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 (2023), Brazil not only possesses rich natural resources but is also one of the world's leading countries in agricultural production and mineral exports. As a founding member of BRICS (Brazil, Russia, India, China and South Africa), Brazil is playing an increasingly important role in the global and regional economy .
Vietnam – Brazil: Trade relations increasingly flourishing
According to the Ministry of Industry and Trade, Brazil has long been Vietnam's leading trade partner in Latin America. Since the two countries established diplomatic relations in 1989, bilateral trade turnover has continuously increased, reaching many important milestones.
In 2024, two-way trade turnover between Vietnam and Brazil will reach a record 7.97 billion USD, up 12.2% compared to 2023. Of which, Vietnam's exports will reach 2.6 billion USD, up 6.7%; imports from Brazil will reach 5.37 billion USD, up 15%. Vietnam will have a trade deficit of more than 2.77 billion USD, mainly in input materials for production such as corn, soybeans, cotton, and animal feed.
In the first 5 months of 2025, two-way trade turnover reached 3.33 billion USD, down slightly by 5% compared to the same period last year. Vietnam's exports reached 1.11 billion USD, down 2.2%; imports reached 2.2 billion USD, down 6.3%.
Vietnam’s main exports to Brazil include seafood, rubber, textiles, footwear, and steel. On the other hand, Brazil’s main imports include soybeans, wheat, corn, animal feed and raw materials, and cotton of all kinds.
Seafood is one of Vietnam's main export items to Brazil.
Potential for investment cooperation and market expansion
Regarding investment, as of October 2024, Brazil has 7 investment projects in Vietnam with a total registered capital of 3.85 million USD, mainly focusing on the fields of processing industry, wholesale and retail, and science and technology services.
Brazil is now a key member of the Southern Common Market (Mercosur), opening up great opportunities for Vietnam to penetrate deeper into the Latin American region. Conversely, Vietnam is a member of ASEAN and the CPTPP Agreement, which can become a bridge to help Brazil access the vast market of Asia - Pacific.
At recent bilateral meetings, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and senior Brazilian leaders agreed to enhance 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 open its market to Brazilian beef. In return, Vietnam hopes Brazil will soon open its market to seafood products such as shrimp, tra fish, and basa fish - Vietnam’s main export products.
In addition, the two sides agreed to promote cooperation in the field of ethanol production, a field in which Brazil has a lot of experience, while Vietnam has high demand and is actively converting to clean fuel. In the context of Vietnam promoting energy transition, the potential for bilateral cooperation in the field of renewable energy and green technology is huge.
An important highlight is that Brazil and Vietnam are jointly promoting the launch of negotiations on the Free Trade Agreement (FTA) between Vietnam and Mercosur, a strategic step to expand bilateral and multilateral economic cooperation.
From the Brazilian side, leaders of specialized ministries expressed their commitment to deeper cooperation with Vietnam in the energy sector, and announced the decision to open the Brazilian market to some Vietnamese seafood products according to international standards.
Anh Tho
Source: https://baochinhphu.vn/that-chat-quan-he-kinh-te-thuong-mai-viet-nam-brazil-102250704101124377.htm
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