Strengthening economic and trade relations between Vietnam and Brazil.

(Chinhphu.vn) - In the context of globalization and deep integration, economic and trade relations between Vietnam and Brazil are developing strongly, opening up many opportunities for strategic cooperation for both countries.

Prime Minister Pham Minh Chinh met with Brazilian President Luiz Inácio Lula da Silva during the Brazilian President's state visit to Vietnam in March this year - Photo: VGP

As the largest economy in Latin America and the 10th largest in the world (in 2023), Brazil possesses not only abundant natural resources but is also one of the world's leading producers of agricultural products and mineral exports. As a founding member of BRICS (a group of emerging economies comprising Brazil, Russia, India, China, and South Africa), Brazil is playing an increasingly important role in the global and regional economy.

Vietnam - Brazil: Trade relations are increasingly flourishing.

According to the Ministry of Industry and Trade , Brazil has long been Vietnam's leading trading partner in the Latin American region. Since the two countries established diplomatic relations in 1989, bilateral trade turnover has steadily increased, reaching many important milestones.

In 2024, bilateral trade between Vietnam and Brazil reached a record high of US$7.97 billion, a 12.2% increase compared to 2023. Of this, Vietnam's exports totaled US$2.6 billion, a 6.7% increase; while imports from Brazil reached US$5.37 billion, a 15% increase. Vietnam had a trade deficit of over US$2.77 billion, mainly in raw materials for production such as corn, soybeans, cotton, and animal feed.

In the first five months of 2025, bilateral trade reached US$3.33 billion, a slight decrease of 5% compared to the same period last year. Vietnam's exports reached US$1.11 billion, down 2.2%; imports reached US$2.2 billion, down 6.3%.

Vietnam's main export items to Brazil include seafood, rubber, textiles, footwear, and iron and steel. Conversely, the main import items from Brazil include soybeans, wheat, corn, animal feed and raw materials, and various types of cotton.

Seafood is one of Vietnam's key export items to Brazil.

Potential for investment cooperation and market expansion.

Regarding investment, as of October 2024, Brazil had 7 investment projects in Vietnam with a total registered capital of US$3.85 million, mainly concentrated in the processing industry, wholesale and retail trade, and science and technology services.

Brazil is currently a key member of the Southern Common Market (Mercosur), opening up significant opportunities for Vietnam to penetrate deeper into the Latin American region. Conversely, Vietnam, as a member of ASEAN and the CPTPP Agreement, can become a bridge helping Brazil access the vast Asia-Pacific market.

During recent bilateral meetings, Vietnam's Minister of Industry and Trade Nguyen Hong Dien and senior Brazilian leaders agreed to strengthen comprehensive cooperation in potential areas, from trade and investment to energy and green transition.

Vietnam welcomes Brazil's recognition of Vietnam's market economy status and its commitment to opening its market to Brazilian beef. In return, Vietnam hopes that Brazil will soon open its market to seafood products such as shrimp, catfish, and basa fish – key export items of Vietnam.

Furthermore, both sides agreed to promote cooperation in the field of ethanol production, an area where Brazil has extensive experience, while Vietnam has a high demand and is actively transitioning to clean fuels. In the context of Vietnam's accelerated energy transition, the potential for bilateral cooperation in renewable energy and green technologies is enormous.

A key highlight is the joint effort by Brazil and Vietnam to launch negotiations for a Free Trade Agreement (FTA) between Vietnam and Mercosur, a strategic step aimed at expanding bilateral and multilateral economic cooperation.

From the Brazilian side, leaders of relevant ministries expressed their commitment to deeper cooperation with Vietnam in the energy sector, and also announced the decision to open the Brazilian market to certain Vietnamese seafood products that meet international standards.

Anh Tho

Source: https://baochinhphu.vn/that-chat-quan-he-kinh-te-thuong-mai-viet-nam-brazil-102250704101124377.htm