A 7.4 magnitude earthquake has struck near Vanuatu.

Tsunami waves have been observed and “hazardous” waves are forecast for some coastal areas.

The region has been hit by a 5.5 magnitude aftershock, with video footage emerging of damaged buildings in Port Vila.

GeoNet says the initial quake struck west of Port Vila at 2.47pm NZ time and was 10km deep.

It was “unnoticeable” in New Zealand.

A text message from the National Emergency Management Agency (NEMA) says there is “no tsunami threat to NZ”.

The Pacific Tsunami Warning Centre issued an alert saying “hazardous tsunami waves from this earthquake are possible within 300km of the epicentre along the coasts of Vanuatu”.

A message on the NZ Civil Defence website said NEMA and GNS Science are assessing whether the earthquake has created a tsunami that could affect New Zealand.

Damage in Port Vila Vanuatu after a 7.4 magnitude earthquake hit this afternoon, sparking a tsunami warning. Photo / Tim Cutler

“If a tsunami has been generated in this location it is not likely to arrive in New Zealand for at least 2 hours,” the message read.

“This National Advisory has been issued following a rapid assessment of preliminary earthquake information. The situation may change as more information becomes available.”

The earthquake struck near Vanuatu causing damage to buildings and warnings of possible tsunami waves. Photo / GeoNet

Video has been posted on Twitter showing damage to the French Embassy in Vanuatu.

A Ministry of of Foreign Affairs and Trade (Mfat) spokesperson said it was “monitoring the developing situation” in Vanuatu.

“There are 37 New Zealanders registered on SafeTravel as being in Vanuatu. New Zealanders there should follow the advice of authorities.”

Mfat said anyone in need of consular assistance should contact the 24/7 emergency consular line on +64 99 20 20 20.

The Australian Bureau of Meteorology says there is no threat to Australia from the earthquake, which it describes as magnitude 7.5.

More to come