Vietnam, New Zealand increasing trade turnover to $2B

By Hoang Thuy   June 27, 2023 | 08:01 am PT
Vietnam, New Zealand increasing trade turnover to $2B
Prime Minister Pham Minh Chinh (L) meets with his New Zealand counterpart Chris Hipkins in China, June 27, 2023. Photo by Nhat Bac
Vietnam and New Zealand aim for bilateral trade turnover to reach $2 billion by 2024, a 54% increase from 2022.

At a Tuesday meeting between Prime Minister Pham Minh Chinh and his New Zealander counterpart Chris Hipkins at a World Economic Forum meeting in China, both leaders said Vietnam and New Zealand’s economic, trade and investment cooperation have made important progresses.

New Zealand is now considered one of Vietnam’s strategic economic and education partners.

In 2022, bilateral trade turnover between the two countries reached around $1.3 billion.

Chinh and Hipkins agreed to encourage a more open market for goods, including agricultural products, in order to increase the bilateral trade turnover to $2 billion in 2024.

Chinh said Vietnam would create opportunities for New Zealand businesses to invest into fields like education, manufacturing, agriculture, forestry, agriculture and construction. He also asked that New Zealand support Vietnamese businesses investing into the country.

New Zealand has the 4th highest vegetable export turnover in Vietnam, accounting for 7% of the market. In 2022, New Zealand officially began to import citrus products from Vietnam. Vietnamese limes became popular there alongside other existing Vietnamese products in New Zealand such as dragonfruit.

Hipkins said bolstering economic-trade relations with Vietnam is a priority for New Zealand. He also supports the significant role of ASEAN, including Vietnam, when it comes to regional issues.

Also on Tuesday, Chinh met with his Mongolian counterpart Oyun-Erdene Luvsannamsrai. Chinh said Vietnam is willing to be a bridge for Mongolia to bolster relations with ASEAN for peace and prosperity in both the region and the world.

Luvsannamsrai said Mongolia is proud to be a friend with Vietnam. He called on both sides to utilize the Mongolia-Vietnam inter-governmental committee and other cooperation mechanisms between the two countries.

"Mongolia wants to expand cooperation with Vietnam in fields like traffic, railways, aviation and tourism," he added.

Chinh also met with his Barbadian counterpart Mia Mottley.

Chinh said he wanted to boost cooperation between the two countries, including the signing of a visa exemption agreement for those carrying diplomatic and official passports. Chinh said he hopes that Vietnam can bolster relations with the Caribbean region through Barbados.

Mottley said she hopes both countries will maintain their bilateral cooperation and mutual support on multilateral forums, especially the United Nations.

Chinh is officially visiting China and attending the 14th Annual Meeting of the New Champions by the World Economic Forum in Tianjin from June 25 to June 28.

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