Vietnam, New Zealand boast huge potential for trade, investment

Tran Phu Lu, ITPC Deputy Director, speaks at the event (Photo: VNA)

Vietnam and New Zealand can complement each other and have huge potential for boosting trade and investment in various fields, particularly agriculture, heard at a conference held in Ho Chi Minh City on December 17.

The conference for trade and investment promotion with New Zealand was hosted by the Investment and Trade Promotion Centre of HCM City (ITPC) in collaboration with the Consulate General in the southern city.

Since the two countries established diplomatic ties in 1975, the bilateral relations have constantly grown in all areas, from politics, economics, trade, investment, to defence-security, education and tourism, said Tran Phu Lu, ITPC Deputy Director. Trade and economic cooperation between the two countries have particularly seen strong and stable growth, he added.

The two nations lifted their relations to strategic partnership in 2020 and sets to raise two-way trade to 2 billion USD this year.

Despite impacts of COVID-19, bilateral trade has maintained modest growth over the last two years, with Vietnam mainly exporting to New Zealand phones and components, computers, electronics and parts, footwear and others while milk and dairy products accounted for the largest share of New Zealand’s imports from Vietnam, Lu said.

He further noted that New Zealand is operating 42 FDI projects in Vietnam with total registered investment reaching about 209.5 million USD, mostly poured in real estate, education, manufacturing and processing. Of the number, 26 projects, worth 82.8 million USD, are located in HCM City.

Both Vietnam and New Zealand are active signatories to new-generation Free Trade Agreements, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) which has brought them many opportunities for partnership, Lu continued.

Taking advantage of opportunities presented by new value chains within ASEAN and New Zealand will help Vietnamese enterprises to broaden its markets, fuel exports and join new supply chains in the region, he added./.