On 5/7, while attending the expanded BRICS Summit and bilateral activities in Brazil, Prime Minister Pham Minh Chinh attended the Vietnam-Brazil Business Forum. The event attracted nearly 100 businesses from both countries.
The prime minister called for increased cooperation and investment in three key areas: agriculture; science, technology, innovation, digital transformation, and telecommunications; and mineral exploitation and processing.
He urged both sides to further open their markets to each other's key agricultural products. He explained that the two economies have clearly complementary strengths. "What Brazil lacks, Vietnam has the potential for, and what Brazil excels in, Vietnam needs," he said, citing the example of the two countries' abundant fruit production, which occurs in different seasons.
The prime minister also noted that Brazil had recently exported its first shipment of beef to Vietnam. In return, Vietnam is selling tra fish, basa fish, and tilapia to Brazil.
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Prime minister Pham Minh Chinh at the Vietnam-Brazil Business Forum on 5/7. Photo: VGP |
Prime minister Pham Minh Chinh at the Vietnam-Brazil Business Forum on 5/7. Photo: VGP
Investment between the two countries is also showing positive progress. Several companies are exploring joint projects in promising areas such as high-tech agriculture, digital transformation, e-commerce, deep processing, and logistics.
However, these achievements are still not commensurate with the two countries’ potential. Prime Minister Pham Minh Chinh suggested a new direction for cooperation: on-site agricultural production and processing to serve both domestic markets and export to other countries. He gave the example of Vietnamese businesses growing rice and processing it in Brazil. Conversely, Brazilian businesses could raise livestock and process meat in Vietnam.
At the forum, Brazilian officials affirmed their willingness to import more seafood and rice from Vietnam. The two sides agreed to sign an agreement on food security for Brazil, with Vietnam exporting rice to this market. They also agreed to increase cooperation and promote a coffee production and export alliance, exploring the creation of a joint coffee exchange and brand development.
The prime minister said the government is committed to creating favorable conditions for Brazilian investors in Vietnam. Officials from both countries also agreed to conclude negotiations on a free trade agreement (FTA) between Vietnam and the Southern Common Market (MERCOSUR) in the second half of the year, as well as to promote a separate FTA between the two nations.
Brazil is currently Vietnam's largest trading partner in Latin America and second largest in the Americas. Bilateral trade in 2024 reached nearly 8 billion USD. In the first five months of this year, two-way trade reached 3.33 billion USD. The two countries aim to increase this figure to 15 billion USD by 2030.
In June, Vietnam became the 10th Partner Country of BRICS. According to the Ministry of Foreign Affairs, Vietnam became a Partner Country with the desire to promote international solidarity and inclusive, comprehensive multilateralism.
Ha Thu
