New Zealand Embassy Ha Noi, Viet Nam
New Zealand and Viet Nam hold trade and economic talks
The JTEC, held every two years, provides an opportunity for open discussion on a full range of bilateral, regional and multilateral trade and economic issues.
New Zealand’s team was led by Deputy Secretary of Foreign Affairs and Trade Andrea Smith, Viet Nam’s by Deputy Minister of Industry and Trade Nguyen Cam Tu.
Both sides acknowledged the healthy 50 per cent increase in two-way goods trade since 2008-09 to NZ$700 million (US$575 million) per annum, and expanding services trade. At the same time, there was agreement that both governments needed to step up efforts to support their business communities in growing the trade and economic relationship.
An aspirational target of US$1 billion in two-way trade by 2015 was discussed. To achieve shared ambitions, both sides undertook to:
- Continue to build the ‘connectivity architecture’ to facilitate business and trade, including a future Double Taxation Agreement and the renegotiation of the existing Air Services Agreement between NZ and Viet Nam;
- Sharpen focus and effort on core sectors of mutual advantage and need for both countries, such as agriculture, education, aviation and tourism;
- Explore innovative new ways to promote trade and encourage business-business engagement; and
- Generate further awareness and understanding of the opportunities that exist for our businesses under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).
The potential impact of emerging regional trade and economic architecture on bilateral trade relations was also discussed, including the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP). Both countries reaffirmed the continuing importance of the WTO as the critical multilateral framework for international trade.
While in Ha Noi, Deputy Secretary Smith also called on Viet Nam’s Minister of Industry and Trade, H.E. Mr Vu Huy Hoang, and Vice Minister of Foreign Affairs Pham Quang Vinh.