Expansion of Timber Trade Partnership Between New Zealand and Vietnam
Vietnam-New Zealand Forestry Agreement Set to Boost Timber Exports
Hanoi – New Zealand's Forestry and Trade Minister, Todd McClay, announced a new bilateral agreement with Vietnam on Tuesday, aiming to elevate timber exports and eliminate potential trade barriers in the forestry sector between the two countries.
Under the agreement, New Zealand's radiata pine will be acknowledged under Vietnam's evolving timber construction standards, thereby granting increased market access in the rapidly booming Vietnamese market.
Minister McClay mentioned that this pact is expected to stimulate growth in the NZD2.68 billion (USD1.59 billion) bilateral trade and expand the NZD48 million worth of sawn timber New Zealand currently exports to Vietnam. He highlighted Vietnam's robust economic growth, with its economy having doubled over the past decade and poised to lead global income growth. This growth is projected to spur construction activity and demand for sustainable building materials, thereby offering additional opportunities for New Zealand's wood sector.
The agreement is intended to give value to New Zealand's timber products, besides exporting logs, and to boost the country's export potential, aiming to double its exports by value in ten years. This deal is designed to strengthen trade relations, expand market access for New Zealand's timber products, and leverage Vietnam's growing demand for sustainable building materials.
Inside a wood processing factory. - VNA/VNS Photo
The Vietnam-New Zealand Forestry Agreement could potentially double New Zealand's timber exports by value in a decade, as the deal seeks to capitalize on Vietnam's growing demand for sustainable building materials in the construction industry. This agreement aims to expand market access for New Zealand's timber products and is expected to contribute to the growth of the finance sector, given the anticipated increase in bilateral trade. Leveraging advancements in AI and technology, the wood industry of New Zealand stands to benefit significantly from this agreement, further integrating with Vietnam's economy and facilitating global trade.
