Vietnam and New Zealand identify strong potential to expand trade, investment and innovation, with leaders pledging closer cooperation in agriculture, education, clean energy and high-tech industries.
The relationship between Vietnam and New Zealand has been renewed with their mutual efforts to enhance their bilateral economic relations, which are seen by both nations as a promising ground for collaboration in the areas of trade, investments, innovation and sustainability. The renewed commitment to economic relations between Vietnam and New Zealand was noted during the meeting of the Vietnamese Prime Minister, Le Minh Hung, and the New Zealand Prime Minister, Christopher Luxon.
Le Minh Hung, the Prime Minister, stated that there is a lot of potential in terms of furthering the economic cooperation between the two nations by enhancing their trade ties, investing more in each other’s economies, and developing B2B relations. This is due to the fact that the enhanced economic cooperation will be based on the progress made through the Comprehensive Strategic Partnership.
Also read: Vietnam, Canada Push to Upgrade Bilateral Partnership
Economic cooperation through trade and investments continues to be an essential component of the strategic partnership. The two leaders pledged to ensure market access for priority products and promote economic cooperation as they work together to meet the trade goal of US$3 billion. Additionally, the leaders committed themselves to the full implementation of regional trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP) and the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).
Various sectors have been suggested for cooperation in the future. These sectors include high-tech farming, food processing, clean energy, digitalization, education, science and technology, innovation, and climate resilience. On their part, the representatives of New Zealand stated that their country was prepared to cooperate in high-tech farming, digital government, health care innovations, and workforce development.
People-to-people connections through education, tourism, and culture were also stressed by both parties. Vietnam highlighted the role of New Zealand in the English language training, human resource development, and educational assistance extended over many years, referring to them as important contributions to the socio-economic development of Vietnam.
Also read: Embracing Automation: Addressing ASEAN's Manufacturing Challenges
The aspect of regional and multilateral cooperation was yet another important topic of discussion. The two leaders stressed on the importance of the rules-based international trading system and also the need for cooperation within the ASEAN-led framework and the wider Indo-Pacific region. Additionally, Vietnam stressed its involvement in facilitating ASEAN-New Zealand cooperation and executing the ASEAN-New Zealand Plan of Action 2026-2030.
Both parties agreed at the end of the meeting that more economic interaction and cooperation would pave the way for future business and investments. Both countries hope to consolidate their Comprehensive Strategic Partnership by building closer cooperation in trade, investment, innovation and sustainable development to achieve economic prosperity and stability.