Vietnam – Brazil economic forum held in Hanoi

Prime Minister Pham Minh Chinh and Brazilian President Luiz Inácio Lula da Silva attended the Vietnam-Brazil Economic Forum, held in Hanoi on March 29 as part of the latter’s State visit to Vietnam between March 27-29.

Despite global economic headwinds, Vietnam-Brazil trade surged to nearly $8 billion last year. Brazil remains Vietnam’s largest trade partner in Latin America, while Vietnam is Brazil's leading trade partner in ASEAN, according to a report from the Vietnam News Agency, stressing that both leaders acknowledged that economic cooperation lags behind their robust diplomatic and political ties, especially following the upgrade to a Strategic Partnership in November 2024.

The forum brought together business leaders from both nations, showcasing their respective strengths and investment opportunities. Key sectors discussed included aviation, mechanical engineering, manufacturing, energy, agriculture, wholesale and retail trade, and science and technology.

President Lula da Silva was quoted by the news agency as noting that market potential - Vietnam’s 100 million people and Brazil’s 196 million - linked by a shared love for football and status as leading coffee exporters. He urged tapping trade frameworks to hit a $20 billion trade goal soon, thanking Vietnam for importing Brazilian beef and announcing plans for beef processing plants to access ASEAN markets. Brazil, he added, stands ready as a gateway for Vietnam's goods to the Southern Common Market (Mercosur).

The Brazilian President introduced Brazil's edge in aviation, biofuels, sports, and agriculture, encouraging firms to connect and enhance the Vietnam-Brazil Strategic Partnership. He proposed joint investment funds to foster sci-tech collaboration, build trust and facilitate business cooperation.

PM Chinh, in his address, revealed the already signing of an Action Plan to enact the new strategic partnership framework formed in November 2024, alongside consensus to upgrade the Joint Governmental Committee and facilitate high-level visits, the news agency reported.

Vietnam and Brazil committed to a more balanced trade, with Brazil opening its market to Vietnamese tra and basa fish, shrimp, electronics and agro-fishery goods, and Vietnam staying ready to join hands in ensuring Brazil’s food security, partly with its one-million-hectare low-emission rice cultivation program.

The PM stressed multilateralism to tackle global issues and affirmed Vietnam's willingness to join Brazil’s initiatives to ensure peace, stability, cooperation and development in the world, especially poverty reduction ones.

He proposed coffee trading platforms and mining cooperation to bolster Vietnam’s metallurgy sector, noting Brazilian footballers’ contributions to Vietnam’s ASEAN championship titles as a cultural bridge. With Vietnam targeting 8% growth in 2025 and double-digit growth thereafter,  the PM sought Brazil’s partnership. He introduced the country's priorities in institutional reform, infrastructure upgrade, and workforce training.

In infrastructure, Vietnam is advancing nuclear energy, wind and solar power, 5G/6G networks, exploration of marine, outer and underground spaces. The Government is streamlining its apparatus and empowering the private sector – the economy’s key driver, according to the Government leader.

He positioned Vietnam as Brazil’s entry to ASEAN’s 600-million-strong market, appreciating Brazil’s role in accessing Mercosur and Latin America.

For investment, he urged focus on green, digital, circular, and knowledge-based economies, alongside sci-tech, innovation, energy transition, hi-tech agriculture, and advanced industries. He underscored resilient supply chains, supporting industries, and skilled labor, seeking Brazil’s aid in tapping shifting investment flows, green finance and building international and regional financial hubs in Ho Chi Minh City and Da Nang.

He pushed the Brazilian Government to accelerate negotiations for a Free Trade Agreement (FTA) between Vietnam and Mercosur. He also called for a more favorable legal framework to facilitate trade through the signing of key cooperation agreements, including investment protection, labor, education and training, and visa exemptions.

PM Chinh pledged to ensure that the foreign-invested area remains an essential part of Vietnam's economy; protect the legitimate rights and interests of investors, and maintain national independence, sovereignty, political stability, security, and public safety.

Vietnam will listen to and foster understanding among businesses, the Government, and the public; share visions and actions to foster cooperation and mutual support for rapid and sustainable development; succeed, benefit, and grow together - united in joy, happiness, and pride, the PM said.