In Italy, on the sidelines of the expanded G7 Trade Ministers' Meeting, Vietnam's Minister of Industry and Trade Nguyen Hong Dien had a bilateral meeting with Brazil's Deputy Minister of Development, Industry, Trade and Services - Mr. Márcio Elias Rosa.

Also attending the meeting were representatives of functional units under the Ministry of Industry and Trade.

At the meeting with Deputy Minister Márcio Elias Rosa, Minister Nguyen Hong Dien shared an overview of the economic and trade situation between Vietnam and Brazil

At the bilateral meeting, Minister Nguyen Hong Dien shared an overview of the economic and trade situation between the two countries. According to the Minister, 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.

In 2023, the two countries' trade turnover reached US$7.1 billion, an increase of 4.8 percent compared to 2022. Thus, after seven years since 2016 (reaching US$3.05 billion), bilateral turnover has more than doubled and Brazil has become Vietnam's second largest trading partner in the Americas region (only after the United States).

According to the Minister, Vietnam has been called the "factory of the world", therefore, Vietnam needs to cooperate with countries (especially potential countries) to have a stable supply of fuel and materials for production and export; cooperate in research and application of science and technology and innovation, training and supply of quality human resources.

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 because both countries have the advantage of a large population and consumer demand is increasing rapidly. However, cooperation between the two countries still has certain 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.

“We assess that a Free Trade Agreement between Vietnam and Mercosur will 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.

At that time, Vietnam can be a gateway for Brazil to increase exports to ASEAN and Asia-Pacific countries, and through Vietnam, can penetrate to the large market area with which Vietnam has FTA relations.

In the opposite direction, Brazil, as the economic leader of Latin America, will be a bridge for Vietnam to penetrate the Mercosur market and also a place capable of providing input materials for Vietnam's manufacturing and export industries" - Minister Nguyen Hong Dien analyzed.

Deputy Minister Márcio Elias Rosa expressed his impression of Vietnam's growth rate as well as the process of international economic integration, with the signing of 16 Free Trade Agreements (FTAs).

For his part, Deputy Minister Márcio Elias Rosa highly appreciated the proposals and sharing of Minister Nguyen Hong Dien, and expressed his impression on Vietnam's growth rate as well as the process of international economic integration, with the signing of 16 Free Trade Agreements (FTAs).

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. The proposal to establish direct flights between Brazil and Vietnam will contribute to strengthening trade exchanges between the two countries in particular and countries in Southeast Asia and Latin America in general. 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, so expect Vietnamese enterprises to pay attention and learn to expand investment cooperation.

Regarding the Vietnam - Mercosur FTA, Deputy Minister Márcio Elias Rosa also said that Brazil will make efforts to promote the signing of the Agreement, creating new impetus for trade relations between the two countries.

Several members of the Vietnamese delegation at the bilateral meeting between Minister of Industry and Trade of Vietnam Nguyen Hong Dien and Deputy Minister of Development, Industry, Trade and Services of Brazil Márcio Elias Rosa

Several members of the Brazilian delegation at the bilateral meeting between Deputy Minister of Development, Industry, Trade and Services Márcio Elias Rosa and Vietnamese Minister of Industry and Trade Nguyen Hong Dien

Minister of Industry and Trade of Vietnam Nguyen Hong Dien (right) and Deputy Minister of Development, Industry, Trade and Services of Brazil Márcio Elias Rosa

Also during the meeting, in order to solve difficulties and promote businesses in bilateral trade, Minister Nguyen Hong Dien proposed three solutions:

Firstly, the two Parties actively exchange and study the possibility of negotiating and signing cooperation minutes and agreements in areas of mutual interest.

Secondly, in addition to trade cooperation, in the coming time, the two Parties will consider the possibility of cooperation in the development of processing industries, high-tech agriculture, energy, automobile industry…

Thirdly, in order to improve national competitiveness, connect with global supply chains in the era of green transformation and digital transformation, we need to focus on cooperation and development of a number of breakthrough industries, in line with international trends such as green technology, new energy use, digital economy fields with high technology content, e-commerce, etc.

On this occasion, Minister Nguyen Hong Dien also asked the Brazilian side to soon recognize the market economy regulations 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...).
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