Vietnam, NZ eye stronger strategic partnership in trade and investment

New Zealand Prime Minister Jacinda Ardern on November 15 attended the Vietnam - New Zealand Business Dialogue under the theme " A strategic partnership in trade and investment" within the framework of her official visit to Vietnam.

Speaking at the Dialogue, NZ Prime Minister Jacinda Ardern emphasized that businesses play a very important role in stepping up cooperation between the two countries.

According to the New Zealand PM, although the two countries have endured plenty of challenges and disruptions caused by the COVID-19 pandemic, trade-investment co-operation between the two sides continues to record strong growth.

PM Ardern therefore believes that both countries can continue to foster greater trade co-operation, with this being reflected through business trips and high-level visits, thereby emphasising that the two Governments of strive to increase bilateral trade turnover moving forward.

She expressed her belief that based on the joint strategic partnership, bilateral trade turnover in 2024 is anticipated to hit US$2.4 billion, with extremely large growth within five years.

The New Zealand PM said that the two countries enjoy a very strong trading partnership, particularly as they are complementary and co-operable economies, with very suitable products, such as dairy, timber, and food.

The two economies are also connected through free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), whilst the two countries have jointly carried out these agreements very effectively.

Vietnam and New Zealand have begun to reopen their borders, with the two sides having exchanged numerous activities, a factor which is seen as a great opportunity for them to expand ties in agriculture and other areas such as food, beverages, education, health care, energy, technology, innovation, and environmental management, PM Ardern said.

In response, Minister of Industry and Trade Nguyen Hong Dien noted that trade and investment remains an important priority co-operation area between Vietnam and New Zealand which has yet to be fully utilised.

Although two-way trade tripled over the past decade, it is still growing strongly even amid the regional and global economy and commerce being impacted by the pandemic and ongoing geo-political uncertainties, he said.

The Minister suggested that the two economies tighten their co-operation, calling on New Zealand businesses to invest in areas such as the digital economy, digital transformation, new and renewable energy, high-tech agriculture, safe food supply chains, post-harvest preservation technology, and the processing of agricultural and aquatic products in Vietnam.

At the Dialogue, firms from the two countries raised specific proposals to the two governments in order to continue to improve the investment and business environment, along with better serving the business community in the future.