Trade Minister Todd McClay says he sees big opportunities for New Zealand exporters following a visit to Vietnam this week.
Mr McClay met with Prime Minister Nguyen Xuan Phuc and Trade Minister Tran Tuan Anh to talk about regional trade deals and ways to boost our trade relationship.
"The Prime Minister and I recognised that trade is growing quickly between our countries. This is a significant relationship and we have set an ambitious target of doubling two-way trade to $2.5b over the next 5 years,” Mr McClay says.
Vietnam has a population of 94 million consumers. Opportunities exist around export education and tourism, as well as growth in services trade and high-quality food and beverages exports.
"Trade Minister Tuan Ahn also expressed a desire to boost links between our countries. He has proposed more direct flights between Vietnam and New Zealand and I have confirmed that our government would welcome this development,” Mr McClay says.
"The Vietnam economy is growing quickly and I congratulate the Vietnamese Government on embracing the contribution open markets play in economic development. Regional economic integration across the Asia-Pacific will deliver greater opportunity for our exporters and our citizens. "
"New Zealand is a natural partner for Vietnam in exploring opportunities that will boost trade."
“Trade Agenda 2030, our new trade strategy, sets an ambitious target of 90% of goods trade being covered by FTAs by 2030. Enhancing our trade relationship with Vietnam is a further step towards achieving this aim.”
Mr McClay also discussed the strategic value of TPP and a desire to move ahead with the RCEP negotiation. Vietnam will host a meeting of TPP ministers later in the month during the APEC Trade Ministers meeting and has asked Mr McClay to co-chair the meeting of TPP countries.
"We have agreed to continue to evaluate options under TPP that would deliver benefits for our citizens and the region. New Zealand is committed to keeping our options open," Mr McClay says