Vietnam – The Fastest-Growing Economy in Southeast Asia, Says New Zealand News Site
With its rapidly expanding economy and increasing demand for high-end products, Vietnam is emerging as an attractive destination for New Zealand exporters, creating numerous opportunities for cooperation and sustainable development in the near future.
New Zealand’s news site rnz.co.nz has reported that Vietnam is currently the fastest-growing economy in Southeast Asia. Bilateral trade between Vietnam and New Zealand has reached 2.68 billion NZD (1.54 billion USD), reflecting a 40% increase over the past five years, according to the article.
Recognizing the immense potential of the Vietnamese market, New Zealand exporters are actively working to strengthen their position as strategic business partners, particularly in the high-value food and beverage sector.
The article highlights that New Zealand’s Minister of State for Trade and Investment, Nicola Grigg, informed the New Zealand Parliament that as Vietnam becomes wealthier, its consumers are increasingly seeking high-quality products from global markets. Meanwhile, New Zealand is home to some of the world’s leading food and beverage producers and innovative businesses.
Last year, New Zealand fruit companies generated 172 million NZD in exports to Vietnam, with apples being the primary export, followed by kiwifruit and cherries, according to data from the Ministry for Primary Industries.
Ben McLeod, Head of Sales and Marketing at Hawke’s Bay-based Mr Apple, owned by Scales Corporation, described Vietnam’s economic growth as remarkable.
He noted that Vietnam has experienced rapid development over the past 10 to 15 years, transitioning from a low-income nation to a lower-middle-income country.
McLeod also emphasized that several free trade agreements between New Zealand and Vietnam have positioned New Zealand favorably against other competing fruit markets, particularly in fruit exports.
Brendon Osborn, Sales and Marketing Manager at Nelson’s Heartland Fruit, pointed out that Vietnam’s rising affluence is evident in the emergence of large, locally-owned retail super-malls catering to middle and high-income consumers.
Osborn explained that Vietnam is a highly competitive market, which is why his company has concentrated on the premium import segment, ensuring strict quality standards to build consumer trust in Vietnam.
As Vietnam’s economy continues to expand and demand for high-end products grows, the country remains an attractive market for New Zealand exporters, paving the way for enhanced cooperation and sustainable development in the future.
