The two countries are trying to promote deeper and more effective cooperation in many fields while strengthening each other’s role as key partners, in Southeast Asia and Latin America.
Vietnam and Brazil officially established diplomatic relations on May 8, 1989. To implement effective cooperation, the two countries upgraded their relationship to a Comprehensive Partnership, in May 2007.
For many years, Vietnam has always considered Brazil one of the most important partners in Latin America. Two-way trade continued to increase, reaching a record level of 6.78 billion USD in 2022, an increase of 6.6% compared to 2021.
Brazil currently has six investment projects in Vietnam, with a total registered capital of about 3.83 million USD, mainly in the field of industry, processing and manufacturing (accounting for 68% of registered capital); wholesale-retail (26.6%); professional science and technology activities (2.8%). Vietnam has two investment projects with a total registered capital of about 300,000 USD in Brazil.
Meanwhile, Vietnam mainly imports items such as ore, minerals, cotton, animal feed, soybeans, corn, wood and wood products, textile raw materials, garments and shoe leather, from the South American country.
In recent times, ministries and branches of the two countries have had many contacts and exchanges, thereby identifying complementary potentials and strengths, promoting cooperation in existing fields substantively and externally,as well as expanding new areas of cooperation.
In the near future, Vietnam and Brazil will continue to develop their markets, focusing on areas such as trade, tourism, agriculture, education, renewable energy, science and technology, climate change adaptation, logistics, digital transformation, and cooperation within the South-South framework.
Vietnam hopes that Brazil will pay attention to promoting and soon starting negotiations on the Free Trade Agreement (FTA), between the Southern Common Market (MERCOSUR) and Vietnam, especially during the period when Brazil is taking the bloc’s rotating presidency in the last six months of 2023. The two sides have also aimed to increase investment and business connections.
Brazil currently has six investment projects in Vietnam, with a total registered capital of about 3.83 million USD, mainly in the field of industry, processing and manufacturing (accounting for 68% of registered capital); wholesale-retail (26.6%); professional science and technology activities (2.8%). Vietnam has two investment projects with a total registered capital of about 300,000 USD in Brazil.
Diplomatic relations between Brazil and Vietnam are based on friendship and mutual respect. With great potential and a strongly developing economy, Vietnam is one of Brazil's long-term and important partners in Southeast Asia, in areas such as food security, energy, tourism, culture, business cooperation, people-to-people exchanges, and cooperation at multilateral forums.
Eduardo Paes Saboia, Deputy Minister of Foreign Affairs of Brazil
According to the assessment of Brazilian Ambassador to Vietnam Marco Farani, Vietnam's economy has a fast growth rate with a very dynamic market, and can completely achieve the goal of becoming a middle-income country in the next 10 years.
Meanwhile, Brazil also possesses many advantages for economic development, such as a large population (nearly 220 million people), rich natural resources and a booming agricultural sector. Brazil and Vietnam have many potential areas of cooperation, notably the production and use of renewable energy.
In multilateral cooperation, Vietnam and Brazil have shared views on United Nations reform and many other international issues. The two sides cooperate closely and support each other at international forums and organisations.
Based on good political relations, Vietnam supports Brazil's entry into the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) for the 2013-2016 term, and the Human Rights Council for the 2017-2019 term; while Brazil supports Vietnam's entry into the United Nations Economic and Social Council (ECOSOC) for the 2016-2018 term, the Security Council for the 2020-2021 term or most recently, the Human Rights Council for the 2023-2025 term.
Speaking at a ceremony marking the 78th National Day of Vietnam held in Brasilia (Brazil), Vietnamese Ambassador to Brazil Pham Thi Kim Hoa emphasised that for Vietnam, Brazil is always a leading and important partner in South America.
Economic and trade cooperation is a bright spot in bilateral relations. Two-way trade has continuously maintained an exponential increase in recent times and has reached nearly seven billion USD. Based on the Comprehensive Partnership, cultural-educational-tourism exchanges between the two countries continued to be strengthened, becoming a bridge, bringing the people of Vietnam and Brazil closer together.
Towards the 35th anniversary of the establishment of diplomatic relations (May 8, 1989 - 2024), Vietnam and Brazil will have many diverse and meaningful activities, contributing to further strengthening the relationship and solidarity between the governments and peoples of the two countries.
