Israeli President Shimon Peres arrived in Vietnam Wednesday for a diplomatic visit aimed at boosting economic and political ties with one of Southeast Asia's fastest growing economies.

After signing a series of bilateral agreements on shipping and finance, Mr. Peres told reporters that his country was committed to improving bilateral relations with Vietnam.

It is the first high-level visit by an Israeli leader since the two countries established diplomatic relations in 1993.

Mr. Peres is traveling with several government ministers and a 60-member delegation of Israeli business leaders, who are expected to attend a Vietnam-Israel business conference on Thursday.

President Peres will also meet with several top Vietnamese leaders, including Prime Minister Nguyen Tan Dung and Communist party chief Nguyen Phu Trong later Wednesday.