HÀ NỘI — More than half a century after establishing diplomatic ties, Việt Nam and New Zealand are entering a new phase of cooperation, with the state visit to New Zealand by General Secretary of the Communist Party of Việt Nam (CPV) Central Committee and President Tô Lâm expected to provide fresh impetus for market opening, removal of trade barriers and stronger economic links following the elevation of bilateral relations to a Comprehensive Strategic Partnership in February 2025.

Complementary economies

New Zealand is an open economy with strengths in agriculture, food, dairy, meat, fruit and high-quality processed products, while Việt Nam has a market of more than 100 million people, diverse production capacity and an increasingly important role in regional supply chains. Their complementary economic structures and participation in free trade agreements (FTAs) provide a solid foundation for expanding trade.

Bilateral economic and trade ties have maintained positive growth, with complementary product structures and limited direct competition. Việt Nam is New Zealand’s 12th largest trading partner, accounting for about 2.1 per cent of its total trade, while New Zealand ranks 41st among Vietnam’s trading partners.

According to the Vietnamese Department of Customs, two-way trade reached US$1.5 billion in 2025, up 15.8 per cent year-on-year. Việt Nam’s exports to New Zealand rose 3.4 per cent to $711 million, while imports increased 29.8 per cent to $784 million.

In the first half of 2026, bilateral trade totaled $844.4 million, up 14.6 per cent year-on-year. Việt Nam’s exports rose 18.8 per cent to $399.6 million, while imports climbed 11.1 per cent to $444.8 million.

Deputy Minister of Industry and Trade Nguyễn Sinh Nhật Tân said Việt Nam regards New Zealand as an important partner in the Asia-Pacific region, adding that stable trade growth despite global economic uncertainties demonstrates significant untapped potential.

Both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP) and ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), which help businesses reduce costs, enhance competitiveness and expand markets.

At the ninth meeting of the Vietnam-New Zealand Joint Trade and Economic Commission (JTEC) in Wellington last year, the two sides agreed to explore measures to achieve their $3-billion bilateral trade target by 2026, including further opening markets for agricultural and food products, stepping up trade and investment promotion, and facilitating green and sustainable agricultural and forestry trade.

Creating fresh momentum

Liz Bell, executive director of the ASEAN New Zealand Business Council, said New Zealand businesses are highly interested in Việt Nam and want to expand investment and operations there, particularly in high-tech agriculture, quality food, education, renewable energy and technology.

Đỗ Hữu Tùng, first secretary at the Việt Nam Trade Office in New Zealand, described New Zealand as an open market for Vietnamese exports such as garments, electronic components, wooden products, machinery and equipment. However, technical requirements, particularly food safety standards, remain a major challenge.

Demand for Vietnamese products is increasing despite New Zealand’s relatively small population of about five million, with consumers showing growing interest in “Made in Vietnam” goods, from consumer products and handicrafts to furniture and technology equipment. The shift toward sustainable and environmentally friendly products also offers opportunities for Vietnamese exporters.

The trade office called for stronger support in production, farming areas, quality control and traceability to help Vietnamese agricultural and seafood products meet international standards. It also urged industry associations to closely monitor market developments and keep businesses updated on local regulations and standards.

Vietnamese Ambassador to New Zealand Phan Minh Giang said that to realise the goal of raising bilateral trade to $3 billion at an early date, both sides should coordinate on breakthrough solutions to remove technical barriers, facilitate market access for key products and make more effective use of FTAs to which both countries are parties.

He also emphasised the need to strengthen trade promotion, business connectivity and trade channels to better exploit market potential. Establishing direct or convenient air links between the two countries would further improve connectivity and unlock resources, he added.

“These will be important factors in improving the effectiveness of trade agreements, expanding markets and making Việt Nam-New Zealand trade ties more substantive and sustainable,” the ambassador said. — VNA/VNS