NZ and Viet Nam agree ambitious trade target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced.

The target was confirmed in today’s bi-lateral meeting between Mr Key and Viet Nam Prime Minister Nguyen Tan Dung, as well as senior ministers from both countries.

Also signed was a cooperation arrangement on food safety and an air services agreement which will provide greater choices for New Zealanders flying to Viet Nam.

Mr Key says the agreements demonstrate the growing relationship between two close regional partners.

“Viet Nam has been New Zealand’s fastest-growing trading partner in South East Asia over the past five years,” says Mr Key.

“Since 2009 two-way goods and services trade has more than doubled - increasing by 120 per cent.”

Mr Key says that growth gave the leaders confidence the new target could be met.

The Prime Ministers also discussed plans to expand links in the education and agriculture sectors as well as work more closely together on defence issues, including UN peacekeeping.

“Viet Nam is an increasingly important regional partner for New Zealand,” says Mr Key.

“As we celebrate 40 years of diplomatic ties this year our relationship is in great health, as demonstrated by the visit of the largest delegation Viet Nam has brought to New Zealand.

“I look forward to working with Prime Minister Dung to build on that.”