New Zealand firms keen on investment in renewable energy, realty in Vietnam

New Zealand businesses have asked the Vietnamese government for further support to invest and expand their operations in Vietnam, particularly in renewable energy, real estate, and aviation.

They made the request at a meeting with visiting Vietnamese Prime Minister Pham Minh Chinh in Auckland on Sunday.

At the meeting, Simon Bridges, chief executive of the Auckland Business Chamber, said New Zealand businesses are interested in tapping Vietnam’s outstanding development process over the past two decades and see multiple chances to do business in the Southeast Asian country.

PM Chinh showed his appreciation for New Zealand’s investment plans in Vietnam and promised to create favorable conditions and safeguard their legitimate interests and rights.

He highlighted the positive momentum of Vietnam-New Zealand relations over the past 49 years and potential for joint participation in a number of trade blocs like the Regional Comprehensive Economic Partnership (RCEP), ASEAN-Australia-New Zealand FTA (AANZFTA), the and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The government chief said that the sectors of interest to New Zealand firms align with Vietnam’s priorities and potential like solar and wind power, and suggested they work on specific proposals with Vietnamese government agencies.

In the aviation area, Chinh noted that there used to be direct air links between Vietnam and New Zealand but they were disrupted during the Covid-19 pandemic. He expected non-stop air service between the two countries to be resumed soon given the large travel demand, plus the possibility of relaxed visa requirements.

The two countries aim to raise bilateral trade to $2 billion this year from $1.3 billion in 2023.

New Zealand had invested in 52 projects worth a combined $208.35 million in Vietnam as of end-2023, ranking 39th among 144 countries and territories investing in the country, according to Vietnamese government data.