Brazil solidifies position as Vietnam's biggest trade partner in Latin America

Participants at the Vietnam-Brazil business meeting programme in Brasilia, Brazil, on December 17, 2024. (Photo: VNA)

Hanoi – With bilateral trade hitting 7.1 billion USD in the first 11 months of this year, Brazil remains Vietnam's largest trading partner in Latin America, according to Vietnamese Ambassador to the Latin American nation Bui Van Nghi.

Addressing a Vietnam-Brazil business meeting programme in Brasilia on December 17 which saw the participation of nearly 50 delegates from Brazilian ministries, sectors, corporations and businesses, the diplomat affirmed that Vietnam is willing to create favourable conditions for Brazilian businesses to invest and cooperate in agriculture, high technology, renewable energy, and logistics.

He emphasised the goal to lift two-way trade to 10 billion USD by 2025 and 15 billion USD by 2030.

Pham Hong Trang, head of the Vietnam Trade Office in Brazil, spotlighted the economic cooperation potential between the two countries, stressing that Prime Minister Pham Minh Chinh has called for the initiation of negotiations on a free trade agreement (FTA) between Vietnam and the Southern Common Market (MERCOSUR), where Brazil is playing a key role.

The FTA is expected to make it easier for businesses from both sides to access each other's markets, thus boosting exports and economic cooperation, she added.

Marcelo Salum, acting head of the Investment Promotion Division at the Brazilian Ministry of Foreign Affairs, affirmed that upgrading the bilateral relationship to a strategic partnership not only opens up stronger opportunities for cooperation in trade and investment but also boosts partnership in defence, aviation, and other strategic areas.

Salum said representatives from the Brazilian Ministry of Defence and the aircraft manufacturer EMBRAER will attend the Vietnam International Defence Expo 2024 in Hanoi, adding Brazil is also actively seeking cooperation opportunities with Vietnamese airlines such as Vietnam Airlines and Vietjet Air.

Veronica Prates, director of international relations at EMBRAER, said the firm desires to strengthen cooperation with Vietnam, particularly in introducing the C-390 Millennium aircraft for humanitarian missions, disaster relief, and firefighting.

Regarding civil aviation, EMBRAER hopes to contribute to connecting regions within Vietnam as well as between the Southeast Asian nation and the region, thus promoting economic, tourism, and trade development, Prates said, noting that Vietnam is not only an important market but also has the potential to develop into an aviation and aerospace hub in the region.

Representatives from the National Industry Confederation (CNI), the Brazilian Agency for Industrial Development, the Brasilia chamber of commerce, industry and agriculture, and large companies such as Apex Brasil, JBS, MK Group, and BI Commodities, also attended the event./.