JBS S.A. Brazil was founded in 1953 and, with a revenue of $74 billion in 2023 and about 273,000 employees in 24 countries, is currently the world's largest meat and poultry processing company. In Vietnam, JBS has been invested in a $5 million venture in the leather tanning sector since 2014 with an annual output of about 7.5 million square metres of leather.

Prime Minister Pham Minh Chinh receives Renato Costa, general director, Friboi Company, a member of JBS S.A. Brazil Photo: VGP

PM Chinh expressed his appreciation of the substantial progress made by the Vietnam-Brazil relationship that was upgraded to strategic partnership last November. Brazil continues to be Vietnam's largest trade partner in Latin America, with two-way trade in 2024 at $8 billion (up 12.2 per cent compared to 2023).

The PM asked the Brazilian ambassador to Vietnam and the Brazilian business community to push negotiations around the signing of and agreement between Vietnam and the South American trading bloc Mercosur, as well as the two countries’ own agreements on trade, investment, labour, visas, and double taxation avoidance.

"Vietnam has plenty of advantages, potential, and policies to encourage the development of the agricultural sector - a key pillar of the economy. Last year, we exported about $65 billion worth of agricultural, forestry and fishery products," he said.

PM Chinh encouraged JBS S.A. to expand its operations in Vietnam, particularly in livestock farming, meat processing, industrial crops, and coffee processing. He also suggested collaboration in the diversification of markets, products, and supply chains. Furthermore, he invited JBS S.A. to help connect other Brazilian enterprises with Vietnamese partners to foster cooperation and investment.

Informing his guests about Vietnam’s interest in working with Brazil in the mineral sector, PM Chinh proclaimed the country's readiness to serve as a gateway for Brazilian businesses seeking to enter Southeast Asia and its other free trade agreements-linked markets. He also pledged new advantages for JBS S.A.’s operations in Vietnam, ensuring mutual benefits and shared risks.

Costa expressed his desire to explore the potential for expanding investment and cooperation with Vietnamese firms.

"This region is expected to see strong growth with a lot of great potential and investment opportunities. Through Vietnam, we can access the Southeast Asian and Asian markets," Costa said.

He hoped that the Vietnamese government would continue to create stronger conditions for JBS S.A. and its business activities and investment expansion and confirmed the company was committed to promoting further connections between Brazilian and Vietnamese businesses.