Vietnam aims to boost trade with New Zealand to $3bn in 2026
Vietnam aims to boost trade with New Zealand to $3bn in 2026
Prime Minister Pham Minh Chinh has called for more efforts from both Vietnam and New Zealand to bring two-way trade to US$3 billion in the upcoming two years, the Vietnamese Ministry of Foreign Affairs reported on Wednesday.
Vietnamese Prime Minister Pham Minh Chinh (R) shakes hands with Deputy Prime Minister and Foreign Minister of New Zealand Winston Peters in Hanoi on June 5, 2024. Photo: VGP |
PM Chinh made the statement while receiving Deputy Prime Minister and Foreign Minister of New Zealand Winston Peters, who arrived in Hanoi on the same day for a two-day official visit and co-chairing the second Vietnam-New Zealand Foreign Ministers’ Meeting, at the invitation of Vietnamese Minister of Foreign Affairs Bui Thanh Son.
Highly appreciating the fruitful development of the bilateral ties over the past years, PM Chinh suggested the two sides enhance connectivity between the two highly complementary economies to further promote their strategic partnership, which was set up in 2019.
Chinh urged the two sides strengthen measures to bring two-way trade to $3 billion in 2026 as expected by both PMs of the two countries when Chinh paid a visit to New Zealand in March, during which they also set a trade target of $2 billion for 2024, or $700 million higher than the figure of last year.
PM Chinh told Peters that Vietnam welcomes New Zealand enterprises to strengthen investment in the Southeast Asian country.
Besides strengthening and expanding cooperation in traditional fields, the two countries need to promote cooperation in new spheres such as energy transition, green growth, digital economy, and climate change response.
Speaking highly of the regular foreign ministers’ meeting mechanism, PM Chinh asked the two foreign ministries to coordinate with other ministries and agencies to deploy concrete cooperation in various fields, creating a solid foundation to bring relations between the two countries to a higher level.
He recommended the New Zealand government to continue creating favorable conditions for the Vietnamese community to live and work in the country, thereby contributing to bolstering the bilateral relations.
PM Chinh extended his regards to his New Zealand counterpart Christopher Luxon and conveyed an invitation to him to visit Vietnam soon.
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| An overview of the second Vietnam - New Zealand Foreign Ministers’ Meeting between the Vietnamese delegation (R) and its New Zealand counterpart in Hanoi on June 5, 2024. Photo: Vietnam’s Ministry of Foreign Affairs |
Deputy PM Peters told his host that New Zealand attaches great importance to the Vietnam - New Zealand strategic partnership as well as Vietnam's role in the region.
He hopes that the two sides will soon build a new relationship framework based on the existing good relationship.
The New Zealand foreign ministry will work closely with its Vietnamese counterpart to arrange visits and contacts between senior leaders of the two countries in the coming time, as well as organizing activities to celebrate the 50th anniversary of diplomatic ties and five years of the strategic partnership in 2025, Peters stated.
He emphasized that New Zealand values the central role of ASEAN and the strategic partnership with the bloc, expressing the desire to soon bring this relationship to new heights.
The New Zealand official agreed with PM Chinh that both sides will continue supporting each other at multilateral forums, and coordinate effectively during the period when Vietnam assumes the role of coordinator of ASEAN - New Zealand relations from July 2024 to July 2027.
Earlier on the same day, the New Zealand official and Minister Son co-chaired the second Vietnam - New Zealand Foreign Ministers' Conference, during which the two sides pledged to take specific measures to implement the bilateral agreements reached during PM Chinh's visit to New Zealand.
Underscoring that economic and trade cooperation still has much potential, the two sides agreed to take measures to achieve the two-way trade target of $3 billion in 2026.
These measures include strengthening connectivity between the two economies, expanding market access, effectively implementing commitments within the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP) and ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).
In addition, the two officials agreed to soon open direct flights between the two countries.
Regarding the East Vietnam Sea issue, both sides agreed to support ASEAN’s stance that any disputes should be settled by peaceful means on the basis of international law, including the United Nations Convention on the Law of the Sea (UNCLOS) 1982, to ensure safety, security, and freedom of navigation and aviation in the waterway.
