Removing bottlenecks to promote Vietnam - Brazil economic cooperation

Prime Minister Pham Minh Chinh speaks at the forum – Photo: DOAN BAC

The forum took place right after the meeting between Prime Minister Pham Minh Chinh and Brazilian President Luiz Inácio Lula da Silva on the same day, November 17. In which the two leaders agreed to upgrade the relationship to a strategic partnership.

The event with businesses became an opportunity for the Prime Minister to clearly convey Vietnam's message, and at the same time propose solutions to further promote economic and trade cooperation between the two countries.

Vietnam will be a “great partner”

Brazil is currently Vietnam's leading trade partner in Latin America, with two-way trade turnover increasing rapidly from 1.53 billion USD in 2011 to more than 7.1 billion USD in 2023. Both countries are striving to increase bilateral turnover to 10 billion USD in 2025 and 15 billion USD in 2030.

At the forum, Mr. Rodrigo Santiago, Vice President of the Confederation of Industry of Rio de Janeiro, expected the free trade agreement (FTA) between Vietnam and the Southern Common Market (MERCOSUR) to be signed as soon as possible. He believed that with its great potential and strategic location, Vietnam will be a bridge connecting Brazil with ASEAN.

A representative of Embraer Group – the world's third largest aircraft manufacturer – assessed that Vietnam has great potential for aviation development and will be "a great partner" for Embraer.

Also highlighting the role of Vietnam, representatives of other large Brazilian enterprises expressed their desire to promote cooperation with Vietnam in semiconductors, agriculture, rubber, fisheries, technology, and innovation.

Also present at the forum, Deputy General Director of Vietnam Chemical Group (Vinachem) Nguyen Huu Tu said that tire and tube products under the brands of Danang Rubber and Southern Rubber are increasingly gaining the trust of Brazilian consumers.

In 2024, the group's estimated trade turnover in the Brazilian market will reach over 90 million USD, nearly twice that of 2021.

Vinachem hopes to supply technical rubber products for modern aircraft of Embraer, the world’s third largest aircraft manufacturer. The group also plans to import some products from Brazil such as ores and agricultural products as production inputs, bringing the two-way trade turnover between Vinachem and Brazilian partners to 500 million USD by 2030.

Driving new growth drivers

Prime Minister Pham Minh Chinh takes a photo with delegates attending the forum – Photo: DOAN BAC

Speaking at the forum, Prime Minister Pham Minh Chinh announced that at a very successful meeting with Brazilian President Lula da Silva, the two sides agreed to upgrade the bilateral relationship to a strategic partnership.

Pointing out the similarities and complementarities between the two countries, the Prime Minister affirmed that the conditions, space for development and cooperation between the two countries are very open in many fields. With more than 200 million people, Brazil is a market that is both large in area and large in purchasing power.

However, economic relations are still not commensurate with the space, conditions for cooperation and desires of both sides.

The Prime Minister therefore called on Vietnamese enterprises to invest in Brazil and Brazilian enterprises to invest more in Vietnam, promoting bilateral trade. He also called on Brazilian enterprises to promote new growth drivers and cooperate with Vietnam in exploiting new development spaces such as outer space, sea space, and underground space.

He also said that Vietnam aims to selectively attract investment in high-tech projects with high added value and connections with domestic enterprises. Accordingly, priority is given to projects in science and technology, innovation, research and development, green economy, digital economy, circular economy, knowledge economy, semiconductor manufacturing, etc.

To remove bottlenecks and bring economic cooperation to the level of political and diplomatic relations, the Prime Minister said that the two sides need to promote the early launch of FTA negotiations with MERCOSUR, an agreement on investment promotion and protection, a visa agreement, as well as Brazil's consideration of recognizing Vietnam's market economy status.

The Prime Minister affirmed that he has hope and confidence in more vibrant economic cooperation between the two countries, especially after upgrading relations.

Source: https://tuoitre.vn/thao-diem-nghen-de-thuc-day-hop-tac-kinh-te-viet-nam-brazil-20241118131258307.htm