Vietnam seeks to enhance trade with Brazil

Speaking with business executives during his official visit to the South American country Sunday, he said the trust and partnership between the two countries have been growing for almost 35 years since they established diplomatic relations and especially since 2007 when they formed a Comprehensive Partnership.

They are now each other’s biggest trade partners in their respective regions, with bilateral trade being worth $6.78 billion last year.

Though the figure has tripled in the last decade, Chinh said there is still much room to grow.

Brazilian business representatives meet with Vietnam Prime Minister Pham Minh Chinh in Brazil on Sep. 24, 2023. Photo by Nhat Bac

Businesses in both countries possibly lack information about the other and geographical distance is also an obstacle, but Vietnam could import cotton, soybean and corn from Brazil, and Brazil could buy footwear, garment, agriculture produce, and electronics from Vietnam, he said.

"Brazilian businesses can have peace of mind when partnering with Vietnamese businesses or investing in Vietnam."

He said Vietnam is currently focusing on three strategic breakthroughs: perfecting market economic institutions with socialist orientation; administrative reform, training high-quality human resources, meeting the labor needs of the new era; and developing infrastructure, especially transportation and telecommunications infrastructure, to help businesses reduce input costs and increase competitiveness.

The two countries should establish free trade agreement and reduce taxes to promote trade growth, he said.

Minister of Industry and Trade Nguyen Hong Dien said bilateral trade has surged by over 400 times since the two countries established diplomatic relations in 1989.

He pointed out that Brazilian companies investing in Vietnam would have access to the ASEAN market of 600 million people.

Vietnamese companies would have similar access to the 400-million South American market when they invest in Brazil, he said.

Vietnam is in talks for a trade pact with the Southern Common Market, a trade bloc in South America commonly known as Mercosur, of which Brazil is a member, he said.

He added that Vietnam has been among the 20 largest trading countries in the world for the last three years, and is becoming a global manufacturing hub.

Brazilian businesses said they want to partner with Vietnam in agriculture and renewable energy.

After a working trip to the U.S., Chinh is visiting Brazil from Sep. 23 to 26. He will meet with President Luiz Inácio Lula da Silva Monday.