Minister Nguyen Hong Dien works with the Minister of Mines and Energy, Deputy Minister of Development, Industry, Trade and Services of Brazil

The working session took place this morning, March 29, 2025, at the headquarters of the Ministry of Industry and Trade . Accordingly, the two sides had a frank, sincere and effective exchange in the spirit of cooperation and friendship, for the common interests of the two countries in promoting bilateral economic and trade relations.

At the meeting, Minister Nguyen Hong Dien said that although the two nations and countries are half a world apart, they share the same ideas and aspirations, and have therefore become strategic partners. The Minister hopes to work with Brazilian ministries and sectors to promote the pillar of economic - trade - investment cooperation between the two countries to a new level, worthy of a strategic partnership.

Minister Nguyen Hong Dien affirmed that although Brazil is currently Vietnam's largest trading partner in South America, and Vietnam is Brazil's largest trading partner in the ASEAN region, the room and potential for exploitation between the two countries is still very large. The Minister suggested that in the coming time, the two sides focus on strengthening cooperation in the following 6 key contents:

Firstly, regarding the procedures for recognition of Vietnam's market economy status: Vietnam welcomes and thanks Brazil for its goodwill in recognizing Vietnam's market economy status and requests that the two sides' technical levels continue to work to soon complete the necessary recognition procedures in the second quarter of this year.

Second, the two sides continue to open their markets for each other's key products. Accordingly, Vietnam will initially open its market for beef products, and continue to open its market for products in which Brazil has advantages and Vietnam has demand. In the opposite direction, it is proposed that Brazil open its market reciprocally for products such as shrimp, tra fish, and basa fish from Vietnam.

Third, strengthen cooperation in the field of ethanol production. This is a highly feasible cooperation because Brazil is a country with experience in ethanol production, while Vietnam has a lot of potential and the demand for switching to clean fuels such as ethanol will be strong in the coming time.

Fourth, strengthen cooperation in industry and energy. Vietnam has become a world manufacturing center, so it needs raw materials for production, while Brazil is a country rich in resources and minerals that can meet this demand. In addition, Vietnam is in the process of strong energy transition, so the opportunity for cooperation between the two sides in this field in the coming time is very large.

Fifth, upgrade the Chairmanship of the Joint Commission between the two countries to the Ministerial level, to match the strategic partnership, and hold the 3rd meeting of the Joint Commission this year.

Sixth, in its key role, Brazil and Vietnam promote the launch of negotiations on the Free Trade Agreement between Vietnam and MERCOSUR.

On the Brazilian side, the Minister of Mines and Energy agreed with Minister Nguyen Hong Dien that energy cooperation is one of the areas that the two countries need to focus on to further promote in the coming time. Brazil and Vietnam have made strong commitments to the environmental agenda and are both leading countries in the energy transition in their regions. Brazil has a clean energy system with 80% of domestic energy consumption coming from renewable sources such as hydropower, wind, solar and biomass. Brazil also has very successful experience in the field of biofuels, an area that can be shared and replicated in Vietnam. Brazilian businesses are ready to explore opportunities and cooperate with Vietnamese partners in the above fields.

Speaking at the meeting, Mr. Marcio Elias Rosa, Deputy Minister of Development, Industry, Trade and Services of Brazil, suggested that the two sides continue to promote existing cooperation mechanisms, focusing on priority goals for economic and trade relations between the two countries. Mr. Marcio Elias Rosa thanked Vietnam for its goodwill in opening its beef market to Brazil, and informed President Lula of the decision to lift the ban on tilapia and open the Brazilian market to some types of shrimp, according to international standards. Regarding tra and basa fish, the Brazilian Government committed to conducting a technical assessment as soon as possible.

Minister Nguyen Hong Dien, Minister of Mines and Energy of Brazil and Deputy Minister of Development, Industry, Trade and Services of Brazil

At the end of the meeting, the two sides pledged to quickly deploy the Working Group to promote trade and industry between the Ministry of Industry and Trade of Vietnam and the Ministry of Development, Industry, Trade and Services of Brazil. This is considered the most important and practical mechanism in promoting specific contents and areas in economic cooperation between the two countries.

In 2024, the total two-way trade turnover between Vietnam and Brazil reached a record of nearly 8 billion USD, an increase of 12.2% compared to 2023. Of which, Vietnam exported 2.6 billion USD to Brazil and imported 5.4 billion USD from Brazil.

In the first two months of 2025, bilateral trade reached approximately 1.4 billion USD, down 5.3% over the same period in 2024; of which Vietnam's export turnover to Brazil reached nearly 400 million USD, and imports from Brazil reached 1 billion USD.

Vietnam's main export items to Brazil are: Phones of all kinds and components, Computers, electronic products and components, Machinery, equipment, tools and other spare parts, Means of transport and spare parts, Iron and steel of all kinds, Footwear of all kinds, Fibers and textile yarns of all kinds, Seafood products...

Vietnam's import items from Brazil are Ores and other minerals, Cotton of all kinds, Animal feed and raw materials, Soybeans, Corn, Wood and wood products, Raw materials for textiles, garments, leather, shoes, etc.

Brazil is currently Vietnam's second largest trading partner in the Americas (after the United States) and Vietnam's first largest trading partner in Latin America.

 

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Source: Foreign Market Development Department

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/bo-truong-nguyen-hong-dien-lam-vic-voi-bo-truong-bo-mo-va-nang-luong-thu-truong-bo-phat-trien-cong-nghiep-thuong-mai-va.html