Enhancing Economic Ties: Vietnam and Brazil Strengthen Trade Relations

Strengthening Ties: Vietnam and Brazil Mark 35 Years of Diplomatic Relations

Prime Minister Pham Minh Chinh’s official visit to Brazil in September 2023 underscores the growing bilateral relationship between Vietnam and Brazil. This historic trip, the first by a Vietnamese leader in 17 years, signifies a new chapter in the friendship between our nations.

Today, May 8, 2024, marks a significant milestone as Vietnam and Brazil celebrate 35 years of diplomatic relations. Since establishing ties on May 8, 1989, our two countries have fostered a strong and dynamic partnership.

This is evident through the frequent high-level exchanges between our leaders, productive dialogues, and expanding cooperation across various sectors, including politics, culture, education, and technology. The recent visits by business delegations from both countries further highlight the potential for enhanced economic collaboration.

During Prime Minister Pham Minh Chinh’s visit to Brazil, he met with the General Secretary and members of the Brazil-Vietnam Friendship Association, reaffirming our nations’ shared commitment to strengthening bilateral ties. This was a pivotal moment in our relationship, setting the stage for future cooperation.

The Comprehensive Partnership between Vietnam and Brazil continues to flourish, and our economic diplomacy has yielded remarkable results. According to the General Department of Vietnam Customs, the total trade turnover between our countries reached approximately US$7.11 billion in 2023, reflecting the robust economic, trade, and investment cooperation.

In the first quarter of 2024, the total import-export turnover of goods between Vietnam and Brazil reached US$2.2 billion. Vietnam’s exports to Brazil demonstrated a steady increase, reaching US$676 million, while imports from Brazil totaled US$1.5 billion. These figures underscore the growing trade relationship between our nations.

Among Vietnam’s key exports to Brazil are bags, suitcases, vehicles and spare parts, iron and steel, rubber, phones and components, fiber, yarn, textiles, and machinery. Meanwhile, Vietnam has increased imports from Brazil, including animal feed and raw materials, cotton, corn, soybeans, and ores.

Vietnamese seafood products, including shrimp, are gaining popularity and experiencing stable growth in the Brazilian market.

The Vietnam Trade Office in Brazil plays a crucial role in promoting our country’s exports. According to Ngo Xuan Ty, head of the trade office, Vietnamese goods and export businesses have ample opportunities to boost exports to Brazil due to the market’s significant import demand. Vietnamese seafood products, in particular, have gained a strong foothold in the Brazilian market, experiencing stable growth and positive momentum.

However, the Trade Office also acknowledges the challenges we face, including geographical distance, high transportation costs, and a logistics system that needs improvement to meet the growing import-export needs of both countries. Additionally, Vietnam’s exported goods face intense competition from other countries in terms of quality and price.

To address these challenges and further strengthen our trade cooperation, Ngo Xuan Ty proposes that domestic export enterprises enhance the promotion and introduction of Vietnamese goods in the Brazilian market. This can be achieved through participation in fairs and promotional conferences or by leveraging the Trade Office to introduce their products to potential customers at trade events.

As we celebrate this important anniversary, let us continue to build on the strong foundation of our bilateral relationship. By further developing our logistics sector and improving Vietnam’s logistics capacity, we can facilitate exports and take our economic partnership with Brazil to even greater heights.