Vietnam, New Zealand target $3bn trade as cooperation expands

The commitment was reached during a phone call between Vietnamese Prime Minister Le Minh Hung and New Zealand Prime Minister Christopher Luxon from Hanoi on Wednesday, according to the Vietnam News Agency.

After reviewing the sound development of the multifaceted cooperative relationship over recent years, the two prime ministers agreed to further step up economic, trade, and investment cooperation, with the goal of increasing bilateral trade to $3 billion in the coming period.

Two-way trade between Vietnam and New Zealand reached nearly US$1.5 billion last year, with Vietnam importing over $784 million worth of goods from New Zealand and exporting about $710.6 million to the country, according to the Vietnam Chamber of Commerce and Industry. 

As part of measures to boost two-way trade, the two leaders agreed to create more favorable conditions for each country’s major products to gain greater access to the other’s market.

The leaders also pledged close coordination in effectively implementing free trade agreements to which both countries are party, including the ASEAN-Australia-New Zealand Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership.

PM Luxon praised Vietnam’s role as chair of the CPTPP in 2026 and expressed support for the country in successfully carrying out its responsibilities.

The two PMs said stronger implementation of these agreements would help reinforce economic resilience and self-reliance in both countries while improving their ability to cope with current global uncertainties.

They expressed concern over increasingly complex developments affecting regional economies, including Vietnam and New Zealand, noting that rising fuel and transportation costs and disruptions to global supply chains have created additional challenges.

They exchanged views on measures to maintain macroeconomic stability and respond to fuel price fluctuations, including fiscal policies and support measures for businesses and citizens.

PM Hung praised New Zealand’s achievements in maintaining macroeconomic stability and social welfare and thanked PM Luxon for his contributions to bilateral relations, particularly the elevation of ties to a comprehensive strategic partnership in February 2025.

PM Luxon congratulated PM Hung on his new role and praised Vietnam’s strong economic performance, describing the country as one of the region’s fastest-growing economies.

He reaffirmed that Vietnam remains one of New Zealand’s priority partners and expressed a desire to further advance the comprehensive strategic partnership.

PM Hung described New Zealand as a trusted partner that has supported Vietnam in areas including English-language training, human resource development, agriculture, climate change response, and disaster risk management.

On the foundation of political trust and effective cooperation, PM Hung proposed that both countries further strengthen political trust through increased high-level exchanges and bilateral cooperation mechanisms.

He called for more substantive cooperation in defense and security through enhanced exchanges, maritime capacity-building efforts, naval cooperation, and maritime security initiatives.

On education and connectivity, PM Hung proposed that New Zealand expand scholarship opportunities for Vietnamese students and accelerate efforts to establish direct flights and more convenient connecting routes between Vietnam and New Zealand.

The two sides also agreed to strengthen cooperation in climate change response, energy transition, sustainable agriculture, the development of low-emission farming models, and renewable energy projects, particularly wind and solar power.

They favored dialogue, international cooperation, and adherence to international law in addressing regional security challenges and agreed to continue coordinating on issues of mutual concern.