Today: 12/12/2023 02:00:25 (GMT+7)

Vietnam seeks to enhance trade with Brazil

Prime Minister Pham Minh Chinh wants trade with Brazil to top US$10 billion by 2025 and $15-20 billion by 2030.

Speaking with business executives during his official visit to the South American country Sunday, he said the trust and partnership between the two countries have been growing for almost 35 years since they established diplomatic relations and especially since 2007 when they formed a Comprehensive Partnership.

Vietnam, enhance trade with Brazil, Prime Minister Pham Minh Chinh, business executives, official visit, diplomatic relations

Vietnam Prime Minister Pham Minh Chinh speaks to business representatives in Brazil on Sep. 24, 2023.

They are now each other’s biggest trade partners in their respective regions, with bilateral trade being worth $6.78 billion last year.

Though the figure has tripled in the last decade, Chinh said there is still much room to grow.

Businesses in both countries possibly lack information about the other and geographical distance is also an obstacle, but Vietnam could import cotton, soybean and corn from Brazil, and Brazil could buy footwear, garment, agriculture produce, and electronics from Vietnam, he said.

"Brazilian businesses can have peace of mind when partnering with Vietnamese businesses or investing in Vietnam."

He said Vietnam is currently focusing on three strategic breakthroughs: perfecting market economic institutions with socialist orientation; administrative reform, training high-quality human resources, meeting the labor needs of the new era; and developing infrastructure, especially transportation and telecommunications infrastructure, to help businesses reduce input costs and increase competitiveness.

The two countries should establish free trade agreement and reduce taxes to promote trade growth, he said.

Minister of Industry and Trade Nguyen Hong Dien said bilateral trade has surged by over 400 times since the two countries established diplomatic relations in 1989.

He pointed out that Brazilian companies investing in Vietnam would have access to the ASEAN market of 600 million people.

Vietnamese companies would have similar access to the 400-million South American market when they invest in Brazil, he said.

Vietnam is in talks for a trade pact with the Southern Common Market, a trade bloc in South America commonly known as Mercosur, of which Brazil is a member, he said.

He added that Vietnam has been among the 20 largest trading countries in the world for the last three years, and is becoming a global manufacturing hub.

Brazilian businesses said they want to partner with Vietnam in agriculture and renewable energy.

After a working trip to the U.S., Chinh is visiting Brazil from Sep. 23 to 26. He will meet with President Luiz Inácio Lula da Silva Monday.

Vietnam International Agriculture Trade Fair kicks off
The 23rd Vietnam International Agriculture Trade Fair (AgroViet 2023), themed "Connecting value chains, developing ecological and sustainable agriculture", opened on the morning of September 14.
Bac Giang promotes trade connections between cooperatives
BAC GIANG - The Trade and Investment Promotion Center of the Vietnam Cooperative Alliance (VCA) on September 13 coordinated with the Cooperative Alliance of Bac Giang province to organize a trade linkage conference among cooperatives in 2023 in Bac Giang city.
Bac Giang prioritises trade, service development
The northern province of Bac Giang will put in place many solutions to promote trade and services from now till the end of this year, according to the provincial Department of Industry and Trade.
Trade surplus reaches 20.19 billion USD in eight months
Vietnam enjoyed a trade surplus of 20.19 billion USD in the first eight months of this year, according to data released by the General Statistics Office (GSO) on August 29.
Bac Giang Cooperative Alliance attends trade promotion conference in Nghe An
BAC GIANG – The Cooperative Alliance in Bac Giang province attended trade promotion conference which connects the product supply and consumption and displays products in Nghe An province in August 24 – 28.

Source: VnExpress

Vietnam, enhance trade with Brazil, Prime Minister Pham Minh Chinh, business executives, official visit, diplomatic relations
New comment has just been added. Click here
Sort:NewBest News