JavaScript is off. Please enable to view full site.

Vietnam eyes $10bn trade with Brazil by 2025: PM Pham Minh Chinh

Vietnam eyes $10bn trade with Brazil by 2025: PM Pham Minh Chinh

Monday, September 25, 2023, 17:13 GMT+7
Vietnam eyes $10bn trade with Brazil by 2025: PM Pham Minh Chinh
Visiting Vietnamese Prime Minister Pham Minh Chinh (R, 2nd) shook hands with Brazilian business representatives at a powwow in Sao Paulo, Brazil, September 24, 2023. Photo: Nhat Bac / Tuoi Tre News

Vietnamese Prime Minister Pham Minh Chinh called on Brazilian enterprises to beef up trade and investment activities in Vietnam to fully tap the great cooperation potential between the two countries, with the aim of boosting two-way trade to US$10 billion by 2025. 

PM Chinh was speaking at a powwow with representatives of Brazilian businesses in Sao Paulo on Sunday morning (local time) after he and his entourage arrived a day earlier for a four-day official visit at the invitation of President Lula da Silva.

“The political relationship between our two countries is very good, but trade and investment relations are still not comparable, as there is still a lot of room for cooperation that has yet to be tapped,” the PM said at the event.

Last year, the trade turnover between the two countries reached $6.78 billion, with Vietnam mainly importing from Brazil.

Such bilateral trade remained modest as Brazil is the largest South American country with a population of 214 million people, Chinh commented.

The Vietnamese government leader affirmed that Vietnam is actively negotiating free trade agreements, investment protection, and avoidance of double taxation to facilitate bilateral cooperation with Brazil.

He called on businesses from both sides to build cooperation mechanisms into specific programs and projects, trying their best to bring two-way trade to $10 billion by 2025 and $15-20 billion by 2030 in a more balanced direction.

The PM urged Brazilian businesses and their Vietnamese counterparts to foster understanding and fill gaps in information to promote both trade and investment relations commensurate with the potential and aspirations of the two countries.

Both countries have products that can complement each other, with Vietnam exporting footwear, leather, textiles, farm produce, and more to Brazil, while Brazil's main exports to Vietnam include ores and minerals, cotton, animal feed, and raw materials and accessories for the textile, garment, and footwear industries, Chinh said.

The powwow between Brazilian businesses and a visiting Vietnamese delegation led by Prime Minister Pham Minh Chinh in San Paulo, Brazil September 24, 2023. Photo: Nhat Bac / Tuoi Tre

The powwow between Brazilian businesses and a visiting Vietnamese delegation led by Prime Minister Pham Minh Chinh in San Paulo, Brazil, September 24, 2023. Photo: Nhat Bac / Tuoi Tre

Regarding the fact that the two nations are far away, the PM said geographical distance is no longer a major obstacle nowadays, for aviation and maritime services are developing rapidly and Vietnam has many international transshipment ports.

Affirming that Vietnam fully supports the opening of an office of the Brazilian Chamber of Commerce and Industry in Vietnam, Chinh asked Brazilian and Vietnamese businesses to further promote the transfer of science and technology.

With the current atmosphere of good bilateral political relations, the PM hoped that more and more Brazilian enterprises would invest and do business in Vietnam in the ‘win-win’ spirit based on the principle of ‘harmonious benefits, shared risks.'   

A free trade agreement (FTA) between Vietnam and the Southern Common Market (MERCOSUR for its Spanish initials, including Brazil, Argentina, Uruguay, and Paraguay) has not yet been signed, but trade between both sides has increased sharply in recent years, Vietnamese Minister of Industry and Trade Nguyen Hong Dien, who also attended the powwow, commented.

Dien therefore hoped that the FTA would be inked soon to make Vietnam a gateway for Brazil to enter Southeast Asia’s market of 600 million people, while turning Brazil into an entrance for Vietnamese businesses to move deeper into Latin America.

The minister also suggested Brazilian businesses increase the supply of raw materials to Vietnam, especially new industries such as semiconductor technology.

PM Chinh left Sao Paulo at noon on Sunday for the Brazilian capital Brasilia to meet leaders of the Brazilian Communist Party and the Vietnam - Brazil Friendship Association.

The official welcoming ceremony by Brazilian President Lula da Silva for Chinh and the talks between the two leaders have been scheduled for Monday.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Vinh Tho - Duy Linh / Tuoi Tre News


Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news