Ambassador of the State of Palestine to Viet Nam, H.E. Mr. Saadi Salama, and Mr. Truong Chi Trung - Deputy Minister of the Ministry of Finance of Vietnam, signed the Agreement on Double Taxation Avoidance between the State of Palestine and Vietnam.

This agreement is an important milestone strengthening the traditional friendship relation between Palestine and Vietnam and realizing the two sides’ commitments to further promote economic, trade and investment relations, which are considered priorities to develop a comprehensive and substantive bilateral relationship.

Over the recent years, efforts have been made to improve the economic and trade cooperation between Palestine and Vietnam despite obstacles such as geographical distance and the fact that Palestine is still occupied by foreign countries and not yet an independent state with fundamental self-determination rights. However, Palestine has initially become an attractive export market for Vietnamese agricultural and fishery products and some industrial products such as shoes and garments. In contrast, Vietnamese market also appeals some of Palestine’s quality products, including construction materials.

However, two countries' bilateral trade activities remain restrained and haven’t matched with the potentials of both sides, especially in the context that Palestinian political situation has positively changed when Palestine was granted the “Non-member observer state” status at the United Nations. This is an important foundation for Palestine to expand cooperation in various fields including economics and trade with other countries in the world including Vietnam.

Therefore, this agreement is a basic step making it easier for both sides’ commodities to enter each other’s market. It also lays a solid foundation for Palestinian and Vietnamese enterprises to expand their business and investment. The two sides have managed to increase the exchanges of delegations to promote bilateral trade ties. As an illustration, a Palestinian delegation was sent to participate the Forum for Economic Cooperation between Vietnam and the Middle East - North Africa partners held in Hanoi. Palestine and Vietnam are also actively working toward the establishment of Palestine – Vietnam Joint Commission and Palestine – Vietnam Business Council, thus creating more conditions for two sides’ companies to seek promising business and investment opportunities.

Related links:

http://vietnamnews.vn/economy/247354/vn-palestine-sign-double-tax-avoidance-agreement.html