Vietnam and New Zealand target $3 billion in bilateral trade

Photo: New Zealand Embassy

PM Hung highlighted New Zealand as one of Vietnam’s trusted partners, noting the country’s long-standing support in English language training, human resource development, capacity building, and official development assistance across key sectors including agriculture, climate change adaptation, and disaster risk management.

Building on political trust and effective cooperation, the Vietnamese prime minister proposed six priority directions for future collaboration.

These include strengthening political trust through increased high-level exchanges and bilateral cooperation mechanisms, while deepening defence and security ties through greater exchanges, maritime capacity building, naval cooperation, and maritime security initiatives.

The two leaders agreed to continue boosting economic, trade, and investment cooperation and work towards the $3 billion bilateral trade target, while facilitating greater market access for each country’s key export products.

Both sides also pledged closer cooperation in implementing free trade agreements of which both countries are members, including the ASEAN-Australia-New Zealand Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and the Regional Comprehensive Economic Partnership.

The two prime ministers said effective implementation of these agreements would help strengthen economic resilience and improve the ability of both countries to respond to current global uncertainties.

PM Luxon also commended Vietnam’s role as chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in 2026 and expressed support for the country’s successful stewardship during its tenure.

The two sides agreed to enhance cooperation in climate change response, energy transition, and sustainable agriculture, including the promotion of low-emission farming models and renewable energy development, particularly wind and solar power.

PM Hung also proposed that New Zealand expand scholarship opportunities for Vietnamese students and strengthen connections between universities and research institutions in the two countries. He further called for efforts to establish direct flights and improve connecting air routes between Vietnam and New Zealand to facilitate travel and people-to-people exchanges.

Both leaders expressed concern over recent global developments that have negatively affected regional economies, including Vietnam and New Zealand, leading to higher fuel and transport costs as well as disruptions to global supply chains.