Vietnam and Brazil renewed bilateral relations to bolster trade, setting a target of $15 billion by 2030. The declaration was made on March 28 during a meeting between Brazilian President Luiz Inácio Lula da Silva and Vietnamese Prime Minister Pham Minh Chinh.
During Brazilian President Luiz Inácio Lula da Silva’s state visit to Vietnam from March 27 to 29, the two countries pledged to boost bilateral trade and cooperation.
The leaders highlighted the substantial growth in trade exchange, which approached $8 billion in 2024, and also embraced the recent signing of an action plan to advance the Vietnam-Brazil strategic partnership to strengthen diplomatic and economic relations.
Prime Minister Chinh emphasized the need for businesses from both nations to boost investments. He urged Brazilian investors to maintain their support and facilitate deeper integration of Vietnamese enterprises into global supply chains. Both leaders agreed to elevate collaboration across various fields, such as science and technology, renewable energy, agriculture, and manufacturing. Priority areas will encompass supporting industries, agricultural processing, and chemical production to foster green and sustainable growth for nations.
President Lula da Silva stated he would instruct Brazilian authorities to actively evaluate Vietnam’s proposal to initiate negotiations on a trade agreement with the Southern Common Market (MERCOSUR) to facilitate market access for businesses from both nations.
Vietnam expressed readiness to open its market to Brazilian beef under a broader agricultural trade agreement, which would also enable the export of Vietnamese tra fish and shrimp to Brazil. Prime Minister Chinh welcomed the interest of leading Brazilian firms, such as JBS S.A., a global giant in food processing, to invest in Vietnam’s food processing industry.
Additionally, President Lula da Silva extended an invitation to Vietnam to dispatch a high-level delegation to the BRICS Summit and the United Nations Climate Change Conference, both scheduled to take place in Brazil this November.
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