Vietnam-New Zealand Trade Reaches New Heights, Fuels Economic Cooperation

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Two-way trade between Vietnam and New Zealand has reached a remarkable 2.68 billion NZD (1.54 billion USD), witnessing a 40% increase over the past five years, according to recent data. This growth highlights Vietnam as a market of great potential, attracting New Zealand exporters eager to solidify their role as strategic partners, especially in the high-value food and beverage sector.

New Zealand's Minister of State for Trade and Investment, Nicola Grigg, informed the New Zealand Parliament that as Vietnam becomes wealthier, there is an increasing demand among Vietnamese consumers for high-quality global products. New Zealand is well-positioned to meet this demand with its world-class food and beverage producers.

In 2022, New Zealand fruit companies exported 172 million NZD worth of primarily apples, followed by kiwifruit and cherries to Vietnam, as reported by the Ministry for Primary Industries. Ben McLeod, from Hawke's Bay-based Mr Apple and owned by Scales Corporation, praised Vietnam's economic transformation from a low to middle-income country over the last 10 to 15 years.

McLeod highlighted several free trade agreements between New Zealand and Vietnam that bolster New Zealand's competitive edge in fruit exports compared to other markets. Similarly, Nelson’s Heartland Fruit sales and marketing manager, Brendon Osborn, noted the rise of affluent consumers in Vietnam, driven by the proliferation of large, locally-owned retail super-malls targeting the medium and high-income brackets.

Osborn emphasized that Vietnam's competitive market has spurred his company to focus on the premium import segment with stringent quality standards to build trust among Vietnamese consumers.

With Vietnam's rapidly growing economy and burgeoning demand for high-end products, it has become an alluring destination for New Zealand exporters. This presents ample opportunities for enhanced cooperation and sustainable development between the two nations moving forward, reported Nhandan.