Vietnam to Increase Retail Sector With New FTA With Israel
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 sup...