Vietnam-New Zealand aim for $2 billion trade turnover in 2024

The cooperation agreement between Vietnam and New Zealand includes activities of market opening, trade promotion, trade defense, and cooperation to maximize the advantages of FTAs ​​of which the two countries are members.

Minister Nguyen Hong Dien and Mr. Todd McClay, Minister of Foreign Affairs and Trade of New Zealand signed the Agreement on economic and trade cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Foreign Affairs and Trade of New Zealand. (Photo: PV/Vietnam+)

On March 11 in Wellington, New Zealand, Minister Nguyen Hong Dien and Mr. Todd McClay, Minister of Foreign Affairs and Trade of New Zealand signed the Agreement on economic and trade cooperation between the Ministry of Industry and Trade of Vietnam and the Ministry of Foreign Affairs and Trade of New Zealand in the presence of the Prime Minister of Vietnam and the Prime Minister of New Zealand.

The signed agreement will strengthen the legal basis to promote specific cooperation activities in the economic and trade fields between the two countries in the coming time, especially towards the target of 2 billion USD in turnover in 2024.

With the contents agreed upon in the above Agreement, the two sides will actively facilitate the private sector, especially SMEs, to cooperate in business and exchange experiences; promote bilateral trade exchanges including market opening activities, trade promotion, trade defense cooperation; closely cooperate and make the most of the advantages from free trade agreements and multilateral cooperation frameworks of which the two countries are members...

The agreement signed on the occasion of the Vietnamese Prime Minister's official visit to New Zealand is an important activity, not only promoting bilateral trade relations between the two countries but also contributing to the success of the visit as well as deepening the Vietnam-New Zealand strategic partnership.

During the visit, Minister Nguyen Hong Dien attended a meeting between the Prime Minister and representatives of associations and large and typical enterprises in New Zealand (CEO of Auckland Business Council, representatives of Auckland International Airport, Gentrack Group, Stonewood Group, Mecury Energy Company...) on March 10.

In 2023, the total two-way trade turnover between Vietnam and New Zealand will reach 1.3 billion USD, down about 6% compared to 2022.

At the meeting, Minister Nguyen Hong Dien shared about the prospects for economic and trade cooperation between Vietnam and New Zealand as well as provided information about Vietnam's environment and policies for areas of interest to New Zealand businesses such as trade, energy, science and technology, etc.

Currently, Vietnam is New Zealand's 14th largest trading partner, accounting for 1.7% of New Zealand's total import-export turnover, of which Vietnam is the 13th largest exporter to the New Zealand market, accounting for 1.3% of New Zealand's import market share and the 17th largest importer of New Zealand, accounting for 1.4% of its export market share. Meanwhile, New Zealand is Vietnam's 38th largest trading partner.

In 2022, total two-way trade turnover will reach 1.4 billion USD, an increase of about 5.7% compared to 2021. In 2023, it will reach 1.3 billion USD, a decrease of about 6% compared to 2022./.

(Vietnam+)

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