Sao Paulo (VNA) – Prime Minister Pham Minh Chinh on September 24 askedVietnamese and Brazilian businesses to concretise cooperation mechanisms with specific programmes and projects, with an aim to bring two-way trade turnoverto 10 billion USD by 2025, and 15-20 billion USD by 2030 in a more balanceddirection.

PM Chinh, who is in an official visit to the South Americancountry, stressed that after nearly 35 years of the establishment of diplomaticties, the bilateral relations have developed positively in all fields.  

Vietnam and Brazil are currently each other's largesttrading partner in Southeast Asia and South America, with their trade turnover reachinga record level of about 6.78 billion USD in 2022, up 6.6% year-on-year, and bythreefold in the past decade.

However, investment cooperation remains very modest, as Brazilcurrently has six valid projects totalling 3.83 million USD in Vietnam, and theSoutheast Asian nation has only one worth 300,000 USD in the South Americannation.

The PM said Brazil canbecome a bridge to help Vietnam access the markets of Latin American countries,as well as the Southern Common Market (MERCOSUR), and at the same time, Vietnam can help Brazil access the large ASEAN market with morethan 650 million people and a larger market of 800 million people under theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)of which Vietnam is a member.

He suggested the two sides promote extensive informationexchange on their respective investment-related policies and priority areas ofcooperation, coordinate in implementing coordination programmes in investmentand trade promotion activities to create conditions for businesses from bothsides to better understand each other’s investment environment and opportunities.

The two governments need to encourage and promote two-way tradeand investment flows on the basis of mutual benefit, increase the exchange ofbusiness delegations to survey investment opportunities and businessconnections to enhance trade - investment relations commensurate with thepotential and advantages of the two countries.

Vietnam hopes Brazilian businesses will invest in Vietnam inmanufacturing, high technology, infrastructure development, agriculture -forestry - fishery, renewable energy, information technology, pharmaceuticals,biology, construction and services, stated Chinh.

The PM also shared that Vietnam prioritises attracting investmentprojects of enterprises operating in high technology, innovation, and researchand development which commit to promoting the digital economy and activelycontributing to the country’s sustainable socio-economic development.

At the meeting, local groups and major businesses showedtheir interest in cooperating with Vietnam in various fields, especially agriculture,food processing, renewable energy, and aerospace; and expressed their desire tolearn more about Vietnam's legal regulations in the above fields, particularlyfood safety standards and import and export procedures.

Embraer S.A. said it hopes to receive support from theVietnamese Government to build an aviation equipment maintenance centre and provide aircraft components and maintenance services in Vietnam, while theBrazilian Chamber of Commerce and Industry wants to establish an office in theSoutheast Asian nation to promote trade and industrial cooperation between thetwo countries.

Affirming that Vietnam fully supports the opening of theBrazilian Chamber of Commerce and Industry in Vietnam, PM Chinh requestedBrazilian and Vietnamese businesses to further promote the transfer of scienceand technology, strengthen connections to develop together.

On the same day, the Vietnamese Government leader visited SportClub Corinthians Paulista in Sao Paulo during which he expressed his hope that therenowned club will cooperate and support the development of a Vietnamesefootball club./.