(VOVworld) – Vietnam and New Zealand business leaders met on the side lines of the Trans-Pacific Partnership (TPP) signing ceremony in Auckland

The forum was co-organized on Wednesday by the Ministry of Industry and Trade (MoIT), the Vietnamese Embassy in New Zealand and the ASEAN – New Zealand Business Council (ANZBC) to help enterprises take full advantage of the incentives the deal offers.

Addressing the opening ceremony, Minister of Industry and Trade, Vu Huy Hoang highlighted opportunities the TPP will bring to the two nations, adding that New Zealand is expected to increase purchases of Vietnam’s garments, footwear, woodwork, agricultural products, and seafood. Meanwhile in Vietnam there is a high demand for milk, textiles and garment materials, metals, chemicals, and other equipment.

In multilateral forums, both countries have joined the ASEAN-Australia-New Zealand Free Trade Area and the Asia-Pacific Economic Cooperation (APEC) and the negotiations on the Regional Comprehensive Economic Partnership. Air New Zealand plans to open a direct flight from Auckland to Ho Chi Minh City this year.

New Zealand’s Minister of Trade, Todd Michael McClay, said Vietnam was a trading partner with the highest growth rate among ASEAN member countries over the past 5 years. Two-way trade reached more than 1 billion New Zealand’s dollars. McClay said that he hoped the TPP would stimulate economic trade and cooperation between the two nations in a vast array of fields.