Vietnam and Brazil's agriculture should remain significant contribution to the global community

The contributions to the world should be through trade, supply, or science and technology, as Vietnam and Brazil are considered to have robust agriculture

In addition to bilateral activities in Brazil and the G20 Summit, Prime Minister Pham Minh Chinh participated in the Vietnam-Brazil Business Forum in Rio de Janeiro on November 17 (local time).

Mr. Paolo Teixeira, the Brazilian Minister of Agricultural Development, expressed his high valuation of Vietnam's active participation and support in the Global Alliance Against Poverty and Hunger initiative at the occasion. He stated that the two countries are acknowledged for their robust agriculture. In the face of the fact that numerous countries and individuals are experiencing hunger and poverty, the two countries must continue to play a role in the world by contributing to agricultural science and technologies, as well as food trading and supply.

The leadership of the Rio de Janeiro Federation of Industry, the Brazilian Chamber of Commerce and Industry, and representatives from Brazilian companies, including aerospace giant Embraer, have recognized Vietnam as one of the key and strategic partners in Asia. They expressed a strong desire to enhance cooperation with Vietnam in fields such as aviation, semiconductors, agriculture, rubber, fisheries, technology, and innovation.

On the Vietnamese side, Mr. Nguyen Huu Tu, Deputy General Director of the Vietnam National Chemical Group (Vinachem), expressed his expectation that the group's anticipated trade turnover in the Brazilian market is expected to surpass USD 90 million in 2024, which is nearly double the figure from 2021. Brazilian consumers have developed an expanding level of confidence in the tire products of the group, which are marketed under the names Da Nang Rubber JSC (DRC) and Southern Rubber Industry JSC (Casumina).

Brazil represents a significant opportunity due to its high demand for fertilizer imports and its status as an agricultural superpower. Within 2024, Vinachem is collaborating with its partners to deliver the initial quantities of cleaning products under the Vinachem brand to Brazil, as well as high-quality fertilizers.

The Prime Minister of Vietnam emphasized the extensive potential and opportunities for development and cooperation between Vietnam and Brazil in a variety of sectors, including economics, trade, investment, cultural exchange, and people-to-people connections, during the forum.

The Prime Minister observed that Brazil's vast region and expansive market, which boasts a population of more than 200 million, provide substantial purchasing power. However, he recognized that the potential, opportunities, and aspirations of both parties have not yet been met in terms of economic relations. The Prime Minister urged Vietnamese businesses to invest in Brazil and urged Brazilian enterprises to increase their investments in Vietnam to improve bilateral trade. Key areas of collaboration include the promotion of new growth engines, the revitalization of traditional development drivers, and the provision of food security through agriculture.

The Prime Minister of Vietnam declared that the country's objective is to attract selective investment in high-tech projects that have high added value and security effects, while also assuring connectivity with domestic enterprises. Innovation, research and development, green economy, digital economy, circular economy, knowledge economy, semiconductor manufacturing, new energy (hydrogen), renewable energy, green finance, financial centers, biotechnology, and healthcare will be prioritized.

The Prime Minister underscored the necessity of accelerating negotiations for an FTA with MERCOSUR, an agreement on investment encouragement and protection, and a visa agreement in order to resolve bottlenecks and enhance economic cooperation in accordance with the political and diplomatic relationship and mutual expectations. He also urged Brazil to take into account the recognition of Vietnam's market economy status.

The Prime Minister encouraged businesses to contribute to these attempts in order to optimize the distinctive potentials, opportunities, and competitive advantages of each nation and establish a transparent, advantageous investment environment.