16:07 | 26/03/2018 Trade
(VEN) - New Zealand wine and food festival was held on March 24, at RMIT University in District 7, Ho Chi Minh City. This is an annual event for New Zealand business leaders in food and beverage sectors to showcase New Zealand’s strength and celebrate New Zealand – Vietnam economic relationship.
The festival delivered a positive surplus in 2017 which was allocated to Ba Chieu Home – a shelter established 16 years ago to support homeless and disadvantaged girls in Ho Chi Minh City. Proceeds raised from this year’s festival will go towards supporting Ba Chieu Home again in 2018.
Food and beverage is one of the major drivers of export growth in Vietnam.
The imported wine market in Vietnam continues to grow at a strong rate with anticipated CAGR growth of 6% over the next 5 years. New Zealand exported wine to Vietnam in value terms stand around NZ$1 Million. There is an opportunity for developing the mid-premium end of the wine market with high quality New Zealand wine labels that tell a story about New Zealand.
New Zealand Ambassador to Vietnam, H.E Wendy Matthews said: “New Zealand is proud to have become a trusted partner for Vietnam across a wide range of sectors where our country excels – in particular food and beverages”.
Ambassador Matthews has acknowledged recent strong business and trade growth between New Zealand and Vietnam, and the potential for further significant expansion.
Two way trade in goods and services between New Zealand and Vietnam in 2017 totalled almost US$1.554 billion - a 33 per cent increase over 2016 levels. Vietnam exported US$707 million in goods - a 13.5% increased since 2016. Main Vietnamese goods exports were mobile phones, garments, footwear and furniture.
New Zealand and Vietnam aspire to reach US$1.7 billion in two-way trade by 2020. According to the Ambassador, “we are well on track to achieving this target”.
Vietnam is New Zealand’s 17th largest export destination. Over the year since 2016, New Zealand goods exports to Vietnam have grown by 22%. The ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) has provided fresh bilateral trade and business opportunities since 2010. Both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was officially signed on 8 March 2018 in Chile.