Prime Minister Pham Minh Chinh made a significant commitment to enhance economic ties between Vietnam and Brazil during the Vietnam-Brazil Business Forum in Rio de Janeiro on July 5. This event was part of his visit to Brazil for the expanded BRICS summit and included participation from leaders in various ministries and over 80 representatives from major corporations.
The Vietnam-Brazil Strategic Partnership has provided a robust foundation for economic relations, with Brazil standing as Vietnam’s largest trading partner in Latin America. In 2022, bilateral trade reached nearly $8 billion, with Vietnam exporting electronics, machinery, and steel, while importing minerals, cotton, grains, and animal feed from Brazil.
Investment collaboration currently reveals a disparity, with Brazil holding six investment projects in Vietnam worth about $3.83 million, compared to a single Vietnamese investment in Brazil, amounting to $300,000. However, both nations are aiming to increase their trade volume to $10 billion soon, aspiring to reach $15 billion by 2030.
During the forum, Prime Minister Chinh emphasized the necessity of mutual cooperation to adapt to a rapidly changing global landscape. He described the Vietnam-Brazil relationship as being at its best stage ever, advocating for long-term and stable collaboration that benefits both countries and fosters regional peace and stability.
Chinh shared Vietnam’s developmental goals leading to 2030 and 2045, underlining that economic stability contributes to national strength and improved living conditions. He reaffirmed the potential for the two countries to bolster ties through investment in essential sectors like agriculture, telecommunications, and mineral processing, particularly through shared advantages in coffee production.
The forum also marked Brazil’s first export of beef to Vietnam and highlighted Vietnam’s plans to export tra-basa fish and tilapia to Brazil, promoting food security. Both countries agreed to pursue deeper agricultural cooperation, including the establishment of a coffee production alliance and strategies to integrate economies through direct investment projects in agriculture and livestock.
Furthermore, negotiations for a proposed Free Trade Agreement (FTA) between Vietnam and the Southern Common Market (MERCOSUR) are expected to conclude by mid-2025 to enhance bilateral trade.
The meeting concluded with contracts exchanged between Vietnamese and Brazilian companies across various sectors, underscoring robust bilateral engagement and optimism for future collaborative efforts.
Overall, the forum illustrated substantial commitment and enthusiasm towards strengthening Vietnam-Brazil economic relations, signaling a promising future for mutual growth and cooperation, especially in light of the two countries’ strategic positions in their respective regions.