Vietnam and Brazil target to raise the bilateral trade turnover to $10 billion by 2025 and $15 billion by 2030, heard the Vietnam-Brazil Business Forum held on November 17 (local time) in Rio de Janeiro.

The forum was held as part of Prime Minister Pham Minh Chinh’s visit to Brazil for attendance at the G20 Summit and bilateral activities in the South American country.

In the first ten months of the year, the two-way trade turnover between Vietnam and Brazil is estimated to reach $6.58 billion.

Brazil is currently Vietnam's leading trading partner in Latin America. Vietnam has exported a variety of goods to Brazil, including seafood, rubber, textiles, footwear, and steel, while Brazil’s exports to Vietnam mainly consisted of soybeans, wheat, corn, animal feed, cotton, and other raw materials.

In terms of investment, as of October 2024, Brazil had invested seven direct investment projects in Vietnam, with total registered capital of $3.85 million, mainly in the manufacturing and processing, wholesale, retail, and scientific and technological sectors.

Addressing the forum, PM Chinh highlighted that the Vietnam-Brazil relationship is continuing to develop positively. In his talks with President Luiz Inácio Lula da Silva on November 17, both leaders agreed to elevate the Vietnam-Brazil relationship to a Strategic Partnership, which would serve as a strong foundation to further enhance economic, investment, and trade cooperation between the two countries' business communities.

PM Chinh called on Vietnamese and Brazilian enterprises to accelerate investment in each other’s country, foster collaboration in agriculture and food security, renew traditional growth motives and explore new cooperation space, including aerospace and maritime development and underground spaces.

Vietnam is seeking selective investment in high-tech projects with high added value and spillover effects that can connect with domestic enterprises, the PM said, adding that priority is given to the domains of science technology, innovation, research and development, green economy, digital economy, circular economy, knowledge-based economy, semiconductor production, hydrogen, renewable energy, and green financing, among others.

PM Chinh proposed that both sides should soon launch negotiations for a free trade agreement between Vietnam and the Southern Common Market (MERCOSUR), an agreement on investment promotion and protection, and an agreement on visas and accelerate Brazil’s recognition of Vietnam’s market economy status.