General view of the meeting between Prime Minister Pham Minh Chinh and Brazilian businessmen. (Photo: VNA)
On September 24, Vietnamese Prime Minister Pham Minh Chinh called on Vietnamese and Brazilian companies to establish cooperation mechanisms with specific programs and projects, aiming to increase bilateral trade exchanges to $10 billion by 2025 and then to $15,000 million.20 billion in a more balanced direction in 2030.
During an official visit to the South American country, Prime Minister Chinh emphasized that bilateral relations have developed positively in all areas after almost 35 years of establishing diplomatic relations.
Vietnam and Brazil are currently each other’s largest trading partners in Southeast Asia and South America. Business volume reached a record $6.78 billion in 2022, 6.6% more than the same period last year and three times more than the year before last decade.
However, investment cooperation remains very modest as Brazil currently has six valid projects with a total value of US$3.83 million in Vietnam and the Southeast Asian nation only has one project worth US$300,000 in Vietnam.
The Prime Minister said that Brazil can be a bridge to help Vietnam gain access to the markets of Latin American countries as well as the Common Southern Market (MERCOSUR), and at the same time Vietnam can help Brazil gain access to the large ASEAN market of more than 100 countries to sustain 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 party.
Prime Minister Pham Minh Chinh (Photo: VNA)
He suggested that the two sides should promote comprehensive exchanges of information on their respective investment policies and priority areas of cooperation, and coordinate in the implementation of coordination programs for investment and trade promotion activities, so as to create the conditions for businesses on both sides to better understand this Investment environment and each other’s investment opportunities.
The two governments should encourage and promote two-way trade and investment flows on the basis of mutual benefits, as well as strengthen the exchange of economic delegations to explore investment opportunities and business ties, so as to improve trade and investment relations in accordance with the potential and advantages of the two countries.
Vietnam hopes that Brazilian companies will invest in Vietnam in manufacturing, high technology, infrastructure development, agriculture and forestry, fisheries, renewable energy, information technology, pharmaceuticals, biology, construction and services, Chinh explained.
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The Prime Minister also said that Vietnam prioritizes investment projects from companies operating in high technology, innovation and research and development, committed to promoting the digital economy and actively contributing to the country’s sustainable socio-economic development.
The two governments should encourage and encourage two-way trade and investment flows on the basis of mutual benefits
At the meeting, local groups and large companies expressed interest in cooperation with Vietnam in various fields, especially agriculture, food processing, renewable energy and aerospace, and expressed a desire to learn more about regulations, especially legal provisions Vietnam in the above areas of food safety standards and import and export procedures.
Embraer SA 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 set up an office in the country. Southeast Asia promotes trade and industrial cooperation between the two countries.
Prime Minister Chinh stated that Vietnam fully supports the opening of the Brazilian Chamber of Commerce and Industry in Vietnam, and called on Brazilian and Vietnamese companies to further promote the transfer of science and technology and strengthen ties for common development.
Prime Minister Pham Minh Chinh visits Sport Club Corinthians Paulista (Photo: VNA)
On the same day, the Vietnamese head of government visited the Corinthians Paulista sports club in Sao Paulo and expressed his hope that the renowned club would cooperate and support the development of a Vietnamese football club.
Republished article by Vietnamese state media VNA as part of a content sharing agreement between both parties. Link to original article: https://en.vietnamplus.vn/vietnamese-brazilian-firms-asked-to-work-together-to-raise-trade-to-10-billion-usd/268505.vnp
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