Vietnam And New Zealand Target US$3 Billion Trade Turnover By 2026

At the second Vietnam-New Zealand Foreign Ministers' Meeting on June 5, the two countries agreed to jointly prepare foreign affairs activities in 2025 when the two countries celebrate the 50th anniversary of establishing diplomatic relations and 5 years of the Strategic Partnership.
June 09, 2024 | 17:47
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Minister of Foreign Affairs Bui Thanh Son and Deputy Prime Minister and Minister of Foreign Affairs of New Zealand Winston Peters co-chaired the second Vietnam-New Zealand Foreign Ministers' Meeting in Hanoi on June 5.

Both sides expressed satisfaction with the positive and effective development of the Vietnam-New Zealand strategic partnership in the fields of politics-foreign affairs, economics-trade-investment, security-defense, education-training, science-technology, agriculture, and people-to-people exchange.

Vietnam And New Zealand Target US$3 Billion Trade Turnover By 2026
Minister of Foreign Affairs Bui Thanh Son and Deputy Prime Minister and Minister of Foreign Affairs of New Zealand Winston Peters co-chaired the second Vietnam-New Zealand Foreign Ministers' Meeting in Hanoi on June 5.

The two sides agreed on specific measures to implement the results achieved during the official visit to New Zealand made by Vietnamese Prime Minister Pham Minh Chinh in March 2024.

The two sides also agreed to jointly prepare foreign affairs activities in 2025 when the two countries celebrate the 50th anniversary of establishing diplomatic relations and 5 years of the Strategic Partnership.

These activities include the exchange of visits, high-level contacts, cultural, and people-to-people exchange.

Economic and trade connection was a central focus, with both sides emphazising the potential for growth. They committed to reaching a two-way trade value of US$3 billion by 2026 through enhanced economic connectivity, expanded market access, and effective implementation of existing free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the ASEAN-Australia/New Zealand Free Trade Agreement (AANZFTA). Establishing a direct flight route between the two countries was also discussed.

The two countries agreed to expand and deepen cooperation in new fields such as clean agriculture, green economy, digital economy, and energy transition in the action program to implement the strategic partnership for the period 2024-2027.

On regional and global issues, the ministers vowed to work together to maintain regional stability, cooperation and development. They reaffirmed the importance of maintaining peace, stability, and freedom of navigation and overflight in the East Sea, and adhering to international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Vietnam And New Zealand Target US$3 Billion Trade Turnover By 2026
At the event.

Deputy Prime Minister and Minister of Foreign Affairs of New Zealand Winston Peters, for his part, affirmed that New Zealand gives top priority to Southeast Asia in its foreign policy, expressing a desire for more substantive, comprehensive and cohesive engagement with the region. He also underscored New Zealand’s support for ASEAN’s central role.

Minister Bui Thanh Son, in response, highlighted Vietnam’s commitment to further strengthening ASEAN-New Zealand relations in its role as coordinator from July 2024 to July 2027. He proposed increased collaboration for sustainable development in the Mekong sub-region, particularly regarding climate-resilient agriculture. He also suggested fostering closer ties between ASEAN and the Pacific Islands Forum.

The Foreign Ministers' Meeting is a regular cooperation mechanism between the Foreign Ministries of Vietnam and New Zealand. The first meeting was successfully held in September 2022 in New Zealand. The two sides agreed to hold the third meeting in New Zealand in 2025.

Hosting New Zealand’s Deputy Prime Minister, Minister of Foreign Affairs Winston Peters earlier in the day, Prime Minister Pham Minh Chinh recommended that the two ministries continue to coordinate with relevant ministries and sectors to implement specific projects and activities to further cooperation in various fields, creating a solid foundation to elevate bilateral ties.

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