VNA Oceania correspondent
On May 27, New Zealand Trade Minister Todd McClay announced a new cooperation agreement between New Zealand and Vietnam to promote timber exports and remove potential barriers in forestry trade.
Under the agreement, New Zealand radiata pine will receive Vietnamese construction timber standard certification, opening new opportunities in Vietnam's developing market.
McClay said the deal would boost bilateral trade, currently worth NZD 2.68 billion (USD 1.59 billion), and significantly increase New Zealand's sawn timber exports to Vietnam, now valued at NZD 48 million.
He noted Vietnam's economy has doubled in size over the past decade and is projected to become one of the world's fastest-growing economies. This growth will drive construction demand, creating more opportunities for New Zealand timber.
The agreement adds value to New Zealand wood products, strengthens export potential, and supports New Zealand's goal of doubling export value within 10 years.
