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Viet Nam exported $261 million in goods and $24 million in services to New Zealand in 2012, Main Vietnamese exports were mobile phones, garments, footwear and furniture.—Photo dddn
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HCM CITY (Biz Hub) – Viet Nam has become the fastest growing ASEAN market for New Zealand, with significant growth in exports over the last five years.
A report prepared by the New Zealand Embassy says Viet Nam is country's 21st largest export destination.
Since 2008, export to Viet Nam has grown by 60 per cent. With this growth, the two countries have targeted a two-way trade turnover of US$1 billion by 2015.
In a meeting with HCM City businesspeople during his trip to Viet Nam, New Zealand's Governor General Jerry Mateparae affirmed that "we are well on track to achieve the target". "New Zealand is proud to have become a trusted partner for Viet Nam across a wide range of sectors where our country excels, in particular food and beverages, forestry, construction, aviation and education."
The report said New Zealand expects to see increased interest from the business communities of both countries in each other's markets as tariffs and other impediments to trade are reduced under the Asean-Australia-New Zealand Free Trade Agreement in place since 2010.
The Double Taxation Agreement signed in Ha Noi several days ago will also contribute to it.
Moreover, the ambitious Trans-Pacific Partnership (TPP) agreement will further increase trade and investment opportunities between the two countries, the report says.
Two-way trade in goods and services between the two countries have developed strongly of late. In 2012, the figure approached $700 million, a jump of 15 per cent over 2011.
Last year, New Zealand exported $362 million in goods and $44 million in services to Viet Nam. Dairy products accounted for over 50 per cent of the total goods by value, followed by timber products with 15 per cent.
Meanwhile, Viet Nam exported $261 million in goods and $24 million in services to New Zealand in 2012, Main Vietnamese exports were mobile phones, garments, footwear and furniture. — VNS