Vietnam, Brazil set sights on US$15 billion trade target by 2030

President Lula da Silva and Prime Minister Pham Minh Chinh

At the forum, both sides explored opportunities for cooperation in industry, agriculture, and energy. Delegates highlighted Vietnam’s dynamic economy, with an average annual growth rate of around 6%, and its pivotal role in global supply and distribution chains. Vietnam is also recognized as a competitive hub for high-tech manufacturing and a stable, peace-loving nation in Southeast Asia.

Meanwhile, Brazil ranks among the world’s top 10 economies, boasting a robust agricultural sector and leading in energy transition efforts. The country maintains a diversified and steadily growing economy, with balanced integration into regional and global markets.

President Lula da Silva emphasized that his visit to Vietnam had yielded significant results, with the two nations signing key agreements. Recognizing Vietnam as a model for development, he stressed the need to strengthen bilateral ties amid global protectionism concerns. Although trade between the two countries currently stands at US$7.7 billion, both leaders expressed their ambition to facilitate growth toward US$15 billion by 2030.

"Brazil will increase imports from Vietnam, while Vietnam will begin importing Brazilian beef. Market liberalization will benefit both nations. The South African nation also plans to invest US$100 million in establishing a beef processing facility in Vietnam," President Lula da Silva announced.

He further pledged to encourage investment, establish a joint fund for investment promotion and science and technology collaboration, and create optimal conditions for Brazilian businesses in Vietnam.

The President underscored that the Brazil-Vietnam Economic Forum marks a significant step forward in bilateral relations, offering an opportunity for both nations to continue promoting growth, job creation, and stable incomes for their citizens.

Prime Minister Pham Minh Chinh underscored Vietnam’s achievements over 40 years of reform, affirming the government's commitment to facilitating investment through three key measures: "streamlining regulations, improving infrastructure, and enhancing smart governance."

He also confirmed Vietnam's decision to open its market to Brazilian beef and support Brazilian enterprises in setting up food processing projects in the country. Stressing the importance of economic co-operation, he called on businesses from both nations to leverage emerging opportunities in green, digital, circular, and knowledge-based economies, as well as innovation and supply chain development.

The Government chief encouraged Brazilian investors to help Vietnamese enterprises integrate more deeply into global supply chains and access green and sustainable financial sources. He also urged Brazil to support the early launch of negotiations for a Vietnam-Mercosur free trade agreement and a favorable legal framework for bilateral trade and investment.

PM Chinh reaffirmed the government’s "three guarantees": ensuring foreign-invested enterprises remain a crucial component of Vietnam’s economy, protecting investors' legitimate rights and interests, and maintaining socio- political stability alongside favorable investment policies. Additionally, he outlined the "three commitments" between the government, businesses, and citizens: mutual understanding and dialogue, shared vision and cooperation, and common prosperity and development.

He called on Brazilian businesses to strengthen their long-term partnerships with Vietnam and contribute to the prosperity of both nations within the framework of the Vietnam-Brazil strategic partnership.