Tel Aviv, Jan. 7 -- The Prime Minister's recent approval of a plan to implement the Vietnam - Israel Free Trade Agreement (VIFTA) is expected to create bright prospects for Vietnam's exports to Israel this year, when the agreement enters a deeper and more wide-ranging implementation phase.

Israel has a population of around 10.2 million but one of the world's highest per-capita income levels. Owing to prolonged conflict and limited domestic production capacity, its import demand is consistently high. The market has shown growing interest in Vietnam's major export strengths such as aquatic products, textiles and garments, footwear, wooden products, tropical farm produce and processed foods.

Bilateral trade has recorded impressive growth s...