PM Pham Minh Chinh asked Vietnamese, Brazilian firms to raise trade to 10 billion USD

WVR/VNA - On September 24, Prime Minister Pham Minh Chinh asked Vietnamese and Brazilian businesses to concretize cooperation mechanisms with specific programs and projects.
Vietnamese, Brazilian firms asked to work together to raise trade to 10 billion USD
Prime Minister Pham Minh Chinh attended Vietnam-Brazil Business Forum in Sao Paulo, Brazil: Overview of the event. (Photo: WVR/Nguyen Hong)

Prime Minister Chinh, who is in an official office in the South American country, stressed that after nearly 35 years of the establishment of diplomatic ties, bilateral relations have developed positively in all fields.

Vietnam and Brazil are currently each other's largest trading partners in Southeast Asia and South America, with their trade turnover reaching a record level of about 6.78 billion USD in 2022, up 6.6 per cent year-on-year, and by threefold in the past decade.

However, investment cooperation remains very modest, as Brazil currently has six valid projects totaling 3.83 million USD in Vietnam, and Vietnam has only one worth 300,000 USD in the South American nation.

The Prime Minister said Brazil can become a bridge to help Vietnam access the markets of Latin American countries, as well as the Southern Common Market (MERCOSUR), and at the same time, Vietnam can help Brazil access the large ASEAN market with more than 650 million people and a larger market of 800 million people under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of which Vietnam is a member.

Vietnamese, Brazilian firms asked to work together to raise trade to 10 billion USD
Prime Minister Pham Minh Chinh speaks Vietnam-Brazil Business Forum in Sao Paulo, Brazil. (Photo: WVR/Nguyen Hong)

He suggested the two sides promote extensive information exchange on their respective investment-related policies and priority areas of cooperation, and coordinate in implementing coordination programs in investment and trade promotion activities to create conditions for businesses from both sides to better understand each other’s investment environment and opportunities.

The two Governments need to encourage and promote two-way trade and investment flows based on mutual benefit and increase the exchange of business delegations to survey investment opportunities and business connections to enhance trade-investment relations commensurate with the potential and advantages of the two countries.

Vietnam hopes Brazilian businesses will invest in Vietnam in manufacturing, high technology, infrastructure development, agriculture - forestry - fishery, renewable energy, information technology, pharmaceuticals, biology, construction, and services, stated Chinh.

The Prime Minister also shared that Vietnam prioritizes attracting investment projects of enterprises operating in high technology, innovation, and research and development which commit to promoting the digital economy and actively contributing to the country’s sustainable socio-economic development.

At the meeting, local groups and major businesses showed their interest in cooperating with Vietnam in various fields, especially agriculture, food processing, renewable energy, and aerospace; and expressed their desire to learn more about Vietnam's legal regulations in the above fields, particularly food safety standards and import and export procedures.

Embraer S.A. said it hopes to receive support from the Vietnamese Government to build an aviation equipment maintenance center and provide aircraft components and maintenance services in Vietnam, while the Brazilian Chamber of Commerce and Industry wants to establish an office in the Southeast Asian nation to promote trade and industrial cooperation between the two countries.

Affirming that Vietnam fully supports the opening of the Brazilian Chamber of Commerce and Industry in Vietnam, Prime Minister Chinh requested Brazilian and Vietnamese businesses to further promote the transfer of science and technology, and strengthen connections to develop together.

On the same day, the Vietnamese Government leader visited Sport Club Corinthians Paulista in Sao Paulo during which he expressed his hope that the renowned club would cooperate and support the development of a Vietnamese football club.

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(Source: WVR/VNA)