Vietnam And Brazil Promote Trade Cooperation

Prime Minister Pham Minh Chinh met with the General Secretary and members of the Brazil-Vietnam Friendship Association in September 2023, in Brasilia, Brazil. Photo: Ministry of Foreign Affairs

May 8, 2024 marks the 35th anniversary of diplomatic relations between Vietnam and Brazil (May 8, 1989 - May 8, 2024). After 35 years of establishing diplomatic relations, bilateral relations between Vietnam and Brazil have gained significant momentum.

It is demonstrated by high-level visits by leaders of the two countries, effective dialogue, and enhanced cooperation in fields such as politics, culture, education, and technology.

Typically, in September 2023, Prime Minister Pham Minh Chinh paid an official visit to Brazil. This is the first visit to Brazil in 17 years by a senior Vietnamese leader since the visit of General Secretary Nong Duc Manh in 2007. Prime Minister Pham Minh Chinh's visit affirms Vietnam's deep commitment to developing friendship between the two countries.

The prospects in the bilateral relationship are also demonstrated through the recent exchange of business delegations, including the visit of a Vietnamese business delegation to Sao Paulo in 2023 and a Brazilian business delegation to Ho Chi Minh City and Hanoi in March 2024.

These visits play an important role in promoting dialogue and cooperation between the private sectors of the two countries, creating new business opportunities, and paving the way for potential investment projects.

Vietnamese Ambassador to Brazil Bui Van Nghi assessed that the Comprehensive Partnership between Vietnam and Brazil is increasingly practical and effective. This relationship has been developing positively in all fields.

Not only in the field of economic diplomacy, economic, trade, and investment cooperation of the two countries in recent years has also developed strongly, with many imprints. Data from the General Department of Vietnam Customs shows that in 2023, the total trade turnover between Vietnam and Brazil reached about US$7.11 billion, of which, Vietnam imported US$4.7 billion and exported about US$2.4 billion worth of goods.

In the first quarter of 2024, the total import-export turnover of goods between the two countries reached US$2.2 billion, of which Vietnam's exports reached US$676 million, an increase of 5.5%, and imports from Brazil reached US$1.5 billion, an increase of 38%.

Vietnam's main export items to the Brazilian market in the first three months of the year include bags, suitcases, vehicles and spare parts, iron and steel, rubber, phones and components, fiber, yarn, textiles, machine and equipment.

Photo: congthuong.vn

Ngo Xuan Ty, head of the Vietnam Trade Office in Brazil, said that Vietnam's seafood products have good export momentum and stable growth in the Brazilian market. Currently, Vietnamese goods and export businesses have many opportunities to boost exports to this market due to the relatively large import demand in the Brazilian market.

On the contrary, in the first 3 months of the year, Vietnam increased imports from Brazil of animal feed and raw materials, cotton of all kinds, corn, soybeans, ores, and other minerals.

The reason for the increase in imports is that Vietnam imports raw materials to serve domestic production and production for export.

"Products imported from Brazil have good and stable quality, competitive prices, meeting the demand for raw materials for domestic production," the Head of the Vietnam Trade Office in Brazil Ngo Xuan Ty said.

However, according to the Trade Office, the cooperative relationship between the two sides still has many challenges, especially the long geographical distance, high transportation costs, and the logistics system that cannot meet the import and export needs of the two countries.

Vietnam's exported goods to this market are facing fierce competition in quality and price from export competitors from China, Thailand, Indonesia, Malaysia, the Philippines, and Singapore.

Proposing solutions to promote trade cooperation and trade connections between the two countries, Ngo Xuan Ty said that domestic export enterprises need to strengthen the promotion and introduction of goods in the Brazilian market.

They can introduce goods at fairs, and promotional conferences in the area, or send goods and business information for the Trade Office to introduce to customers at trade fairs, conferences, and promotion events.

The Trade Office recommends further developing the logistics sector, improving Vietnam's logistics capacity, and helping businesses facilitate exports.

Vietnamese Ambassador to Brazil Works with Rio de Janeiro's Leaders Vietnamese Ambassador to Brazil Bui Van Nghi met Vice Mayor of Rio de Janeiro and officials to discuss the celebration activities marking the 35th anniversary ...

Da Nang City, Brazilian Localities Promote Cultural Cooperation Brazilian players Coach Dunga, Rivaldo, Lucio, Ze' Carlos, Giovanni, Kleberson, Edmilson, Paulo Sergio and others come to Da Nang to participate in activities within the ...

Vietnam Is An Important Partner Of Brazil In Southeast Asia Over the past 35 years, the relationship between Vietnam and Brazil has been developing positively in all fields, becoming more substantive and effective with closer ...