Hanoi (VNA) – Economic andtrade partnerships have always been one of the bright spots in the Vietnam- New Zealand relations, and the two countries are striving for 2 billion USDin bilateral trade by 2024.

Chairman of the National AssemblyVuong Dinh Hue is paying an official visit to New Zealand from December 3 to 7,which is also expected to open up many new opportunities for trade ties.

Despite the COVID-19 pandemic,bilateral trade turnover still reached 1.3 billion USD in 2021, up 26.7% yearon year. It increased 14% from a year earlier to stand at 1.2 billion USD inthe first 10 months of 2022, including 602.2 million USD in Vietnam’s exports (up12.8%) and 623.2 million in imports from New Zealand (up 15.2%).

The two economies are complementary toeach other. The commodities in demand in New Zealand include electronic devices,apparel, footwear, wood products, tropical farm produce, and fishery products. Meanwhile,Vietnam has demand for dairy materials and products, wine, mutton, fruits,timber, and textile - garment and leather - footwear materials from NewZealand.

Notably, both are members of theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)and the Regional Comprehensive Economic Partneship (RCEP). New Zealandcurrently ranks 36th among the trading partners of Vietnam.

The Vietnamese Trade Office in New Zealandsaid as both countries have joined several free trade agreements (FTAs), tariffand non-tariff barriers are being lowered or have been lifted, which is a bigopportunity for Vietnamese goods to enhance competitiveness over rivalsfrom the countries without FTAs with New Zealand.

Besides, amid international tradefriction and the complex COVID-19 pandemic, more and more enterprises of NewZealand are paying attention to goods from Vietnam, especially apparel andbuilding materials.

However, the office noted, challengesare considerable since New Zealand has high technical barriers foragricultural, fishery, and food products. So far, this country has justlicensed mango, dragon fruit, rambutan, tra fish, and processed food fromVietnam. High costs and long duration of transportation due to geographicaldistance also boost prices of Vietnamese goods compared to some other countries’rivals.

Bilateral trade has yet to matchpotential, the office said, adding that with a population of about 5 million,New Zealand’s export demand is higher than import. The five biggest exportersto this country, namely China, Australia, the US, Japan, and Germany, havealready made up a relatively high proportion of New Zealand’s imports.

To achieve the 2-billion-USD bilateral trade by 2024, the office recommended a methodologicaland long-term strategy be issued to boost Vietnam’s export to New Zealand, and enterpriseswork closely with importers to ensure their products meet the market’sstandards and regulations.

The Asia - Africa Market Departmentunder the Ministry of Industry and Trade said Vietnamese businesses shouldproactively learn the FTAs to which both Vietnam and New Zealand are members soas to fully tap into preferential treatment related to tax and product origin.

They should also actively take part intrade promotion events and business networking programmes to seek partners andadvertise products while seriously adhering to the market’s import standards,the department added./.