Receiving newly-accredited Israeli ambassador Meirav Eiloon in Hanoi in September 2012, Vinh noted that bilateral investment cooperation remains modest and both sides need to encourage their business communities to increase contacts and exchanges to facilitate investment.

Vietnam wants Israeli businesses to invest in high-tech agriculture, information technology, telecommunications, construction, industrial manufacturing and services which are Israel’s strengths, said Vinh.

Vietnam and Israel conducted two rounds of talks on an investment promotion and protection, with one in January 2008 and the other in May 2009.

In a protocol to Israel dated March 18, 2011, the Ministry of Planning and Investment proposed hosting the third round of talks in Hanoi. The two sides are preparing for the upcoming talks, said Vinh.

Israel has invested in 14 projects in Vietnam with a total capitalisation of more than US$30 million, ranking 56th among foreign investors in Vietnam.

Two-way trade has increased considerably in recent times, reaching US$253 million in the first seven months of this year, a year-on-year increase of 52 percent.

Of the total trade value, US$176.7 million was generated from Vietnamese exports, mostly seafood, garments, and footwear.

Ambassador Eiloon said she will try her best during her working term in Hanoi to promote economic, trade and investment cooperation between the two countries.

She also proposed that the two governments create favourable conditions for their businesses to make contact and seek opportunities.