Prime Minister Pham Minh Chinh addresses Viet Nam-Brazil Business Forum, Rio de Janeiro, July 5, 2025 - Photo: VGP

The event, with the participation of around 50 businesses from Viet Nam and 30 enterprises from Brazil, serves as a bridge for the business communities and promotes economic, trade, and investment cooperation between the two sides.

It is also regarded as a vivid testament to the friendship, strategic partnership, and development cooperation between the two nations, contributing to deepening the overall Viet Nam–Brazil relations.

Brazil is Viet Nam's largest trading partner in the Latin American region and the second largest in the Americas. In 2024, bilateral trade reached nearly US$8 billion, an increase of 12.2 percent compared to 2023, accounting for over 34 percent of Viet Nam's total trade with Latin America.

In the first five months of 2025, two-way trade amounted to US$3.33 billion. Both countries have reaffirmed their commitment to raising trade volume to US$15 billion by 2030.

Addressing the event, Pham said, both countries hold important positions and roles in South America and Southeast Asia respectively. He expressed his hope that the two nations will continue to serve as bridges between the two dynamic and developing regions.

He called on businesses from both sides to focus on three key areas including agriculture; science-technology, innovation, digital transformation, telecommunications; and mineral exploitation and processing.

The Prime Minister noted that on this occasion, Brazil exported its first shipment of beef to Viet Nam, while the Southeast Asian nation shipped pangasius, basa, and tilapia to Brazil.

Brazillian side affirmed its willingness to increase imports of Vietnamese seafood and rice. The two sides vowed to sign an agreement to ensure stable and long-term food security for Brazil, under which Viet Nam will export rice to help stabilize Brazil's food supply.

Both sides also pledged to conclude the free trade agreement (FTA) negotiations between Viet Nam and the Southern Common Market (MERCOSUR) in the second half of 2025, and promote a bilateral FTA between Viet Nam and Brazil, thereby supporting each other amid current global challenges.

The two countries will work to improve the legal framework for cooperation in investment and labor, facilitate visa procedures, and expand direct flight routes to further strengthen business collaboration.

The Prime Minister urged both sides' businesses to carry out economic measures, enhance business linkages, and deepen economic integration, affirming that the Vietnamese Government is committed to creating all favorable conditions for Brazilian investors.

The Prime Minister witnessed the signing of several cooperation agreements, including a seafood cooperation agreement between Nam Viet Corporation (NAVICO) and AV09 Comercio Exporter Ltd; an investment cooperation agreement worth US$200 million between Trong Khoi One Member Limited Liability Company and Brazil's Fujikura Quail Genetics in the field of quail farming; and a three-year contract between Ho Chi Minh City Football Club and Gremio Football Club for the training of young football players./.