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Wednesday, July 24, 2024

Vietnam, Brazil look to US$15-20 billion in two-way trade by 2030

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has expressed his vision for Vietnam and Brazil to bolster two-way trade to US$10 billion by 2025 and US$15-20 billion by 2030.

This declaration came during the Prime Minister’s recent discussions with Brazilian businesses during his official visit to Brazil.

Chinh highlighted the sustained development of Vietnam and Brazil’s relations across various domains since the establishment of their comprehensive partnership in 2007. The two nations share a strong and reliable political connection.

Vietnam and Brazil currently stand as each other’s largest trade partners in their respective regions, Southeast Asia and South America, with trade value reaching a record high of US$6.78 billion. This figure marks a 6.6% increase compared to 2021 and a three-fold surge over the past decade.

Despite these achievements, there is still significant untapped potential for trade growth between the two nations. Chinh emphasized that the expansion of air and sea traffic would facilitate cargo transportation and enhance trade.

Vietnam has a demand for importing goods such as cotton, soybeans, and corn from Brazil, while it could export products like footwear, leather goods, textiles, agricultural produce, and electronics to its South American partner.

During the discussions, PM Chinh expressed Vietnam’s full support for Brazil’s initiative to establish a commercial and industrial office in Vietnam. He also called for both countries to intensify cooperation in science-technology transfer and connectivity to foster mutual development.

Appreciating the willingness of Brazilian businesses to cooperate, Chinh shared Vietnam’s commitment to advancing negotiations on free trade agreements, investment protection, and double taxation avoidance pacts, all aimed at providing a conducive environment for Brazilian companies to conduct business in Vietnam.

In return, Brazilian businesses expressed interest in partnering with Vietnam in agriculture and renewable energy. Some firms also proposed working with Vietnam to participate in global supply chains, including exporting poultry alongside traditional products.

PM Chinh’s official visit to Brazil took place from September 23 to 26, following his working trip to the United States.

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