(VOVworld)-Deputy Prime Minister and Foreign Minister Pham Binh Minh has called for expanded economic ties between Vietnam and New Zealand to bring bilateral trade to 1.7 billion USD by 2020, a goal set by the two countries’ senior leaders. Mr. Minh was speaking during his meetings with New Zealand’s Speaker of the House of Representatives David Carter, and Deputy Prime Minister-cum-Finance Minister Bill English in Wellington on Thursday. 

Deputy Prime Minister and Foreign Minister Pham Binh Minh (left) and New Zealand’s Speaker of the House of Representatives David Carter (Source: VNA)

He said the two countries need to increase connectivity and cooperation between their businesses while seeking collaboration in new areas like banking, services and renewable energy, especially wind power which is the strength of New Zealand. The New Zealand officials promised to join hands with Vietnam in speeding up the assessment of risks to Vietnamese agricultural products, thus facilitating their penetration into the New Zealand market. Relating to the Trans-Pacific Partnership (TPP) agreement to which Vietnam and New Zealand are signatories, they described free trade and integration as an irreversible trend. The New Zealand side affirmed its backing for Vietnam as the host of the APEC Year in 2017.  David Carter said Vietnam is one of the priority partners with which New Zealand has early established the comprehensive partnership. For his part, Bill English said New Zealand will provide official development assistance (ODA) to support Vietnam’s development. Two-way trade expanded by 20 percent annually over the past five years, exceeding 800 million USD in 2015.