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Prime Minister Pham Minh Chinh of Vietnam and President Luiz Inacio Lula da Silva of Brazil during the G20 Summit in Rio de Janeiro 2024.

Vietnam and Brazil to realize 2024 strategic partnership framework

Brazilian President Luiz Inacio Lula da Silva’s state visit to Vietnam from March 27 – 29 is expected to realize the 2024 strategic partnership between the two countries to make bilateral cooperation more effective and substantial.

Vietnam and Brazil established diplomatic relations in May 1989, and they have since built a strong and comprehensive partnership based on strategic trust and mutual understanding through frequent visit exchanges by their leaders.

The two countries established a Comprehensive Partnership during Party General Secretary Nong Duc Manh’s official visit to Brazil in May 2007, deepening cooperation across all sectors and diplomatic channels. They upgraded their ties to a Strategic Partnership during Prime Minister Pham Minh Chinh’s working visit to Brazil to attend the G20 Summit in Rio de Janeiro in November 2024.

The two countries have maintained close cooperation in international organizations and multilateral forums, especially at the United Nations and the World Trade Organization (WTO). They have also worked together to promote cooperation between ASEAN and the Southern Common Market (MERCOSUR).

As a founding member of BRICS comprising Brazil, Russia, India, China and South Africa, Brazil boasts the largest economy in Latin America and the 10th largest globally (in 2023). The country, which is rich in natural resources, is the world’s second largest agricultural producer, and the third largest exporter of minerals.

Brazil is currently Vietnam’s leading trade partner in Latin America. Over the years, two-way trade has grown rapidly, increasing from US$1.53 billion in 2011 to US$6.78 billion in 2022, over US$7.1 billion in 2023, and US$7.7 billion in 2024. Both countries aim to raise their trade volume to US$10 billion by 2025 and US$15 billion by 2030.

As of October 2024, Brazil had seven investment projects in Vietnam, with a total registered capital of US$3.85 million. These investments are primarily in manufacturing and processing, wholesale and retail trade, and scientific and technological activities.

Vietnam seeks to enhance value-added production, foster domestic enterprise linkages, and promote long-term sustainable cooperation with Brazil, cited VOV.

Speaking at the Vietnam-Brazil business forum in Rio de Janeiro on November 17, 2024, Prime Minister Pham Minh Chinh highlighted the immense potential for economic cooperation between the business communities of both countries. However, he noted, current economic cooperation does not yet fully reflect the opportunities available or the aspirations of both sides.

He encouraged Vietnamese businesses to invest more in Brazil, and called on Brazilian companies to explore investment opportunities in Vietnam, particularly in sectors such as agriculture and food security, as well as in revitalizing traditional drivers of growth and leveraging new economic frontiers like space and ocean.

Vietnam aims to attract high-quality foreign investments, with priority to be given to projects that focus on high-tech industries, innovation, research and development, and sustainable economic models. Key investment sectors include semiconductor manufacturing, renewable energy, green finance and financial centers, the circular economy and digital economy, biotechnology and health care.

The two countries are anticipated to soon kick-start negotiations of a free trade agreement with MERCOSUR to facilitate trade and investment; an investment promotion and protection agreement to safeguard business interests; and a visa agreement to ease travel for investors and professionals. Brazil has been requested to recognize Vietnam’s market economy status to strengthen economic ties.

Besides political and economic cooperation, the two countries vow to increase cooperation in climate change response. Brazil is scheduled to play host to the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 30) in November 2025. Vietnam has voiced its strong support for Brazil’s hosting, and wishes the conference a great success.

The two countries have agreed to enhance dialogue in the fields of bioenergy and renewable energy in line with global efforts to reduce inequality within and among nations through sustainable development initiatives.

In a recent interview granted to Vietnam News Agency, Foreign Minister Mauro Vieira has emphasized Brazil’s commitment to expanding cooperation with Vietnam. He affirmed that President Lula da Silva’s state visit to Vietnam this time is anticipated to open up a new chapter in bilateral relations following the establishment of the new partnership framework in 2024.

Vietnam, Bangladesh step up cross-border e-commerce promotion

The Department of E-Commerce and Digital Economy under Vietnam’s Ministry of Industry and Trade, in collaboration with the Vietnamese Embassy and the Vietnam Business Association in Bangladesh, organised the "Vietnam-Bangladesh cross-border e-commerce promotion forum" on March 25.

Held in Dhaka, the event attracted over 100 delegates from both countries, including Vietnamese Ambassador to Bangladesh Nguyen Manh Cuong, officials from Vietnam’s Ministry of Industry and Trade, leaders of the Vietnam Business Association in Bangladesh, as well as high-ranking officials from Bangladesh’s Ministry of Agriculture, Ministry of Commerce, and the E-Commerce Association of Bangladesh (E-Cab).

