PM Attends Vietnam-Brazil Business Forum in Rio de Janeiro

18 Nov, 2024

 Prime Minister Pham Minh Chinh attended a Vietnam-Brazil business forum in Rio de Janeiro on November 17, as part of his official visit to Brazil. The visit coincided with his participation in the G20 Summit and aimed at strengthening bilateral ties between the two countries. Brazil is currently Vietnam's largest trading partner Latin America, with trade reaching over 7.1 billion USD in 2023, up from 1.53 billion USD in 2011. The two nations aim to further boost trade, targeting 10 billion USD by 2025 and 15 billion USD by 2030.

Vietnam exports various goods to Brazil, such as seafood, rubber, textiles, footwear, and steel. In contrast, Brazil mainly exports soybeans, wheat, corn, animal feed, cotton, and other raw materials to Vietnam. The two sides are keen to enhance investment ties. As of October 2024, Brazil has invested in seven direct projects in Vietnam, totaling 3.85 million USD, primarily in the manufacturing, retail, and scientific sectors.

During the forum, participants discussed strategies to deepen investment cooperation, recognizing that economic collaboration still lags behind the strong political and diplomatic ties between the nations. The Brazil Chamber of Commerce and Industry emphasized that the trade relationship has made notable progress since PM Chinh’s previous visit in 2023. Vietnam is now Brazil’s 17th largest supplier and 18th largest trading partner.

Brazil sees potential for collaboration with Vietnam, particularly in high-tech industries, agriculture, energy, renewable energy, digital transformation, and climate change. The expected signing of the Vietnam-Mercosur Free Trade Agreement is expected to benefit Brazilian businesses by offering them access to the ASEAN market through Vietnam.

Brazilian Minister of Rural Development, Paulo Teixeira, highlighted Vietnam’s significant role in global food production and supply, underscoring the need for enhanced cooperation, particularly in agricultural technology, to ensure global food security and combat poverty.

PM Chinh addressed the forum, noting the positive development of the Vietnam-Brazil relationship. He highlighted the strong political trust and complementary economic strengths that form the foundation for further cooperation. In his discussions with President Luiz Inácio Lula da Silva, both leaders agreed to elevate their bilateral relationship to a Strategic Partnership. This step is seen as a solid foundation for enhanced economic and trade relations between the two nations.

PM Chinh expressed optimism about reaching the 10 billion USD trade target by 2025. He called on businesses in both countries to increase investments, particularly in agriculture, food security, and high-tech industries. He also urged exploration of new cooperation opportunities, including in aerospace, maritime development, and underground spaces.

Vietnam is focusing on attracting selective investments in high-tech projects that offer value-added benefits, fostering connections with local enterprises. Priority areas include science and technology, innovation, green and digital economies, renewable energy, and green financing.

PM Chinh emphasized the need to address obstacles in economic cooperation by launching negotiations for a free trade agreement with MERCOSUR, as well as agreements on investment promotion and protection, and visa facilitation. He called for Brazil to recognize Vietnam’s market economy status, which would further enhance bilateral trade.

Concluding his speech, PM Chinh highlighted Vietnam’s efforts to improve the business climate by advancing three strategic breakthroughs: institutional building, infrastructure development, and human resource training. He expressed his hope for a more dynamic partnership between businesses of both countries, founded on mutual understanding, shared benefits, and collective prosperity.

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