New Zealand, Vietnam expand timber trade partnership
New Zealand Forestry and Trade Minister Todd McClay on Tuesday unveiled a new bilateral agreement with Vietnam designed to boost timber exports and remove potential trade barriers in the two countries' forestry sectors.
Production of wooden items at a plant in Vietnam. Photo courtesy of Vietnam News Agency
Under the agreement, New Zealand’s radiata pine will be recognized under Vietnam’s evolving timber construction standards, paving the way for increased market access in the rapidly developing Vietnamese market.
Minister McClay highlighted that the pact is expected to drive growth in the NZD2.68 billion ($1.59 billion) bilateral trade and expand the NZD48 million worth of sawn timber New Zealand currently ships to Vietnam.
He emphasized Vietnam’s strong economic trajectory, noting that its economy has doubled over the past decade and is poised to lead global income growth. This trend is expected to spur construction activity and demand for sustainable building materials, creating further opportunities for New Zealand’s wood sector.
The agreement is set to add value to New Zealand’s timber products and offer opportunities in addition to exporting logs. It boosts the country's export potential and helps double its exports by value in 10 years.
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