Vietnam’s Prime Minister Pham Minh Chinh touched down in Sao Paulo on Saturday (local time), starting a four-day visit to Brazil at the invitation of President Luiz Inácio Lula da Silva as the two countries seek to bolster economic ties.
Chinh is Vietnam’s first high-ranking leader to pay an official visit to Brazil since 2007 when then Party General Secretary Nong Duc Manh visited the largest country in South America. Brazil is the second leg of Chinh's America tour after a week-long visit to the U.S.
The visit aims to bolster bilateral cooperation and deepen the comprehensive partnership. It is expected to open a new chapter for Vietnam-Brazil relations as the two countries will mark the 35th anniversary of bilateral diplomatic relations next year.
During his stay, the Prime Minister will be given a welcome ceremony by President Lula da Silva on September 24, meet leaders of the Federal Senate, local governments and businesspeople of that country.
Brazil is the biggest trading partner of Vietnam in Latin America and the second largest in America, just behind the U.S. Two-way trade reached $6.78 billion in 2022, up 6.6% from 2021, with Vietnam incurring a trade deficit of $2.3 billion.
Brazil, with a population of 211 million, more than twice that of Vietnam, is expected to serve as a gateway for Vietnam to enter the Latin American market, and, in turn, Vietnam as a gateway for Brazil to penetrate Southeast Asia.
The Southern Common Market (MERCOSUR) is considering the signing of a free trade agreement with Vietnam.
Brazil has six valid investment projects in Vietnam worth a combined $3.83 million as of August while a Vietnamese firm has invested $300,000 in that country.