WHAT'S NEW

New Zealand remains promising market for Vietnam's exports: Insiders

by VNA08 October 2022 Last updated at 09:00 AM

Coffee is one of the major export products in New Zealand (Photo: VNA)
Coffee is one of the major export products in New Zealand (Photo: VNA)

Vietnam is trying to tap great potential to increase exports to New Zealand, a promising market where it has won only 1.7% of the local market share, held insiders.

In the first eight months of this year, two-way trade between reached 1.7 billion NZD (963.81 million USD), up 21.4% year on year.

Upturn was seen in the revenue of many Vietnamese exports, including tea and coffee (52%), pottery and ceramics products (108%), paper and paper products (48%), steel (36.8%), and garment, footwear and accessories (22.8%).

According to the Vietnamese trade office in New Zealand , revenue of the majority of the exports has recorded double-digit growth, especially construction materials. It explained that along with an increase in export volume, the prices of products in New Zealand has also risen.

The office forecast that Vietnam’s exports to the market will continue to grow as the two countries have been members of many common trade deals which provide many tariff advantages in the market, thus increasing the competitiveness of Vietnamese products.

Alongside, many businesses are considering switching their supply chains and seek more suppliers from Vietnam, especially in garment and construction materials.

At the same time, thanks to the development requirement after the COVID-19 pandemic and the recovering consumption and travel demands, economic cooperation and trade between Vietnam and New Zealand are likely to be lifted up in the future, according to the office.

However, it reminded exporters to make sure that their products meet food safety requirements in this choosy market.

The office stressed the need for Vietnam to design a systematic and long-term strategy to promote exports to the market, focusing on creating a smooth legal corridor for the export of agro-forestry-fisheries products, asking New Zealand to continue to widen its door for Vietnamese farm produce and aquatic products, building value chains and improving food processing technologies to enhance product quality, and strengthening trade promotion activities.

Tags:

Top VND Exchange Rates

Auto-refesh 15m

USD

EUR

AUD
1 VND
Inverse:
0.00004
22,510.0
0.00004
25,226.0
0.00006
15,674.0

Mid-market rates: 2023-01-31 19:45 UTC

WEATHER FORECAST