Vietnam, New Zealand to raise bilateral trade revenue to 3 billion USD by 2025

On the sidelines of the expanded G7 Trade Ministers’ Meeting in Italy, Vietnamese Minister of Industry and Trade Nguyen Hong Dien had a bilateral talk with New Zealand counterpart Todd McClay. At the talk, the two officials highly appreciated the significance of Prime Minister Pham Minh Chinh's official visit to New Zealand in March 2024, which has opened up new cooperation opportunities for both sides in areas such as climate change response, green economy, digital transformation, and agricultural technology. New Zealand Foreign Affairs and Trade Minister Todd McClay said that Vietnam and New Zealand still have a lot of potential and room to boost bilateral trade. In addition, New Zealand also wants to seek investment opportunities in Vietnam, and proposed that Vietnam join in the Agreement on Climate Change, Trade and Sustainability, which may open up more trade opportunities and address challenges on climate change and sustainable development. At the talk, Vietnamese Minister Nguyen Hong Dien shared about the prospects on Vietnam- New Zealand trade and economic cooperation and provided information about Vietnam’s policies on various fields that are interested in by New Zealand businesses. Minister Nguyen Hong Dien highly appreciated Minister Todd McClay’s initiatives to realize the achieved results during Prime Minister Pham Minh Chinh's official visit to New Zealand in March this year. Based on the potential and strengths of each country, Vietnam and New Zealand need to create more favorable conditions for their businesses to promote trade and investment. The two ministers agreed to carry out breakthrough measures to achieve the two-way trade target of US$3 billion by 2025, including: strengthening connectivity between the two economies, expanding market access, effectively implementing commitments within the framework of free trade agreements, and opening direct flights between the two countries soon. On this occasion, Minister Nguyen Hong Dien also invited Minister Todd McClay to visit Vietnam soon to realize cooperation frameworks, aiming to promote economic and trade cooperation between the two countries.