Brazil to import more products from Vietnam: President

Brazil will import more products from Vietnam than other traditional partners in the coming time, said visiting Brazilian President Luiz Inácio Lula da Silva.

At the Vietnam-Brazil Economic Forum in Hanoi on Saturday, the president also expressed his gratitude to the Vietnamese government for allowing the import of Brazilian beef, which will help the product enter the ASEAN market through Vietnam.

Vietnam's new decision to open its market to Brazilian beef is a positive step for the bilateral relationship, he noted, adding that a Brazilian company will invest $100 million in building a beef processing plant in Vietnam.

The two countries are negotiating a free trade agreement between Vietnam and the Southern Common Market (Mercosur), which would make Brazil a gateway for Vietnamese exports to the Latin American market, Luiz Inácio Lula da Silva stated.

Embraer, a state-owned aerospace giant in Brazil, could supply civilian aircraft to Vietnam Airlines, helping the country enhance its fleet capacity, and establish a training center in the country. The firm could also cooperate with Vietnam’s Air Force, he added.

The Brazilian president encouraged businesses of both countries, especially private firms, to connect and promote investment cooperation, thus deepening the bilateral Strategic Partnership which was established in November 2024.

He proposed both sides consider establishing joint funds to promote investment and develop science and technology, ensuring favorable conditions for their businesses to collaborate.

At the event, Vietnamese PM Pham Minh Chinh thanked Brazil for its new decision to recognize Vietnam as a market economy and opening doors for Vietnamese products such as tra fish, basa fish, and shrimp. "This move aimed to promote trade balance, as Vietnam is currently facing a large trade deficit with Brazil."

To further balance trade, the PM proposed that Brazil increase imports of products of Vietnamese strength such as electronics, agriculture, and seafood.

He affirmed Vietnam’s willingness to contribute to ensuring food security for Brazil, highlighting the Southeast Asia country’s ongoing program of developing 1 million hectares of high-quality, low-emission rice in the Mekong Delta region.

Chinh stressed that the two economies are complementary and cooperation is mutually beneficial. What Brazil excels at is in demand in Vietnam, and vice versa.

He suggested the two nations collaborate in areas of shared strengths, with the possible establishment of coffee trading platforms. Brazil’s strength in minerals complements Vietnam’s need to develop its metallurgy industry, he added.

Earlier, in a meeting with the Brazilian President, PM Chinh welcomed large Brazilian companies considering investments in Vietnam, including Brazilian food processing giant JBS S.A. He emphasized that Vietnam would facilitate trade and investment activities for Brazilian businesses, particularly in the aviation and mineral sectors.

The host leader reiterated Vietnam’s commitment to acting as a bridge for Brazil to access the 600-million-strong ASEAN market, one of the most dynamic and growing regions in the world. Vietnam also thanked Brazil for helping it engage more deeply with Mercosur and Latin American markets.

Regarding investment, he proposed accelerating projects in green economy, digital economy, circular economy, knowledge-based economy, science and technology, innovation, digital transformation, energy transition, renewable energy, mining, high-tech agriculture, and industry.

He emphasized the need to strengthen supply chains, develop supporting industries, and build a skilled workforce.

The PM urged Brazilian investors to continue supporting and facilitating Vietnamese businesses' deeper involvement in global supply chains.

Vietnam wishes Brazilian companies will assist in providing access to shifting investment sources, green and sustainable finances, and investments in science, technology, and innovation, he said.

"Vietnam also seeks support in developing an international financial center in Ho Chi Minh City and a regional one in Danang."

Chinh also asked for the Brazilian government’s support in expediting negotiations for a free trade agreement (FTA) between Vietnam and Mercosur, creating a more favorable legal framework for bilateral business and trade activities through key cooperation agreements, such as those on investment protection, labor, education-training, and visa exemptions.