the VIFTA with Israel:

  • Internal column-free design optimizes utilization area.
  • The interior road is clean and has 6 access ports, making it ideal for cargo traffic.
  • Obtaining EDGE accreditation for energy conservation and sustainable development.
  • The wall-mounted ventilation and lighting system contributes to a safe and efficient working environment while reducing the enterprise’s energy consumption during operation.
  • Security and monitoring are provided 24/7.
  • Modern fire prevention systems and national standards are equipped.

Flexible leasing area and duration: GNP Dong Van 3 Industrial property for lease offers a broad range of lease space and time options. The firm may actively alter the usage area based on actual demands and simply extend the lease period when there is a need to increase or contract the scale of operation.

Technical support and services: GNP Dong Van 3 rental industrial real estate offers a skilled and devoted technical and managerial team that is always ready to serve businesses throughout their operations.

Ideal location: By selecting GNP Dong Van 3 rental industrial real estate, the company will benefit from its location, saving the time and expense of moving goods and improving market access and customers:

  • 50 kilometers from Hanoi.
  • About 80 kilometers from Noi Bai International Airport.
  • Cat Bi International Airport is around 130 kilometers away.
  • About 120km and 130 km from Lach Huyen deep-water port and Hai Phong port, respectively.

Foreign companies wanting GNP Dong Van 3 industrial real estate for rent can contact the Hotline +84 789 75 77 88 immediately for assistance.

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