Workers in Hà Tây Shoes JSC. Economic and trade ties between Việt Nam and New Zealand have developed continuously since the upgrade of bilateral ties to strategic partnership in September 2009. — VNA/VNS Photo

Prime Minister Phạm Chính Chính’s official visit to New Zealand on Monday will provide an opportunity for leaders of both countries to discuss further consolidating political trust and multifaceted cooperation.

Economic and trade ties between Việt Nam and New Zealand have developed continuously since the upgrade of bilateral ties to strategic partnership in September 2009.

According to the Vietnamese Ministry of Industry and Trade’s Asia-Africa Market Department, Việt Nam is now the 14th largest trade partner of New Zealand. Meanwhile, New Zealand stands as the 38th biggest trade partner of Việt Nam.

In 2022, two-way trade hit US$1.4 billion, up 5.7 per cent from 2021. A year later, it dropped to $1.3 billion, of which, Việt Nam's exports to New Zealand reached $648.9 million, down 7.1 per cent annually, mostly mobile phones and components, computers, electronics and spare parts, seafood, cashew nuts, footwear. Its major imports from New Zealand consisted of milk and dairy products, fruits, wood, textile and footwear materials, leather and footwear, machinery, equipment, tools, spare parts, scrap iron and steel.

As of November 2023, New Zealand invested in 52 projects in Việt Nam with a total registered capital of $208.35 million, ranking 39th out of 143 countries and territories investing in Việt Nam. They focused on real estate business, education and training, processing and manufacturing, agriculture, forestry and fisheries, administrative and support services, construction, among others.

In particular, New Zealand has committed to providing Việt Nam with N$26.7 million in non-refundable Official Development Assistance (ODA) from July 1, 2021, to July 30, 2024, focusing on agriculture, climate change adaptation, education and COVID-19 response.

Minister of Industry and Trade Nguyễn Hồng Diên said given their membership in various cooperative frameworks and their complementary economies, both Việt Nam and New Zealand are actively pursuing deeper integration into the global economy. He said the two sides have agreed to work together to hold business and trade events and share experience and information between their government agencies and business communities to curb the reduction in trade.

At the recent meeting of the Việt Nam-New Zealand Joint Economic and Trade Commission, Deputy Minister of Industry and Trade Phan Thị Thắng proposed coordinated efforts to achieve the $2 billion trade target set by their leaders, with a focus on trade and investment, hi-tech agriculture and agricultural trade, safe agricultural supply chains, labour, education and training, aviation tourism.

To capitalise on the available potential and opportunities for trade, the Vietnamese firms are advised to thoroughly study free trade agreements (FTAs) of which both countries are members, work out long-term strategies, follow stringent regulations and quality standards of the target market and actively join trade promotion activities like fairs and exhibitions to connect with potential partners and showcase their products. — VNS