Prime Minister Pham Minh Chinh wants Vietnam and Brazil to strive to increase two-way trade turnover to 10 billion USD by 2025 and 15-20 billion USD by 2030.
On the morning of September 24 (evening of the same day Vietnam time), Prime Minister Pham Minh Chinh held a discussion with representatives of Brazilian businesses during his official visit to this country.
The Government leader said that after nearly 35 years of establishing diplomatic relations, especially since the establishment of the Comprehensive Partnership in 2007, the Vietnam-Brazil cooperative relationship has continued to develop positively in all fields, with political relations increasingly close and trustworthy.
Vietnam and Brazil are currently each other's largest trading partners in Southeast Asia and South America, with trade turnover in 2022 reaching a record of about 6.78 billion USD, up 6.6% compared to 2021, tripling in the past decade. However, according to the Prime Minister, this figure is not commensurate, there is still a lot of room because Brazil is a populous country, a large market, suitable for goods from Vietnam - a developing country.
Prime Minister Pham Minh Chinh speaks at a meeting with business representatives. Photo: Nhat Bac
The head of the Vietnamese government said that businesses from both countries may lack information, not fully understand each other's markets, and are concerned about geographical distance. However, currently, aviation and maritime are developing, allowing people and goods to be quickly transported.
Therefore, the two countries can find common ground on complementary products, such as Vietnam can import cotton, soybeans, corn from Brazil and export leather, footwear, textiles, agricultural products, and electronics to Brazil. Tomorrow, he will hold talks with the Brazilian President to discuss major solutions to promote bilateral relations.
"When you come to Vietnam to invest and cooperate in trade, you can rest assured, as the Vietnamese often say, "heavenly time, geographical advantage, and human harmony." The problem is that we find ways to come together and strengthen the connection between businesses of the two countries," said the Government leader.
He said that Vietnam is currently focusing on three strategic breakthroughs: Perfecting the market economy institution, oriented towards socialism; administrative reform, training high-quality human resources, meeting labor needs in the new period; developing infrastructure, especially transport and telecommunications infrastructure, to help businesses reduce input costs and increase competitiveness.
Vietnam fully supports Brazil in opening an office of the Brazilian Chamber of Commerce and Industry in Vietnam, and suggests that both sides further promote science and technology transfer; strengthen connections to understand, share and cooperate, and develop together.
Representatives of Brazilian businesses at the discussion with the Prime Minister. Photo: Nhat Bac
Appreciating the goodwill of Brazilian businesses to cooperate, the Prime Minister said that Vietnam is actively negotiating with Brazil free trade agreements, investment protection, double taxation avoidance, etc., creating conditions for businesses to cooperate and develop.
He suggested that businesses from both sides actively participate and concretize cooperation mechanisms into specific programs and projects. From there, strive to bring two-way trade turnover to 10 billion USD by 2025, reaching 15-20 billion USD by 2030 in a more balanced direction.
Providing more information about the economic and trade situation between the two countries, Minister of Industry and Trade Nguyen Hong Dien said that in 1989, when the two countries established relations, two-way trade turnover reached 16 million USD, but by 2022, this figure had reached 6.8 billion USD, an increase of more than 400 times.
Mr. Dien also emphasized that there is still a lot of room for development cooperation between Vietnam and Brazil. Brazilian enterprises investing in Vietnam can not only exploit the 100 million-people market of Vietnam but also exploit the 600 million-people market of ASEAN. Conversely, if Brazil opens its doors, Vietnam will also have the opportunity to export to the 200 million-people market of Brazil and the 400 million-people market of South America.
According to the Minister of Industry and Trade, Vietnam is promoting negotiations and signing the Vietnam - MERCOSUR trade agreement, which includes Brazil. Vietnam has become one of the world's factories. In the past 3 years, Vietnam has been one of the 20 countries with the largest trade scale in the world.
He said that Vietnam's upgrading of relations with the US to the level of Comprehensive Strategic Partnership will help create a huge wave of investment shifts from US multinational companies and developed countries to Vietnam, and the demand for raw materials will increase. Therefore, he suggested that Brazilian businesses increase the supply of raw materials to Vietnam, especially in new industries such as semiconductor technology.
Prime Minister talks with Brazilian businesses. Photo: Nhat Bac
At the seminar, Brazilian businesses expressed their desire to cooperate with Vietnam in the fields of agriculture and some emerging industries such as wind energy and renewable industries. Some companies proposed to cooperate with Vietnam to participate in the global supply chain, opening the door for them to export some products to Vietnam such as chicken meat and chicken wings in addition to traditional products such as cotton and corn.
Prime Minister Pham Minh Chinh paid an official visit to Brazil from September 23 to 26, at the invitation of President Luiz Inácio Lula da Silva, after concluding his visit to the US.
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