Prime Minister Pham Minh Chinh proposed that businesses in both Vietnam and Brazil actively use bilateral cooperation mechanisms to boost two-way trade to $10 billion by 2025 and $15-20 billion by 2030, the Government News has reported.

Two-way trade turnover reached $6.78 billion in 2022, up 6.6 per cent year-on-year.

At a dialogue with major Brazilian businesses in Sao Paulo on September 24 during his visit to Brazil, the Prime Minister suggested that the businesses come to Vietnam to invest and promote production and trade based on the fine relations between the two countries.

Vietnam has actively worked with Brazil to negotiate free trade agreements, trade protection agreements, and double taxation avoidance agreements to create favorable conditions for businesses to cooperate and develop, he said.

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

Prime Minister Chinh also said that Vietnam prioritizes attracting investment from enterprises operating in high technology, innovation, and research and development that commit to promoting the digital economy and actively contribute to the country’s sustainable socio-economic development.

Representatives from the Brazilian businesses expressed their interest in cooperating with Vietnam in various fields, especially agriculture, food processing, renewable energy, and aerospace, and hope to learn more about Vietnam’s legal regulations in these fields, especially on food safety standards and import and export procedures.