Strengthening Trade and Investment Promotion with New Zealand

The "Vietnam-New Zealand Trade and Investment Promotion" forum and the "Promotion of Trade and Investment in Thai Binh Province" conference were organized by the Ministry of Industry and Trade, which includes the Trade Promotion Agency and Vietnam Trade Office in New Zealand, and Thai Binh Provincial People's Committee in collaboration with the Vietnamese Embassy in New Zealand, the ASEAN-New Zealand Business Council, and the Auckland Chamber of Commerce.

In his opening remarks, Mr. Nguyen Van Trung, Ambassador Extraordinary and Plenipotentiary of Vietnam to New Zealand, noted that Vietnam is New Zealand's 14th largest trading partner, with bilateral trade growing by 59% over the last five years, reaching 1.6 billion USD in 2022. Both countries have aimed to achieve a bilateral trade turnover of 2 billion USD by 2024.

Ambassador Nguyen Van Trung emphasized that these events serve as a platform for dialogues and a space for Vietnamese and New Zealand entrepreneurs and investors to explore untapped potentials in their bilateral relationship. It contributes to paving the way for a more sustainable, prosperous, and robust partnership between Vietnam and New Zealand.

Mr. Le Hoang Tai, Deputy Director of the Trade Promotion Agency under the Ministry of Industry and Trade, stated that the Forum is one of the key activities organized by the Vietnamese trade promotion delegation. The delegation's objective in New Zealand is to further promote business cooperation and prospective investment opportunities between Vietnamese and New Zealand businesses, thereby contributing to the dynamic development of the economies of both countries.

During the "Promotion of Trade and Investment in Thai Binh Province" conference within the framework of this program, Mr. Nguyen Quang Hung, Standing Vice Chairman of Thai Binh Provincial People's Committee introduced the province's outstanding potentials and strengths, with a focus on its attractiveness to investment due to various factors including favorable location, comprehensive transportation connectivity, vast land reserves, abundant labor resources, and well-developed industrial park infrastructure. Consequently, Thai Binh is ready to efficiently support future investors in the province.

Mr. Nguyen Tien Thanh, Standing Secretary of Thai Binh Provincial Party Committee and Chairman of the Provincial People's Council, highlighted the significance of the trade and investment promotion conference in Thai Binh. He emphasized that this event reflects the keen interest of New Zealand organizations and businesses in the local cooperative, investment, and business environment across various sectors. Mr. Thanh expressed his wish to welcome New Zealand partners and businesses to conduct research, surveys, cooperation, investment, and business activities in the province. He also pledged that the province would accompany and provide the most favorable conditions for investors during their project implementation in Thai Binh.

During the trade session of the program, various Vietnamese and New Zealand agencies, organizations, and businesses had the opportunity to exchange information regarding diverse import-export needs, production orders, and investments in each other's markets. These opportunities spanned across multiple sectors, including industrial park infrastructure development, urban area construction, real estate, industrial land, construction, housing design, building materials, agricultural products, food such as fresh porridge, beverages, confectionery, aquatic products, cosmetics, pharmaceuticals, consumer goods, and artisanal handicrafts.

Vietnam and New Zealand have seen consistent growth in their economic and trade collaboration since the establishment of their diplomatic ties in 1975, and particularly following the official elevation of their bilateral relations to a Strategic Partnership in 2020.

New Zealand currently has 39 active direct investment projects in Vietnam with a total registered capital of 209.75 million USD, ranking 39th out of 143 countries and territories with foreign direct investment in Vietnam. On the other hand, Vietnam has 11 investment projects in New Zealand with a total registered capital of 38.4 million USD, primarily concentrated in sectors such as processing, manufacturing, wholesale, retail, automobile repair services, and accommodation services.

The Vietnam - New Zealand Dam Safety Project, funded by New Zealand Aid, is being implemented in Hanoi and selected provinces with dam structures, such as Dak Lak and Binh Dinh. The third phase of the project is scheduled to run from 2022 to 2027.

The project aims to enhance the resilience of downstream communities in Vietnam's dam areas by expanding the application of dam safety assessment tools in the context of climate change.