Vietnam - Brazil Business Forum: Promote Cooperation Commensurate With Potential

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During the forum, delegates and business communities from both countries learned about each side's potential, strengths, and investment cooperation aspirations. Additionally, solutions were proposed to enhance cooperation, particularly in areas where one country has strengths and the other has corresponding needs.

Prime Minister Pham Minh Chinh speaks at the Vietnam - Brazil Business Forum. Photo: VGP/Nhat Bac

Paolo Teixeira, Minister of Rural Development of Brazil, expressed high appreciation for Vietnam's support and active participation in the Global Alliance against Poverty initiative. He noted that both countries are strong in agriculture and should continue to enhance their roles in global trade, food supply, and agricultural science and technology to combat poverty.

Rodrigo Santiago, Vice President of the Federation of Industry of Rio de Janeiro, expressed hopes for the swift signing of the Free Trade Agreement between Vietnam and the Southern Common Market (MERCOSUR), citing Vietnam's strategic position in Southeast Asia and its role as a bridge to ASEAN.

Leaders from the Federation of Industry of Rio de Janeiro, the Brazilian Chamber of Commerce and Industry, and representatives from Brazilian companies like Embraer Aviation Group regard Vietnam as a crucial partner in Asia. They expressed a desire to strengthen cooperation with Vietnam in sectors such as aviation, semiconductors, agriculture, rubber, fisheries, technology, and innovation.

Speaking at the forum, Prime Minister of Vietnam Pham Minh Chinh announced that after a successful meeting with Brazilian President Luiz Inácio Lula da Silva, both sides agreed to elevate their bilateral relationship to a Strategic Partnership.

The Prime Minister highlighted that the two countries share strong political and diplomatic relations, similar ideals, unique and close cultures, and complementary economies. They also have a common aspiration for peace and national development, creating ample opportunities for cooperation in various fields, especially in economics, trade, investment, and cultural exchanges. Brazil, with its large area and market of over 200 million people, offers significant potential.

However, economic relations have not yet matched the available opportunities and aspirations. The Prime Minister urged Vietnamese enterprises to invest in Brazil and encouraged Brazilian enterprises to invest more in Vietnam, promoting bilateral trade, particularly in agriculture, ensuring food security, and exploring new growth areas such as outer, sea, and underground space.

The Prime Minister called on Vietnamese enterprises to invest in Brazil and Brazilian enterprises to invest in Vietnam. Photo: VGP/Nhat Bac

Prime Minister Pham Minh Chinh stated that Vietnam aims to attract investment in high-tech, high-value-added projects that connect with domestic enterprises, prioritizing fields such as science and technology, innovation, research and development, green economy, digital economy, circular economy, knowledge economy, semiconductor manufacturing, new energy (hydrogen), renewable energy, green finance, financial centers, biotechnology, and healthcare.

To enhance economic cooperation to match the level of political and diplomatic relations, the Prime Minister emphasized the need to promote early FTA negotiations with MERCOSUR, the investment promotion and protection agreement, the visa agreement, and Brazil's recognition of Vietnam's market economy status.

He urged businesses to support these efforts to create an open and favorable investment environment, maximizing each country's unique potential, opportunities, and competitive advantages.

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