Israeli firm pledges $200 mln to build Saigon healthcare facilities

March 24, 2017 | 01:50 am PT
Israeli firm pledges $200 mln to build Saigon healthcare facilities
President of Israel Reuven Ruvi Rivlin and his Vietnamese counterpart Tran Dai Quang shakes hand during their meeting. Photo by Giang Huy
The agreement is among a number of deals being discussed during Israeli President Rivlin’s visit to Vietnam.

Israel's Jasmine Group and Vietnamese real estate firm Dat Vang have signed a memorandum of understanding (MoU) for a $200 million financial package to fund the development of two healthcare projects in Ho Chi Minh City.

The deal took place on Friday within the framework of Israeli President Rivlin’s visit to Vietnam, which is scheduled from March 20 to 25, Saigon Times reported.

Specializing in infrastructure and healthcare technology, Jasmine Group pledged to help its Vietnamese partner to purchase medical equipment and construct healthcare facilities in HCMC.

The agreement is among a number of cooperation deals that have been signed between the two countries in the fields of medicine, electricity and informal education.

Similarly, Vietnamese dairy producer TH Group and Israel’s MedicDan Ltd. and Sraromedic R.N International also inked an agreement on Tuesday to develop a high-tech medical complex in Hanoi.

As of the end of last year, Israel had 11 businesses with investments in HCMC, with total capital worth about $10 million, said city chairman Nguyen Thanh Phong.

"I believe in the near future, Ho Chi Minh City and Israel will start more joint projects that will contribute to bilateral development," Phong said.

Bilateral trade turnover has reached near $1 billion since the two countries established diplomatic relations in 1993, and major investments have been made in agriculture, information technology, chemicals, water management and telecommunications.

Vo Tan Thanh, vice chairman of Vietnam's Chamber of Commerce and Industry, said Israel will be the first country in the Middle East to sign a free trade agreement with Vietnam.

Thanh said President Rivlin and his Vietnamese counterpart, President Tran Dai Quang, have vowed to lift two-way trade to $3 billion in the coming years by accelerating negotiations and signing the Vietnam-Israel FTA.

The process started in December 2015 and the third round of negotiations is expected to take place later this year.

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