The forum served as a crucial platform for 12 Vietnamese enterprises operating in e-commerce, agricultural products, fertilizers, and steel structures to connect with over 90 Bangladeshi businesses. Participants engaged in active discussions on the significant trade cooperation potential between the two nations, particularly in cross-border e-commerce.

Vietnam and Bangladesh possess complementary trade structures. Vietnam has emerged as one of the fastest-growing e-commerce markets in Southeast Asia and the world, with a projected market value of 25 billion USD in 2024. Meanwhile, Bangladesh, with a population exceeding 170 million, developing technology infrastructure, and a young workforce, presents promising opportunities for future collaboration.

Speaking at the event, Ambassador Nguyen Manh Cuong underscored the long-standing friendship between the two nations over the past five decades, which has continued to be deepened. He emphasised the importance of strengthening trade ties, particularly in the context of rapid advancements in technology and e-commerce.

The ambassador encouraged businesses from both sides to enhance exchanges and partnerships to capitalise on emerging opportunities in the global market.

Discussions at the forum highlighted various areas where Vietnam and Bangladesh could complement each other. Vietnam could supply rice, coffee, pepper, agricultural products such as ginger, onions, and garlic, and construction materials, while Bangladesh could provide pharmaceuticals, pharmaceutical raw materials, and jute to Vietnam.

Participants recognised the pivotal role of e-commerce in facilitating trade, boosting economic growth, and creating opportunities for small and medium-sized enterprises, according to VNA.

Ambassador Nguyen Manh Cuong (third from left) and leaders of relevant agencies from Vietnam and Bangladesh. (Photo: VNA)

Besides, Premier Bank LTD of Bangladesh expressed its commitment to supporting payments for import-export transactions, ensuring smoother trade exchanges.

On this occasion, Vietnamese businesses showcased their products and services, expressing strong interest in expanding their presence in the Bangladeshi market.

The event provided a valuable opportunity for direct engagement with potential partners, market insights, and the development of more effective business models, contributing to the sustainable growth of both economies.

The forum concluded with a dynamic and productive business-matching session. Several trade agreements and contracts in the agricultural sector were signed.

Vietnam and Indonesia likely to soon meet US$18 billion trade target

There is ample room for both Vietnam and Indonesia to boost their economic, trade and investment ties, aiming to meet the US$18 billion trade target soon, delegates agreed at a workshop in Hanoi on March 27.

Senior leaders of Vietnam and Indonesia have set the target of raising their two-way trade to US$18 billion by 2028. However, the target is likely to be achieved soon as bilateral trade hit a record high last year at more than US$16 billion.

Currently, many economic indicators show that the two economies are on the right track in their cooperation, as bilateral trade turnover reached US$16.7 billion in 2024, doubling the 2020 amount, said Indonesian Ambassador Denny Abdi at the workshop.

He went on to say that two-way investment reached US$$91.1 million last year, with a rapid growth trend seen in strategic sectors such as electric vehicle manufacturing, digital technology, and high-tech industries.

The diplomat noted that bilateral cooperative relations have developed dynamically in recent years, and the upgrading of their ties to a Comprehensive Strategic Partnership during Party General Secretary To Lam’s visit to Indonesia in early March 2025 is expected to open up opportunities for close, strategic cooperation between the two countries.

However, to truly realize the shared vision, Abdi hoped that all relevant parties would encourage mutually beneficial cooperation, especially in economics and development. He emphasized that government officials from both countries must thoroughly assess existing regulations, both tariff and non-tariff measures, to ensure that these regulations do not create obstacles but rather facilitate cooperation and fair competition.

Assessing trade and investment opportunities, Phan Thi Dieu Linh, an official from the Ministry of Industry and Trade, reminded that bilateral trade is yet on par with their cooperation potential, according to VOV.

Delegates attend a workshop in Hanoi on March 27, seeking measures to strengthen friendship and cooperation toward 2045 in line with the newly established Comprehensive Strategic Partnership between the two countries.

She pointed out that the current share of bilateral trade accounts for only 2.1% of Vietnam’s total trade with the world and 3.4% of Indonesia’s total global trade, despite the fact that the combined population of the two countries could reach 350–360 million.

Both Vietnam and Indonesia have immense potential for trade cooperation, especially after the recent establishment of the new partnership framework, and they are certain to soon achieve the US$18 billion trade target, Linh emphasized.

Taking the floor, Dr. Tran Minh Hung, chairman of the Vietnam-Indonesia Friendship Association, affirmed Vietnam’s consistent policy of valuing relations with neighboring countries in ASEAN, including Indonesia.

The official, who is also vice president of Voice of Vietnam, highlighted the remarkable growth in bilateral trade in recent years, saying currently, Indonesia is Vietnam’s second largest trading partner in ASEAN, while Vietnam is Indonesia’s fourth largest trading partner.

Their two-way trade turnover has quadrupled over the past decade, and the US$18 billion trade target will be achieved soon, he emphasized.

To meet the target, Dr. Hung stressed that the insights shared at the workshop provide valuable information and data on economic cooperation potential, further boosting economic cooperation between the two countries.

