Brazil is currently Vietnam's leading trading partner in Latin America. In recent years, two-way trade has grown rapidly to over 7.1 billion USD in 2023 from 1.53 billion USD in 2011. In the first ten months of 2024, the figure reached 6.58 billion USD. The two sides are aiming to increase trade to 10 billion USD by 2025 and 15 billion USD by 2030.

Prime Minister Pham Minh Chinh (middle, front) and other delegates at the Vietnam-Brazil business forum in Rio de Janeiro on 17 November afternoon.

Vietnam has exported a variety of goods to Brazil, including seafood, rubber, textiles, footwear, and steel, while Brazil’s exports to Vietnam mainly consisted of soybeans, wheat, corn, animal feed, cotton, and other raw materials.

In terms of investment, as of October 2024, Brazil had invested seven direct investment projects in Vietnam, with total registered capital of 3.85 million USD, mainly in the manufacturing and processing, wholesale, retail, and scientific and technological sectors.

Holding that economic cooperation is still not commensurate with their potential and sound bilateral political and diplomatic ties, participants explored opportunities for deeper investment cooperation and proposed solutions to enhance bilateral collaboration, particularly in areas where one country has strengths and the other has needs.

A representative of the Brazil Chamber of Commerce and Industry noted that since PM Chinh's visit to Brazil in 2023, and his current visit, trade relationship between the two countries has advanced significantly. Vietnam is now Brazil’s 17th largest supplier and the 18th biggest trading partner.

Brazil sees substantial potential in collaborating with Vietnam, particularly in high-tech industries, semiconductors, agriculture, energy security, renewable energy, science and technology, climate change, digital transformation, and South-South cooperation.

In particular, Brazil expects the Vietnam-Mercosur Free Trade Agreement will be signed soon, enabling Brazilian businesses to get access to the ASEAN market through Vietnam.

Brazilian Minister of Rural Development Paulo Teixeira highlighted the historical significance of Vietnam’s national liberation journey, recalling the visit of President Ho Chi Minh to Rio de Janeiro in search of a path to independence.

He emphasised the importance of Vietnam in the global food and foodstuff production and supply chain and stressed the need for enhanced cooperation, especially in agricultural technology, to ensure food security not just for the two countries, but also for the global fight against poverty.

Addressing the forum, PM Chinh highlighted that the Vietnam-Brazil relationship is continuing to develop positively, underpinned by strong political trust. In his talks with President Luiz Inácio Lula da Silva, both leaders agreed to elevate the Vietnam-Brazil relationship to a Strategic Partnership, he noted, stressing that this will serve as a strong foundation to further enhance economic, investment, and trade cooperation between the two countries' business communities.

PM Chinh underscored the strong foundation for bilateral cooperation, citing high political trust, complementary economic strengths, shared cultural values, and aspirations for peace and national development.

He expressed his optimism about reaching the two-way trade goal of 10 billion USD by 2025 while calling on Vietnamese and Brazilian enterprises to land investment in each other’s country, foster collaboration in agriculture and food security, renew traditional growth motives and explore new cooperation space, including aerospace and maritime development and underground spaces.

Vietnam is seeking selective investment in high-tech projects with high added value and spillover effects that can connect with domestic enterprises, he said, adding that priority is given to the domains of science technology, innovation, research and development, green economy, digital economy, circular economy, knowledge-based economy, semiconductor production, hydrogen, renewable energy, and green financing, among others.

With a view to removing roadblocks to make the economic cooperation to be on par with the political and diplomatic relations, PM Chinh held that both sides should soon launch negotiations for a free trade agreement between Vietnam and the Southern Common Market (MERCOSUR), an agreement on investment promotion and protection, and an agreement on visas and accelerate Brazil’s recognition of Vietnam’s market economy status.

He stressed that to create a conducive environment for sustainable business development, Vietnam is advancing three strategic breakthroughs in institutional building, strategic infrastructure development, and high-quality human resources training while working to improve the business climate.

The PM hoped for a more robust partnership between enterprises of both nations, emphasising the principles of harmonising benefits and sharing risks as well as mutual understanding, sharing visions and actions, mutual development, and shared prosperity.

In his conclusion, PM Chinh affirmed his belief in more dynamic economic cooperation that will contribute to the development and prosperity of both nations and strengthen the bilateral relationship.

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