Prime Minister Pham Minh Chinh of Vietnam met with executives from prominent Brazilian companies in Rio de Janeiro on July 7, during his visit for the expanded BRICS summit and related bilateral meetings. The discussions focused on enhancing cooperation in various sectors, with the PM emphasizing Vietnam’s favorable investment climate and its commitment to strengthening ties with Brazil, particularly following the establishment of a Strategic Partnership in November 2024.
Chinh urged Brazilian businesses to translate the robust political relations into actionable economic collaborations. He highlighted ongoing negotiations for a free trade agreement between Vietnam and the Southern Common Market (Mercosur), as well as a bilateral investment promotion and protection agreement with Brazil, calling for support to expedite these agreements.
In conversations with Vale, a leading multinational in metals and mining, Chinh pointed out Vietnam’s burgeoning needs for iron ore and other minerals like copper, due to significant infrastructure projects in high-speed and urban railways. He encouraged Vale to explore partnerships with Vietnamese companies, particularly in mining and metallurgy, to foster a strategic alliance benefiting the renewable energy sector and high-tech manufacturing.
Chinh also met with representatives from Alterosa MK, a collaboration between Brazil’s Alterosa Group and Vietnam’s MK Group that focuses on payment solutions and fintech. He reiterated the importance of science and technology cooperation, urging the joint venture to prioritize worker welfare and engage actively in community development.
At a meeting with the President of the Industry Federation of the State of Rio de Janeiro, Chinh praised the federation for its role in facilitating Brazilian investments in Vietnam, which amount to hundreds of millions of dollars. He expressed hopes that the federation would encourage Brazilian firms to explore opportunities in key sectors such as clean energy, manufacturing, and digital transformation.
The commitment from both parties showcases a mutual interest in sustainable development and the potential for robust economic ties between Vietnam and Brazil. As Prime Minister Chinh concluded his trip, the groundwork laid during these meetings promises to foster greater collaboration and shared prosperity in the years to come.