Following this event, he said, relevant agencies will focus on facilitating connections between Vietnamese and Indonesian small and medium-sized enterprises (SMEs), helping them explore trade cooperation opportunities.

Vietnam attends WTO session on removing technical barriers to trade

A Vietnamese delegation is taking part in the regular session of the World Trade Organization (WTO) Committee on Technical Barriers to Trade (TBT Committee) in Geneva, Switzerland from March 25-28.

At the event, WTO member countries discuss nine new Specific Trade Concerns (STCs) and review 53 prior issues tied to regulations on various products like electronics, food, toys, Halal products, footwear, apparel, and wooden furniture.

The Vietnamese delegation, comprising representatives from the Vietnam TBT Office and the Vietnam Mission to Geneva, is closely tracking all STCs, with a keen interest on rules impacting Vietnam’s key and potential exports.

It also gathers valuable insights from other WTO members on food traceability standards, carbon removal regulations, legal cooperation in food packaging, and medical device regulations, according to VNA.

A port in California of the US (Photo: Xinhua/VNA)

Speaking to the Vietnam News Agency’s correspondents on the sidelines, Deputy Head of Vietnam’s Permanent Mission to Geneva and Minister Counselor Pham Quang Huy reaffirmed Vietnam’s commitment to fully complying with WTO obligations, valuing transparency in technical measures and its collaboration with the international community to remove unnecessary trade hurdles.

Since joining the WTO in 2007, Vietnam has strictly followed the TBT Agreement within its national legal framework, he said.

During the session, the Vietnamese delegation provided updates, answered technical inquiries, and promoted its role in supporting Vietnamese regulatory agencies and businesses by ensuring their timely access to latest technical regulations from WTO member countries, thereby helping strengthen compliance and competitiveness in the global market.

These contributions and commitments underscore Vietnam’s role as a responsible WTO member, proactively promoting the transparency and effectiveness of the multilateral trading system, he said.

Weather alert: Strong cold wave to impact northern Vietnam

From the afternoon and evening of March 28, a strong cold spell will sweep into northern Vietnam and parts of north-central Vietnam, causing temperatures to plummet and bringing cold, rainy weather. In Hanoi, temperatures are expected to drop to 16-18°C, accompanied by rain.

According to the National Center for Hydro-Meteorological Forecasting, a mass of cold air is currently moving southward.

The cold spell is expected to affect the northeastern and north-central regions from the afternoon and evening of March 28, gradually spreading to the northwestern regions and some areas of central Vietnam. Northeasterly winds will strengthen to level 2-3, with coastal areas experiencing winds at levels 3-4.

Sharp temperature drop and widespread cold weather

As the cold air moves in, northern and north-central Vietnam will experience colder temperatures, with mountainous areas facing severe and damaging cold.

In northern Vietnam, temperatures will range from 15-18°C, while high mountainous areas may see temperatures drop below 13°C. North-central Vietnam will also turn cold, with temperatures ranging from 17-19°C. In Hanoi, the temperature will hover between 16-18°C, with rainy and chilly conditions.

Rough seas and hazardous conditions

From the afternoon of March 28, the Gulf of Tonkin will experience northeast winds reaching level 6, with gusts of level 7-8, causing rough seas and waves rising 2-3 meters.

In the northern part of the East Sea, including the waters around the Paracel Islands, northeast winds will reach levels 6-7, with gusts of level 8, generating rough seas and waves up to 3-5 meters high, VNN reported.

Northern Vietnam prepares for incoming cold spell with rain and chilly weather. Photo: Minh Hien

From the night of March 28, scattered showers and thunderstorms are expected in the mountainous areas of northern and north-central Vietnam, with potential hazards including whirlwinds, lightning, hail, and strong winds that may damage crops, livestock, infrastructure, and transportation. Fishermen are advised to stay ashore due to dangerous sea conditions.

Hot weather persists in central and southern Vietnam

Meanwhile, hot weather continues in parts of north-central and southern Vietnam. On March 26, isolated heatwaves occurred in the western mountainous areas from Nghe An to Hue and in southeastern Vietnam, with temperatures reaching 37°C in Tuong Duong (Nghe An) and 35°C in Phuoc Long (Binh Phuoc). Relative humidity ranged from 50-60%.

Forecasts for March 27-28 indicate that temperatures in the mountainous areas from Nghe An to Hue will peak at 35-37°C, with some places exceeding 37°C and low humidity of 50-60%. In southeastern Vietnam, temperatures are expected to reach 35-36°C with humidity ranging from 50-55%. Localized heatwaves are also anticipated in the northwestern region and the Central Highlands.

The hot weather in Nghe An to Hue is expected to subside from March 29, but hot conditions in southeastern Vietnam may persist until March 29.

Authorities advise residents to keep warm during the cold spell and protect crops and livestock. Fishermen should avoid going to sea when high wind warnings are issued and stay updated on weather developments to minimize risks.

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