Brazil asked to soon recognize the market economy status for Vietnam

At the bilateral meeting with Brazil's Deputy Minister of Development, Industry, Trade and Services - Mr. Márcio Elias Rosa in Italy, Minister Nguyen Hong Dien shared an overview of the economic and trade developments between Vietnam and Brazil. He said the economic and trade cooperation between Vietnam and Brazil in recent years has made good progress, especially in the context of the two countries celebrating the 35th anniversary of the establishment of diplomatic relations in 2024. Minister Nguyen Hong Dien affirmed that Vietnam and Brazil are two economies with high complementarity and room for economic and trade development cooperation between the two countries is still very large. However, the bilateral cooperation still encounters difficulties and barriers due to geographical distance, different languages and customs. To promote economic and trade cooperation, Minister Nguyen Hong Dien proposed Brazil to promote the initiation of negotiations on the Vietnam - Mercosur Free Trade Agreement. This agreement is expected create an important breakthrough for promoting trade and investment between Vietnam and Brazil in particular, as well as Vietnam and the South American Common Market Mercosur in general. For his part, Deputy Minister Márcio Elias Rosa said that Vietnam is an attractive destination in terms of economy, trade and tourism, as well as connecting supply chains, semiconductor manufacturing and logistics services. Currently, Brazil is interested in promoting cooperation in the field of science and technology, innovation, high technology, especially the semiconductor industry and renewable clean energy, Also at the meeting, in order to solve difficulties and promote businesses in bilateral trade, Minister Nguyen Hong Dien proposed that the two sides actively exchange and study the possibility of negotiating and signing cooperation minutes and agreements in areas of mutual interest; consider the possibility of cooperation in the development of processing industries, high-tech agriculture, energy, automobile industry. On this occasion, Minister Nguyen Hong Dien also asked the Brazilian side to soon recognize the market economy status for Vietnam to create favorable conditions for the diversification of import and export goods; at the same time remove some trade barriers for Vietnamese exports (such as the import ban on tilapia products or commercial conditions applicable to Vietnamese pangasius products.)