Vietnam and New Zealand target $2 billion trade turnover by 2024

An agreement on economic and trade cooperation was signed in Wellington, New Zealand, on March 11, 2024, between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and New Zealander Minister of Trade Todd McClay. Photo: VGP

An agreement on economic and trade cooperation was signed on March 11 in Wellington, New Zealand, between Vietnamese Minister of Industry and Trade and New Zealander Minister of Trade Todd McClay.

The signed agreement aims to further enhance the legal foundation for specific cooperation activities in the fields of economics and trade between the two countries in the future, especially with the goal of achieving a turnover of US$2 billion in 2024.

Under the agreed terms of the agreement, both sides will facilitate conditions for the private sector, particularly SME enterprises, to engage in business cooperation and exchange experiences.

The two countries are committed to boosting bilateral trade exchanges, including activities related to market opening, trade promotion, and trade defense cooperation.

Vietnam and New Zealand will also make use of free trade agreements and multilateral cooperation frameworks in which both countries are members.

The agreement was signed in conjunction with the official visit of the Prime Minister of Vietnam to New Zealand.

It not only promotes bilateral trade relations between the two countries but also contributes to the success of the visit and the deepening of the Vietnam-New Zealand strategic partnership.

During the visit, Minister Nguyen Hong Dien attended a meeting with the Prime Minister and representatives of various associations and businesses in New Zealand on March 10.

In 2023, the total two-way trade turnover between Vietnam and New Zealand reached US$1.3 billion, a decrease of about 6% compared to 2022.

During the meeting, Minister Nguyen Hong Dien shared the prospects of economic and trade cooperation between Vietnam and New Zealand.

He provided information on the business environment and Vietnam’s policies in areas of interest to New Zealand businesses, such as trade, energy, science, and technology.

Currently, Vietnam is New Zealand’s 14th largest trading partner, accounting for 1.7% of New Zealand’s total import-export turnover.

Vietnam is the 13th largest exporter to the New Zealand market, with a market share of 1.3% in New Zealand’s import market, and the 17th largest importer from New Zealand, accounting for 1.4% of this country’s export market.

Meanwhile, New Zealand is Vietnam’s 38th largest trading partner.

New Zealand has 52 valid projects in Vietnam with a total registered capital of over US$208 million, ranking 39th among 143 countries and territories investing in the Southeast Asian nation.

In 2022, the total two-way trade turnover reached US$1.4 billion, an increase of about 5.7% compared to 2021. In 2023, it reached US$1.3 billion, a decrease of about 6% compared to 2022.