HCMC – Prime Minister Pham Minh Chinh has called on Brazilian meat processing giant JBS S.A. to expand its investment in Vietnam, emphasizing opportunities in livestock farming, meat processing, industrial crops, and coffee production.
During a meeting on February 13 with Renato Costa, general manager of Friboi, a JBS S.A. subsidiary, Chinh highlighted Vietnam’s market of 100 million people and its 17 free trade agreements (FTAs) covering over 60 economies as key advantages for foreign investors.
JBS S.A., the world’s largest meat processor, operates in 24 countries, including Vietnam. Chinh urged the company to increase collaboration on supply chain diversification and market expansion, while also encouraging other international businesses to invest in the country.
Beyond investment in JBS S.A., Vietnam is also looking to deepen economic ties with Brazil. Chinh proposed cooperation in mineral resources and positioning Vietnam as a gateway for Brazilian companies entering the Southeast Asian market.
He also called on Brazil to accelerate negotiations for a free trade agreement between Vietnam and the Southern Common Market (MERCOSUR) and recognize Vietnam’s market economy status. Additionally, he urged agreements on trade, investment, labor, and taxation to facilitate stronger economic relations.
Costa reaffirmed JBS S.A.’s commitment to Vietnam, stating that the company is exploring new investment opportunities and considering Vietnam as a regional hub for expanding into Asia. He also requested continued government support to facilitate business expansion.
Brazil remains Vietnam’s largest trade partner in Latin America, with bilateral trade reaching US$8 billion in 2024, up 12.2% over 2023.
