New Zealand – Viet Nam bilateral trade grows strongly in 2010

Provisional trade data released by the New Zealand Government confirms that trade between New Zealand and Viet Nam grew strongly between 2009 and 2010.

Two-way trade in the year to December totalled NZ$625.25 million, an increase of NZ$177.6 million (38 per cent) over 2009 totals.

New Zealand’s exports to Viet Nam rose NZ$105.3 million (33 per cent) over the twelve-month period, to a total of NZ$419.9 million. Dairy products made up over half of total exports by value, with a 53 per cent increase to NZ$223 million. Other key New Zealand exports included wood products (NZ$84.7 million), ferrous waste and scrap (NZ$14.3 million), live cattle (a new export in 2010, worth NZ$11.2 million) and miscellaneous machinery (NZ$8.65 million). Hides/skins, ethyl alcohol and aluminium products were also significant exports.

New Zealand fruit and wine exports rose slightly, but exports of meat, seafood and vegetables all declined.

Viet Nam’s 2010 exports to New Zealand also increased by 47 per cent (NZ$72 million) to NZ$225.3 million. Viet Nam’s single biggest export was calcium phosphates (NZ$29.2 million), followed by furniture (NZ$25.4 million), various footwear (NZ$21 million), petroleum (NZ$17.9 million) and nuts (NZ$16.3 million).

The above increases came in the year after the ASEAN-Australia-New Zealand Free Trade Agreement or AANZFTA entered into force on 1 January 2010. Despite the very positive trend, however, the Embassy believes there is more scope to raise awareness of opportunities created by the AANZFTA, and looks forward to continuing cooperation with Vietnamese government and business organisations to promote the Agreement in 2011.

Current negotiation of a new Trans Pacific Partnership (TPP) involving New Zealand, Viet Nam and seven other trading partners also contains significant potential to boost trade and investment between our two countries once completed.

[Note: NZ$1 was worth 16500 Vietnamese Dong and USD0.79 at time of writing]