Business

Vietnam – fastest growing economy in Southeast Asia: New Zealand news site

With a rapid development of the economy and an increasing demand for high-end products, Vietnam is becoming an attractive destination for New Zealand exporters, opening up many opportunities for cooperation and sustainable development in the coming time.

Illustrative Image (Photo: VNA)
Illustrative Image (Photo: VNA)

Hanoi (VNA) – New Zealand's news site rnz.co.nz on March 26 published an article saying Vietnam is now the fastest-growing economy in Southeast Asia.

Two-way trade between Vietnam and New Zealand is valued at 2.68 billion NZD (1.54 billion USD), after growing 40% in the past five years, the article said.

Acknowledging the great potential of the Vietnamese market, New Zealand's exporters are striving to strengthen their position as strategic business partners, especially in the field of high-value food and beverages.

According to the article, New Zealand's Trade and Investment Minister of State Nicola Grigg told the New Zealand Parliament that as Vietnam gets wealthier, Vietnamese people want to buy high quality products from around the world. Meanwhile, New Zealand has some of thefood and beverage producers and innovative businesses globally.

Last year, New Zealand fruit companies generated 172 million NZD in exports to Vietnam for mostly apples, then kiwifruit and cherries, The Ministry for Primary Industries data show.

Ben McLeod, head of sales and marketing of Hawke's Bay-based Mr Apple, owned by Scales Corporation, said Vietnam's economic growth had been phenomenal.

He said Vietnam has seen rapid growth in the last 10 to 15 years. It's come from what was a poor to lower income country to now a lower to middle income country.

McLeod said several free trade agreements between New Zealand and Vietnam put New Zealand in good stead with other rival fruit markets, particularly in fruit exports.

Nelson’s Heartland Fruit sales and marketing manager Brendon Osborn said Vietnam's population was becoming increasingly wealthy, marked by the rise of large locally-owned retail super-malls targeted at medium and high-income shoppers.

Osborn said Vietnam has become very competitive. So, his company has focused on premium import segment with strict quality requirements to gain Vietnamese consumer trust.

With a rapid development of the economy and an increasing demand for high-end products, Vietnam is becoming an attractive destination for New Zealand exporters, opening up many opportunities for cooperation and sustainable development in the coming time./.

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