Vietnam and New Zealand Boosting Trade Turnover to Reach $2 Billion
During a meeting at the World Economic Forum in China, Prime Minister Pham Minh Chinh of Vietnam and his New Zealand counterpart, Chris Hipkins, expressed satisfaction with the progress made in economic, trade, and investment cooperation between the two countries. New Zealand has become an important strategic partner for Vietnam in terms of economics and education. In 2022, bilateral trade between Vietnam and New Zealand reached approximately $1.3 billion. Both leaders agreed to promote an open market for goods, including agricultural products, with the aim of increasing bilateral trade to $2 billion by 2024.
Prime Minister Chinh assured that Vietnam would provide opportunities for New Zealand businesses to invest in various sectors such as education, manufacturing, agriculture, forestry, and construction. He also requested New Zealand’s support for Vietnamese businesses investing in their country. New Zealand is currently the fourth-largest exporter of vegetables to Vietnam, accounting for 7% of the market. In 2022, New Zealand began importing citrus products from Vietnam, and Vietnamese limes have gained popularity alongside other existing Vietnamese products in New Zealand, like dragon fruit.
Prime Minister Hipkins emphasized that strengthening economic and trade relations with Vietnam is a priority for New Zealand. He also acknowledged the important role of ASEAN, including Vietnam, in regional affairs. Additionally, Prime Minister Chinh met with his Mongolian counterpart, Oyun-Erdene Luvsannamsrai, expressing Vietnam’s willingness to facilitate Mongolia’s relations with ASEAN for peace and prosperity in the region and the world. Luvsannamsrai expressed Mongolia’s pride in being a friend of Vietnam and called for utilizing inter-governmental committees and other cooperation mechanisms between the two countries, particularly in the fields of transportation, railways, aviation, and tourism.
Furthermore, Prime Minister Chinh met with his Barbadian counterpart, Mia Mottley, with the intention of enhancing cooperation between the two nations. They discussed the possibility of signing a visa exemption agreement for holders of diplomatic and official passports. Prime Minister Chinh expressed Vietnam’s desire to strengthen relations with the Caribbean region through Barbados. Mottley expressed her hope for continued bilateral cooperation and mutual support on multilateral forums, particularly the United Nations.
Prime Minister Chinh’s visit to China includes participation in the 14th Annual Meeting of the New Champions organized by the World Economic Forum in Tianjin, from June 25 to June 28.