Vietnam-Brazil: Unlimited Cooperation

The State visit to Vietnam by Brazilian President Luiz Inácio Lula da Silva and his high-ranking delegation from March 27-29, 2025, concluded successfully, achieving significant results and advancing the Strategic Partnership between Brazil and Vietnam.

Vietnamese President Luong Cuong and Brazilian President Luiz Inácio Lula da Silva witness the exchange and signing of some bilateral cooperation agreements

Promoting cooperation in many fields

This is President Luiz Inácio Lula da Silva's second visit to Vietnam as Brazil’s President, following his first in 2008. During the three-day visit, he met with high-ranking Vietnamese leaders, urging cooperation to advance each country's development goals. In high-level discussions, he repeatedly emphasized the message of "unlimited" cooperation between the two countries.

President Luiz Inácio Lula da Silva was impressed by Vietnam's economic growth and expressed hope that bilateral trade would reach US$20 billion by 2030. With this goal in mind, both countries agreed to establish a steering group on economic and agricultural development and strengthen business cooperation. They aim to balance trade, expand collaboration in civil aviation, and increase Brazil’s imports of Vietnamese products, including catfish, shrimp, electronics, and agricultural and aquatic goods.

Brazil affirmed its readiness to serve as a bridge for Vietnam to access the Mercosur region and Latin America, while hoping Vietnam will be a key gateway for Brazil into the ASEAN market - home to nearly 700 million people and one of the world's most dynamic economic regions. Brazil expressed its desire to diversify domestic production and exchange expertise with Vietnam.

During meetings, talks and conferences with President Luiz Inácio Lula da Silva, Vietnamese leaders reaffirmed that Vietnam values Brazil as a top partner in its foreign policy toward Latin America. Both sides agreed on important directions to strengthen their Strategic Partnership at bilateral and multilateral levels, emphasizing the effective implementation of signed agreements across all channels. This serves as an important foundation for unlocking the full potential of bilateral cooperation and meeting mutual expectations.

On this occasion, the two countries signed several bilateral cooperation agreements. These include an action plan for implementing the Strategic Partnership, an agreement on employment opportunities for diplomats' relatives, a government-level pact on exchanging and protecting confidential information, and a memorandum of understanding (MoU) to establish a working group for trade and industrial cooperation between Vietnam's Ministry of Industry and Trade and Brazil's Ministry of Development, Industry, Trade and Services. Additionally, another MoU was signed on football cooperation between the Vietnam Football Federation and the Brazilian Football Confederation.

Prime Minister Pham Minh Chinh and President Luiz Inácio Lula da Silva witness the signing ceremony and exchange of the MoU on investment cooperation in Vietnam

Leading partners in Latin America and ASEAN

Amid global economic challenges, Vietnam-Brazil economic and trade relations continued to thrive, reaching nearly US$8 billion in 2024. Brazil remains Vietnam’s largest trade partner in Latin America, while Vietnam is Brazil’s top trade partner in ASEAN.

At the Vietnam-Brazil Economic Forum, held during the visit and attended by President Luiz Inácio Lula da Silva and Prime Minister Pham Minh Chinh, both leaders agreed to request relevant agencies to enhance measures facilitating bilateral trade and investment. They also discussed the possibility of launching negotiations for a preferential trade agreement between Vietnam and the Southern Common Market (Mercosur).

President Luiz Inácio Lula da Silva noted that, despite reaching nearly US$8 billion annually, trade between Brazil and Vietnam remains modest and does not fully reflect the strength of their relationship. He emphasized the need for both countries to maximize existing trade agreements and other cooperative frameworks to boost trade, with the goal of reaching US$20 billion in the near future.

President Luiz Inácio Lula da Silva encouraged businesses from both countries, particularly private enterprises, to strengthen connections, enhance investment cooperation, and deepen the Vietnam-Brazil Strategic Partnership. He also proposed studying the establishment of joint funds to promote investment, advance science and technology, and create a supportive and trustworthy environment for business cooperation.

Keynote speakers at the Vietnam-Brazil Economic Forum include prominent leaders and experts from both countries

Prime Minister Pham Minh Chinh said that in areas where both countries have strengths, such as the potential for establishing coffee trading floors, there are opportunities for mutual cooperation. He noted Brazil's expertise in minerals and Vietnam's need to develop its metallurgical industry. A significant outcome of the visit was Vietnam opening its beef market to Brazil, with Brazil promptly investing, demonstrating the principle: "what is committed must be done." Prime Minister Pham Minh Chinh emphasized that "cooperation between the two sides is limitless, without obstacles, and can extend to all areas."

Prime Minister Pham Minh Chinh expressed hope that in the future, both countries would continue to enhance cooperation, with more business connections and strengthened cooperation mechanisms. He suggested focusing on investment in areas such as the green economy, digital economy, circular economy, knowledge economy, science and technology, innovation and digital transformation. He also emphasized projects in energy conversion, renewable energy, minerals, agriculture and high-tech industries, highlighting the importance of "strengthening supply chains, developing supporting industries, and building a highly skilled workforce."

He urged the Brazilian government to support and expedite the launch of Free Trade Agreement (FTA) negotiations between Vietnam and the Mercosur bloc. He also called for the creation of a more favorable legal framework for bilateral business and trade activities by signing key cooperation agreements, such as investment protection agreements, labor agreements, education and training agreements, and visa exemption arrangements.

Prime Minister Pham Minh Chinh encouraged businesses from both countries to deepen cooperation, investment and mutual support, emphasizing the importance of fostering innovation to bring benefits and prosperity to the peoples of both countries. He also stressed that these efforts would strengthen relations between Vietnam and Brazil, contributing to peace, stability, cooperation, and development in the region and worldwide.

By Anh Mai, Vietnam Business Forum