Prime Minister Chính Attends Vietnam-Brazil Business Forum in Rio de Janeiro
Rio De Janeiro, The Gulf Observer: Prime Minister Phạm Minh Chính attended the Vietnam-Brazil Business Forum in Rio de Janeiro on November 17 as part of his visit to Brazil, which includes participation in the G20 Summit and bilateral engagements in the Latin American country.
Brazil, Vietnam’s largest trading partner in Latin America, has seen rapid growth in trade relations with Vietnam. Two-way trade surged to over USD 7.1 billion in 2023 from USD 1.53 billion in 2011. By October 2024, trade had reached USD 6.58 billion, with both nations targeting USD 10 billion by 2025 and USD 15 billion by 2030.
Vietnam exports seafood, rubber, textiles, footwear, and steel to Brazil, while Brazil exports soybeans, wheat, corn, animal feed, cotton, and other raw materials to Vietnam. On the investment front, Brazil has seven projects in Vietnam with a total registered capital of USD 3.85 million, focusing on manufacturing, wholesale, retail, and scientific sectors.
Despite this progress, participants at the forum noted that economic cooperation remains below its potential. Discussions explored investment opportunities and strategies to strengthen collaboration, particularly in areas where the two nations have complementary strengths.
A representative of the Brazil Chamber of Commerce and Industry highlighted Vietnam’s growing importance as Brazil’s 17th largest supplier and 18th largest trading partner. The representative expressed optimism about future trade growth, especially with the anticipated signing of the Vietnam-Mercosur Free Trade Agreement, which would provide Brazilian businesses access to the ASEAN market through Vietnam.
Brazilian Minister of Rural Development Paulo Teixeira emphasized Vietnam’s historical and global significance, recalling President Hồ Chí Minh’s visit to Rio de Janeiro during Vietnam’s liberation journey. He stressed the importance of agricultural technology cooperation to ensure food security and address global poverty.
In his address, PM Chính underscored the strong political trust underpinning the Vietnam-Brazil relationship. He revealed that during talks with Brazilian President Luiz Inácio Lula da Silva, the two leaders agreed to elevate bilateral relations to a Strategic Partnership, providing a robust foundation for further cooperation.
PM Chính expressed optimism about achieving the USD 10 billion trade goal by 2025 and urged businesses from both nations to explore opportunities in agriculture, food security, high-tech industries, aerospace, maritime development, and renewable energy. He highlighted Vietnam’s focus on selective investments in high-tech projects with high added value, particularly in green energy, digital economy, and semiconductor production.
To strengthen economic ties, the Prime Minister called for launching negotiations on a free trade agreement between Vietnam and Mercosur, agreements on investment promotion and protection, and visa facilitation. He also sought Brazil’s recognition of Vietnam’s market economy status.
PM Chính outlined Vietnam’s three strategic priorities: institutional reform, strategic infrastructure development, and high-quality human resources training, coupled with efforts to improve the business climate.
Concluding his remarks, PM Chính emphasized mutual benefits, shared risks, and a vision of shared prosperity. He expressed confidence that deeper economic cooperation would enhance bilateral ties and contribute to the development and prosperity of both nations.
