HCMC – Vietnam and Brazil have reaffirmed their commitment to boosting bilateral trade to US$15 billion by 2030, reported the Government news website (baochinhphu.vn).
The announcement was made during a meeting between Brazilian President Luiz Inácio Lula da Silva and Vietnamese Prime Minister Pham Minh Chinh on March 28.
During the state visit of President Lula da Silva to Vietnam, both leaders expressed satisfaction with the significant growth in bilateral trade, which reached nearly US$8 billion in 2024. They welcomed the recent signing of an action plan to implement the Vietnam-Brazil strategic partnership, further solidifying diplomatic and economic ties.
The leaders also agreed to deepen cooperation in various sectors, including science and technology, renewable energy, agriculture, and manufacturing. Key areas of focus will include supporting industries, agricultural processing, new materials, and chemicals, contributing to both nations’ green and sustainable growth goals.
Vietnam indicated its willingness to open its market to Brazilian beef as part of a broader agricultural trade agreement that would also facilitate the export of Vietnamese tra fish and shrimp to Brazil. Prime Minister Chinh welcomed the interest of major Brazilian corporations, including JBS S.A., one of the world’s largest food processing companies, in investing in Vietnam’s food processing sector.
To further strengthen trade ties, President Lula da Silva supported Vietnam’s proposal to initiate negotiations for a free trade agreement between Vietnam and the Southern Common Market (MERCOSUR). Such an agreement would enhance market access, foster supply chain connectivity, and provide tangible benefits to businesses and consumers in both regions.
Vietnam and Brazil established their strategic partnership in 2023, with both nations committed to expanding collaboration in trade, investment, and innovation. The latest commitments underscore their determination to leverage economic cooperation for mutual growth and development.
