Prime Minister wants to promote trade with the Southern Common Market

The Prime Minister affirmed his desire to work with the Brazilian government to further promote the development of bilateral trade and investment relations, commensurate with the potential of the two countries.

Prime Minister Pham Minh Chinh receives Mr. Renato Costa, Chairman of Friboi Company, part of the Brazilian meat supply group JBS SA. (Photo: Duong Giang/VNA)

On the afternoon of February 13th, during a meeting with Mr. Renato Costa, CEO of Friboi, a subsidiary of JBS SA Brazil, and the Brazilian Ambassador to Vietnam, Prime Minister Pham Minh Chinh proposed accelerating negotiations and the signing of the Vietnam-Southern Common Market (MERCOSUR) Free Trade Agreement.

During the meeting, welcoming the leaders of JBS SA Brazil to Vietnam, Prime Minister Pham Minh Chinh recalled the positive impressions from his visit to Brazil in September 2023, his participation in the G20 Summit in Rio de Janeiro in November 2024, and his working session with the leaders of JBS SA Brazil to promote cooperation and investment in Vietnam.

JBS SA Brazil is the world's largest livestock and poultry processing company, with revenues of $74 billion in 2023, and operates in 24 countries, including Vietnam.

The Prime Minister expressed his pleasure at the continued substantial progress in Vietnam-Brazil relations, particularly the upgrading of relations to a Strategic Partnership in November 2024.

Brazil continues to be Vietnam's largest trading partner in the Latin American region, with bilateral trade reaching approximately US$8 billion in 2024 (a 12.2% increase compared to 2023).

The Prime Minister affirmed his desire to work with the Brazilian Government to further promote the development of bilateral trade and investment relations, commensurate with the potential of the two countries and to concretize the framework of the Strategic Partnership.

Sending greetings to the Brazilian leaders and expressing Vietnam's anticipation for President Lula da Silva's upcoming visit to Vietnam, Prime Minister Pham Minh Chinh stated that although the two countries are geographically distant, their political and diplomatic relations are very close, their economies have many complementary advantages, and their people share a good relationship.

In the context of new developments in the world and the region, such as trade tensions, the two countries need to strengthen cooperation, including in areas of interest to JBS SA.

The Prime Minister requested the Brazilian Ambassador to Vietnam and the Brazilian business community to speak out in promoting negotiations and the signing of the Vietnam-Southern Common Market (MERCOSUR) Free Trade Agreement, as well as other agreements between the two countries on trade, investment, labor, visas, and double taxation avoidance; and for Brazil to recognize Vietnam's market economy status.

Based on that, the two sides will strengthen trade cooperation in a balanced manner, promote investment, and enhance business connections to leverage the complementary advantages of the two economies.

The Prime Minister stated that Vietnam has many advantages and potentials, and many policies to encourage the development of the agricultural sector - a pillar that plays a very important role in the economy.

The Vietnamese market is quite large with 100 million people, high and stable growth, and rapidly increasing consumer demand; it has a system of 17 Free Trade Agreements with over 60 important economic partners, along with a strategic location and a rapidly developing logistics infrastructure, easily connecting with markets in Asia, Europe, and America.

The Prime Minister requested JBS SA to expand cooperation and investment in Vietnam in areas where the group has strengths, such as livestock farming, meat processing, collaborative research in industrial crops, coffee processing, etc.; to cooperate in diversifying markets, products, and supply chains; and to connect other businesses to cooperate and invest with Vietnam.

Stating that Vietnam wants to strengthen cooperation in minerals with Brazil and is ready to act as a bridge between Brazilian businesses and Southeast Asia, as well as into markets where Vietnam has signed FTAs, the Prime Minister affirmed that Vietnam will create favorable conditions for the corporation to conduct business smoothly in the spirit of harmonious benefits and shared risks.

Thanking Prime Minister Pham Minh Chinh for taking the time to meet, Mr. Renato Costa said that the purpose of his trip was to exchange views with relevant agencies and partners to explore the potential for expanding investment and cooperation with Vietnamese businesses, meeting the needs of Vietnam's rapidly growing market with great potential and wide-ranging investment opportunities, as well as taking advantage of opportunities from Vietnam to penetrate the Southeast Asian market in particular and the Asian market in general.

Mr. Renato Costa expressed his hope that the Vietnamese Government would continue to create favorable conditions for JBS SA in its business operations and investment expansion; he committed to further strengthening connections between Brazilian and Vietnamese businesses and promoting cooperation in areas as suggested by the Prime Minister.

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