Vietnam, New Zealand target US$2 billion in trade by 2024

HCMC – Vietnam and New Zealand have set a bilateral trade target of US$2 billion by 2024, reported the local media.

During a meeting at the World Economic Forum (WEF) conference in China on June 27, Prime Minister Pham Minh Chinh and his New Zealand counterpart Chris Hipkins highlighted the progress made in economic, trade, and investment cooperation between the two countries.

New Zealand has become an important strategic partner of Vietnam in the fields of economy and education. Bilateral trade reached nearly US$1.3 billion last year.

The two heads of government have instructed their respective ministries and agencies to enhance trade promotion and further open up markets for the exchange of goods, including agricultural products, with the aim of raising bilateral trade to US$2 billion by 2024, a 35% increase against 2022.

PM Chinh expressed Vietnam’s appreciation and commitment to creating favorable conditions for New Zealand businesses to invest in sectors where New Zealand has advantages, such as education, processing, agriculture, forestry, fisheries, and construction. He also called for New Zealand’s support and facilitation for Vietnamese businesses operating in New Zealand.

New Zealand ranks fourth among the top five countries exporting vegetables and fruits to Vietnam. Moreover, New Zealand’s food and beverages account for a significant portion of its exports to Vietnam.

Last year, New Zealand expanded its market to include Vietnamese fruits such as pomelo and lemon, in addition to dragon fruit and rambutan.

Prime Minister Chris Hipkins stated that New Zealand will focus on strengthening economic and trade cooperation with Vietnam and supporting the central role of ASEAN, including Vietnam, in regional affairs.

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