Vietnam Trade and Economic
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Carol DouglasVietnam Trade and Economic
New Zealand and Viet Nam signed a bilateral trade agreement in July 1994, which granted MFN status to goods traded between the two countries. The ASEAN-Australia/New Zealand FTA was substantively concluded in August 2008, and once signed and in force, should also increase opportunities for trade. Major new service sector opportunities for New Zealand are opening up in the education and consultancy sectors.
Negotiations on a bilateral Air Services Agreement (ASA) were successfully concluded in February 2003, when a draft ASA was initialled and subsequently approved by New Zealand's Cabinet. The signing of the ASA was witnessed by Prime Minister Clark during her visit to Ha Noi in October 2003.
New Zealand's main exports to Viet Nam are dairy products which account for over 55% of New Zealand's export trade. Vietnamese imports have been mainly in furniture and parts, engines and motors, nuts, footwear, seats, coffee, crustaceans and computers. Services trade is not captured in the statistics, but the export of education, tourism, and consultation services has become an increasingly important component of the economic relationship.
New Zealand exporters have historically faced a challenging trading environment in Viet Nam, but the Government has made a series of commitments to simplify its trading regime and adopt international standards in areas such as customs valuation procedures and product classification as part of Viet Nam's accession to the WTO. As a result, Viet Nam's trading regime is becoming more transparent and consistent.
Viet Nam launched its bid to join the WTO in 1998, and remains committed to its pursuit of a "socialist‑oriented market economy". New Zealand concluded bilateral market access negotiations with Viet Nam in January 2006. Separately, NZAID is providing capacity-building assistance for Vietnamese trade policy officials. Viet Nam formally acceded to the WTO in January 2007.
Last updated: 04 December 2008
