Vietnam and New Zealand have set a goal of reaching $2 billion in bilateral trade by 2024.

The goal was made at the 8th meeting of the Vietnam-New Zealand Joint Economic and Trade Committee (JTEC) held in Hanoi on May 23, in which the two sides reviewed the current state of bilateral cooperation and discussed measures to promote bilateral trade and reduce trade barriers.

Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang and New Zealand’s Deputy Secretary of Foreign Affairs and Trade Vangelis Vitalis signed a Memorandum of Understanding following their meeting.

At the meeting, the two sides agreed that economic relations have flourished since the signing of the 2020 Strategic Partnership, and celebrated the progress on market access for Vietnamese limes and pomelos, and New Zealand pumpkins and strawberries, which were agreed late last year.

At the event, Vietnam's Deputy Minister of Industry and Trade Phan Thi Thang said the two sides would continue to work closely on market access, customs cooperation, strengthening regional supply chains, and promoting investment opportunities for both countries.

Besides bilateral cooperation, the two sides also agreed to continue to coordinate and support each other in multilateral cooperation mechanisms and frameworks such as the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnam is currently New Zealand's 14th largest trading partner, and two-way trade has grown by 59% over the past five years to reach NZD$2.39 billion ($1.6 billion) last year.

New Zealand has 39 active foreign direct investment projects in Vietnam, with a total registered capital of $209.75 million. Meanwhile, Vietnam has 11 investment projects in New Zealand with a total registered capital of $38.4 million.