Business News

1. Vietnam signs free trade agreement with Israel

 Source: https://e.vnexpress.net/news/economy/vietnam-becomes-
southeast-asia-s-first-to-sign-fta-with-israel-4633892.html
 Summary:
Vietnam has become the first Southeast Asian country to sign a free trade
agreement (FTA) with Israel.The Vietnam-Israel Free Trade Agreement, signed on
July 25, 2023 on the occasion of Deputy Prime Minister Tran Luu Quang officially
visiting Israel, entails agreements on trade, service, investment, customs and
legislation, among others.The tax will be reduced in steps. The agreement will
ultimately remove duties on at least 86% of Vietnamese products and 93% of
Israeli products.The two countries expect to raise bilateral trade turnover from
$2.2 billion last year to $3 billion in the coming time.The FTA would help
Vietnamese businesses export goods and gain access to the goods and technology
markets of Israel at more competitive costs. Vietnamese businesses would also find
it easier to gain access to other markets, like the Middle East, North Africa or
South Europe.In return, Israeli businesses would be able to gain access to ASEAN
and the Indo-Pacific, as well as other major economies that Vietnam also signed
FTAs with.The new FTA is the first signed by a West Asia country with
Vietnam.Israel is currently the 3rd largest export market, and 5th largest trade
partner for Vietnam in West Asia. Their trade turnover of $2.2 billion last year
was a 18% increase from 2021.So far, Vietnam has signed 16 bilateral and
multilateral FTAs, helping its trade turnover in 2022 to reach a record-breaking
$732.5 billion, a 9.5% increase from 2021.
 Key word: FTA, agreement, bilateral trade, export market, trade turnover
 Questions:
- When was the Vietnam-Israel Free Trade Agreement signed?
- What is Israel's export ranking in West Asia?
- How many bilateral and multilateral FTAs has Vietnam signed so far?

2. VinFast showcases four electric vehicle models at Geneva International

Motor Show
 Source: https://en.vietnamplus.vn/vinfast-showcases-four-electric-
vehicle-models-at-geneva-international-motor-show/269224.vnp
  Summary:
VinFast is showcasing four electric vehicle models - VF 6, VF 7, VF 8 and VF9 -
at the Geneva International Motor Show Qatar 2023, the first to be held in Doha,
from October 5 - 14.This is also the first time VinFast, the electric vehicle (EV)
maker of Vietnamese conglomerate Vingroup, officially introduces its fully-
electric vehicles to the Middle East market, expanding in this market by
researching investment potential and partnership opportunities.At the exhibition,
VinFast will allow the public and local investors an opportunity to experience the
stylish designs and smart features of the vehicles.The VF 6 and VF 7 models
compete in the B and C segments and are crafted by Torino Design with modern
and sophisticated styling. While the VF 6 is suitable for young families who
promote a green lifestyle, the VF 7 is an ideal choice for successful and
individualistic young people.The VF 8 and VF 9 are VinFast's two premium
models in the D and E segments and are designed by Pininfarina. Both models
offer fashionable and classy designs, creating smart and safe driving experiences
for consumers. The VF 8 and VF 9 are currently open for reservations globally,
with the VF 8 being delivered to customers in the North American market.VinFast
also aims to find partners in the Middle East market and research partnership
opportunities while contributing to promote green mobility solutions in the region.
 Key word: conglomerate, investment potential, sophisticated,
individualistic
 Questions
- How many vehicle models is VinFast showcasing at the Geneva
International Motor Show Qatar 2023?
- What will the VF 8 and VF 9 bring to consumers?
- What is the aim of VinFast?

3. Vietnam rice exports surge to new record revenue

 Source: https://en.vietnamplus.vn/vietnam-rice-exports-surge-to-new-
record-revenue/269149.vnp
 Summary:
Vietnam set a new record in rice export revenue in the first nine months of 2023
thanks to the increasing price of exported rice.The country earned 3.66 billion
USD from exporting rice in the period, up 40.4% year-on-year.The result was
attributed to the increasing price of Vietnamese export rice, and the decreasing rice
supplies in many markets during the reviewed period.Vietnam’s average price of
exported rice in the first three quarters reached 553 USD per tonne, a 14% increase
over the same period in the previous year.The Philippines was the largest buyer of
Vietnamese rice products in the first eight months, accounting for 40.3% of the
total rice export. China and Indonesia ranked second and third, accounting for
13.5% and 12.4%, respectively.Additionally, positive growth in rice exports has
been also recorded in countries in the European Union, such as Poland, the
Netherlands, Spain, and Belgium, and African nations such as Ghana and Angola.
The price of exported rice is expected to remain high until the end of this year due
to the continued demand for rice imports in major consuming markets such as
the Philippines, China, Indonesia, Malaysia, and Africa.President of the Vietnam
Food Association (VFA) Nguyen Ngoc Nam stressed that there is ample room for
rice exports to grow, especially as the Philippines needs to import an additional 1.1
million tonnes, while Indonesia plans to buy 2.3 million tonnes by the end of the
year.China’s demand for rice imports is also forecast to increase in the remaining
months of the year.Rice exporters are advised to have appropriate strategies to
ensure the ability to meet exports.
 Key word: revenue, positive growth, European Union, demand, consuming
market
 Questions:
- Why did Vietnam set a new record in rice export revenue?
- Which country was the largest buyer of Vietnamese rice products in the first
eight months?
- What are some major consuming markets for rice imports?