Workers process tra fish for export (Photo: VNA) Hanoi(VNA) - Vietnam and New Zealand are eyeing 1.7 billion USD in two-way trade thisyear.
According to theVietnamese Trade Office in New Zealand, Vietnam is currently New Zealand’s 16thlargest trade partner. Bilateral trade enjoyed a three-fold increase in the decadesince the two countries established their comprehensive partnership, from 320million USD in 2009 to over 1 billion USD in 2018.
The figure isexpected to rise to 1.7 billion USD as the two are working to upgrade relationsto a strategic partnership and both are members of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).
The two economies alsopossess numerous advantages in complementing and supporting each other. NewZealand needs to import commodities which Vietnam holds strengths, such asgarment and textiles, footwear, wood, tropical farm produce, and fisheries products,while Vietnam needs to import milk and dairy products, wine, lamb, fruit, andraw materials for garment and textiles and footwear from New Zealand.
Of note, NewZealand has permitted the import of three types of fresh Vietnamese fruit - mango,dragon fruit, and rambutan. Vietnam is also seeking to export fresh lemons andpassionfruit to the country.
In return, Vietnamhas opened its doors to New Zealand exporters of potatoes, beef, kiwi fruit, andapples.
Keith Conway,Chargé d’Affaires at the New Zealand Embassy in Vietnam, said the country welcomesthe ratification of the CPTPP, as it is an important step in improving tradeprinciples and will contribute to boosting investment and business between thetwo countries.
2020 issignificant for both countries, as Vietnam is the ASEAN Chair and celebrationsare underway for the 45th anniversary of bilateral diplomatic ties.
New Zealand Prime Minister Jacinda Ardern is scheduled to take part in theASEAN-New Zealand Leaders’ Summit, which is viewed as a good opportunity forleaders to discuss measures to expand bilateral cooperation, especially intrade.
To expand themarket share of Vietnamese exports in New Zealand, Le Hoang Oanh, Director ofthe Ministry of Industry and Trade’s Asia-Africa Market Department, suggested Vietnamesecompanies pay greater attention to trade and product promotions.
Theministerial-level Economic and Trade Joint Committee, established in 2005, isexpected to convene its seventh meeting in the fourth quarter of this year inNew Zealand to seek additional measures to expand bilateral trade.
Meanwhile, theRegional Comprehensive Economic Partnership (RCEP), once signed by the ten ASEANmember states and Australia, China, India, Japan, the Republic of Korea, andNew Zealand, will form the largest free trade bloc in the world, with around3.5 billion people and 30 percent of global GDP.
Minister ofIndustry and Trade Tran Tuan Anh said the agreement will bring aboutopportunities for Vietnamese businesses to boost exports, participate in newvalue chains, and attract more investment from New Zealand.
He recently askedNew Zealand to support Vietnam in developing hi-tech agriculture and fosteringsustainable growth./.
According to theVietnamese Trade Office in New Zealand, Vietnam is currently New Zealand’s 16thlargest trade partner. Bilateral trade enjoyed a three-fold increase in the decadesince the two countries established their comprehensive partnership, from 320million USD in 2009 to over 1 billion USD in 2018.
The figure isexpected to rise to 1.7 billion USD as the two are working to upgrade relationsto a strategic partnership and both are members of the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP).
The two economies alsopossess numerous advantages in complementing and supporting each other. NewZealand needs to import commodities which Vietnam holds strengths, such asgarment and textiles, footwear, wood, tropical farm produce, and fisheries products,while Vietnam needs to import milk and dairy products, wine, lamb, fruit, andraw materials for garment and textiles and footwear from New Zealand.
Of note, NewZealand has permitted the import of three types of fresh Vietnamese fruit - mango,dragon fruit, and rambutan. Vietnam is also seeking to export fresh lemons andpassionfruit to the country.
In return, Vietnamhas opened its doors to New Zealand exporters of potatoes, beef, kiwi fruit, andapples.
Keith Conway,Chargé d’Affaires at the New Zealand Embassy in Vietnam, said the country welcomesthe ratification of the CPTPP, as it is an important step in improving tradeprinciples and will contribute to boosting investment and business between thetwo countries.
2020 issignificant for both countries, as Vietnam is the ASEAN Chair and celebrationsare underway for the 45th anniversary of bilateral diplomatic ties.
New Zealand Prime Minister Jacinda Ardern is scheduled to take part in theASEAN-New Zealand Leaders’ Summit, which is viewed as a good opportunity forleaders to discuss measures to expand bilateral cooperation, especially intrade.
To expand themarket share of Vietnamese exports in New Zealand, Le Hoang Oanh, Director ofthe Ministry of Industry and Trade’s Asia-Africa Market Department, suggested Vietnamesecompanies pay greater attention to trade and product promotions.
Theministerial-level Economic and Trade Joint Committee, established in 2005, isexpected to convene its seventh meeting in the fourth quarter of this year inNew Zealand to seek additional measures to expand bilateral trade.
Meanwhile, theRegional Comprehensive Economic Partnership (RCEP), once signed by the ten ASEANmember states and Australia, China, India, Japan, the Republic of Korea, andNew Zealand, will form the largest free trade bloc in the world, with around3.5 billion people and 30 percent of global GDP.
Minister ofIndustry and Trade Tran Tuan Anh said the agreement will bring aboutopportunities for Vietnamese businesses to boost exports, participate in newvalue chains, and attract more investment from New Zealand.
He recently askedNew Zealand to support Vietnam in developing hi-tech agriculture and fosteringsustainable growth./.
VNA
