Vietnam, New Zealand target US$2-billion trade

Prime Minister Pham Minh Chinh meets with New Zealand Ambassador to Vietnam Caroline Beresford - photo: VGP/Nhat Bac

During a reception for New Zealand’s newly accredited Ambassador to Vietnam Caroline Beresford in Hanoi on August 13, Prime Minister Pham Minh Chinh expressed his gratitude to the New Zealand government for their sincere condolences and for sending a Special Envoy to attend the National Funeral of late General Party Secretary Nguyen Phu Trong, an outstanding leader of the Vietnamese people. The Prime Minister also thanked New Zealand for the warm reception during his official visit to the country in March 2024 and expressed satisfaction with the outcomes of the visit.

The Prime Minister highly appreciated the active coordination between the Ambassadors and the Foreign Ministries of both countries in realizing the results of the visit. Notably, the visit by Deputy Prime Minister and Minister of Foreign Affairs Winston Peters, who co-chaired the second Vietnam-New Zealand Foreign Ministers’ Meeting in June 2024, helped concretize many areas of cooperation.

Praising the continued and deepening development of Vietnam-New Zealand relations, the Prime Minister emphasized that 2025 marks the 50th anniversary of the establishment of diplomatic relations and the fifth anniversary of the Strategic Partnership between Vietnam and New Zealand. This milestone is crucial for the two countries to plan meaningful activities, including arranging high-level visits. On this occasion, the Prime Minister extended his regards and expressed his desire to welcome New Zealand Prime Minister Christopher Luxon to Vietnam in 2025.

The Prime Minister suggested that both sides outline concrete roadmaps, steps, and substantive contents to upgrade relations and take further breakthrough measures to achieve the target of US$2 billion in two-way trade by the end of 2024 and US$3 billion by 2026, including facilitating each other’s import and export products.

Ambassador Caroline Beresford conveyed the regards of New Zealand Prime Minister Christopher Luxon to Prime Minister Pham Minh Chinh, expressing her pleasure in taking on the role in Vietnam, one of New Zealand’s important partners in Southeast Asia.

The Ambassador expressed her desire to advance Vietnam-New Zealand relations to a more comprehensive and profound level, aiming to elevate the relationship to new heights. She thanked the Prime Minister for his attention and guidance and affirmed her commitment to working closely with the agencies, ministries, and sectors of both countries to promote cooperation in potential areas, including trade and investment, education and training, agriculture, and such new fields as response to climate change, green economy, and digital economy.

The Ambassador also shared plans to organize meaningful activities to celebrate the 50th anniversary of Vietnam-New Zealand relations in 2025, including events for businesses and students who have studied in New Zealand, in Hue and other localities.

Vietnam has become New Zealand’s 14th largest trading partner, while two-way trade value has grown by 59 percent over the past five years to reach NZD2.39 billion (US$1.6 billion) last year.

New Zealand has 39 active foreign direct investment projects in Vietnam, with a total registered capital of US$209.75 million. Meanwhile, Vietnam has 11 investment projects totaling US$38.4 million in registered capital in New Zealand.