New impetus for Vietnam-Brazil cooperation

Vietnamese Minister of Foreign Affairs Bui Thanh Son (right) and his Brazilian counterpart Mauro Vieira during the latter’s official visit to Vietnam from April 9-11, 2024

In terms of politics and diplomacy, the two countries have maintained good exchanges at various levels. Most recently, the official visit of Prime Minister Pham Minh Chinh to Brazil in September 2023 played a significant role in strengthening and promoting bilateral cooperation, opening up new, potential areas of collaboration.

Alongside the strong political and diplomatic relations, economic and trade cooperation between Vietnam and Brazil continues to thrive, serving as the foundation for long-term relations. Brazil is Vietnam’s largest trading partner in Latin America and the second-largest in the Americas region, after the US. Vietnam is also a key partner of Brazil within the ASEAN region. Both sides are actively promoting cooperation in various fields such as agriculture, science and technology, culture, sports, tourism, and people-to-people exchanges.

Data from the General Department of Vietnam Customs show that in 2023, trade value between Vietnam and Brazil reached US$7.11 billion, up five percent compared with 2022.

In the first two months of 2024, the total value of imports and exports between the two countries was estimated at US$1.52 billion, up 39 percent year-on-year. The sum included US$453 million worth of Vietnam’s exports to Brazil, and US$1.06 billion worth of imports from this market, up 47 percent year-on-year. Major Vietnamese exports to Brazil include textiles and garments, machinery and equipment, handbags, suitcases, means of transport and spare parts, steel and iron. Seafood exports to this market in the first two months of 2024 grew by 84.4 percent year-on-year.

Major Vietnamese imports from Brazil have increased significantly. These include production materials, corn, plastic materials, food, and animal feed. Vietnam has increased these imports to meet domestic production needs and to serve export-oriented manufacturing. Products imported from Brazil are of good and stable quality, competitively priced, abundant in supply, and meet the demand for raw materials for domestic production.

Vietnamese seafood exports to Brazil in the first two months of 2024 grew by 84.4 percent year-on-year

Vietnam and Brazil are striving to increase the bilateral trade value to US$10 billion by 2025 and US$15 billion by 2030.

Brazilian Minister of Foreign Affairs Mauro Vieira paid an official visit to Vietnam from April 9-11, 2024. The visit contributed significantly to concretizing the bilateral cooperation between Vietnam and Brazil, further enhancing the depth and substance of their comprehensive partnership, especially following the official visit of Prime Minister Pham Minh Chinh to Brazil in September 2023. This visit took place in the context of preparations for commemorating the 35th anniversary of Vietnam-Brazil diplomatic relations in 2024.

Minister Mauro Vieira’s visit to Vietnam also reflected the close and friendly relations between Brazil and Vietnam based on positive dialogue, transparency, mutual understanding, and long-term cooperation. The visit will provide momentum and open up new opportunities for not only diplomatic cooperation but also economic and trade ties.