Processing tra fish fillets for export (Photo: VNA) Hanoi (VNA) – Economic and trade ties between Vietnam and New Zealand have developed continuously since the upgrade of bilateralties to strategic partnership in September 2009, and the upcoming visit to New Zealand by Prime Minister Pham Minh Chinh is an occasion for leaders of both countries to discuss orientations to further consolidate political trust and multifaceted cooperation.
According to the Vietnamese Ministry ofIndustry and Trade’s Asia-Africa Market Department, Vietnam is now the 14th largest trade partner of New Zealand. Meanwhile, New Zealand stands as the 38th biggest trade partner of Vietnam.
In 2022, two-way trade hit 1.4 billion USD, up 5.7% from2021. A year later, it dropped to 1.3 billion USD, of which, Vietnam's exportsto New Zealand reached 648.9 million USD, down 7.1% annually, mostly mobilephones and components, computers, electronics and spare parts, seafood, cashewnuts, footwear. Its major imports from New Zealand consisted of milk and dairyproducts, fruits, wood, textile and footwear materials, leather and footwear, machinery,equipment, tools, spare parts, scrap iron and steel.
As of November 2023, New Zealand invested in 52projects in Vietnam with a total registered capital of 208.35 million USD,ranking 39th out of 143 countries and territories investing inVietnam. They focused on real estate business, education and training,processing and manufacturing, agriculture, forestry and fisheries, administrativeand support services, construction, among others.
In particular, New Zealand has committed toproviding Vietnam with 26.7 million NZD in non-refundable Official DevelopmentAssistance (ODA) from July 1, 2021 to July 30, 2024, focusing on agriculture,climate change adaptation, education and COVID-19 response.
Minister of Industry and Trade Nguyen Hong Diensaid given theirmembership in various cooperativeframeworks and their complementaryeconomies, both Vietnam and New Zealand are actively pursuing deeper integration into the global economy. He said the two sides have agreed to work together to hold business and trade events, and share experience and information between their Government agencies and business communities to curb the reduction in trade.
At the recent meeting of the Vietnam-NewZealand Joint Economic and Trade Commission, Deputy Minister of Industry andTrade Phan Thi Thang proposed coordinated efforts to achieve the 2 billion USD trade target set by their leaders, with a focus on tradeand investment, hi-tech agriculture and agricultural trade, safe agriculturalsupply chains, labour, education and training, aviation tourism.
Tocapitalise on the available potential and opportunities for trade, the Vietnamese firms areadvised to thoroughly study free trade agreements (FTAs) ofwhich both countries are members, work out long-term strategies,follow stringent regulations and quality standards of the target market andactively join trade promotion activities like fairs and exhibitions to connectwith potential partners and showcase their products./.
