Vietnamese export expansion to New Zealand | economy

Vietnamese rambutan production export (Source: baodautu.vn)

Hanoi (VNA) – Vietnam’s exports to New Zealand account for only 1.7 percent of the maritime nation’s import share, a modest number but also an opportunity for Vietnamese companies looking to expand into this market.

In the first eight months of this year, the trade value between Vietnam and Australia exceeded 960 million US dollars, which is 21.4 percent higher than the same period in 2021.

Vietnam’s exports increased in many products such as tea and coffee, which recorded a growth of 52 percent with a value of nearly 5.3 million dollars; Ceramic products grew 108 percent annually to total $3.8 million; Paper and paper products totaled more than five million dollars, representing an increase of 48 percent.

According to the Vietnam Chamber of Commerce New Zealand (CCV), except for items such as construction materials, almost all commercial goods recorded double-digit export increases as exports of these types of goods grew marginally in 2021, and prices rose due to lower demand for the goods. Offers from importers and suppliers.

In the future, Vietnamese exports to New Zealand are expected to continue to grow, thanks to free trade agreements that both countries are members of, such as AANZFTA, CPTPP, RCEP, etc., which eliminate or reduce tariff barriers.

Additionally, amid trade wars between global giants or the COVID-19 pandemic, many countries are turning to Vietnam for partners instead of China, indicating an advantage for the Indochinese nation.

However, according to the CCV, this maritime country has demanding import requirements for agricultural, marine and food products. So far, New Zealand has only issued import licenses for products such as mangoes, pitahaya, rambutan and processed foods from Vietnam.

In the future, bilateral trade values ​​are expected to continue to grow due to economic recovery and people’s travel demand. CCV recommended that Vietnamese companies have a professional and long-term strategy./.