Pham made the call while delivering his remarks at the Viet Nam-Brazil Business Forum held in Rio de Janeiro on November 17 (local time) as part of his ongoing tour to Brazil.

To date, Viet Nam has signed 17 FTAs involving 60 countries and economies, which have played a crucial role in establishing Viet Nam as one of the world's top 40 economies and among the 20 largest destinations for foreign investment and trade.

The Vietnamese Prime Minister said he has just had a fruitful summit meeting with President Luiz Inácio Lula da Silva, during which both sides agreed to elevate ties to Strategic Partnership.

Viet Nam and Brazil share the common aspiration for peace and development, stressed Pham, adding that there remains vast room for both countries to expand cooperation in various areas, especially economy, trade, investment, cultural cooperation and people-to-people exchanges.

Brazilian Minister for Rural Development and Family Farming Paulo Teixeira speaks at the Viet Nam-Brazil Business Forum in Rio de Janeiro, November 17, 2024. Photo: VGP

In a bid to boost economic cooperation, the Vietnamese Prime Minister called on the two countries to promote the early commencement of negotiations on a free trade agreement between Viet Nam and MERCOSUR, an agreement on investment promotion and protection, an agreement on visas.

He also called on Brazil to consider recognition of Viet Nam's market economy status.

He took the occasion to highlight Viet Nam's priorities for luring foreign direct investment to high-tech, high value-added, innovation, green economy, digital economy, circular economy, knowledge economy, semiconductor production, new energy, renewable energy, green finance, biotechnology sectors.

The Southeast Asian country is accelerating the implementation of three strategic breathrough: (i) institutional building, (ii) strategic infrastructure development, (iii) and high-quality human resource training while improving business environment to create an open, transparent, fair and healthy environment, and streamlining administrative procedures to save time and costs for investors.

Rodrigo Santiago, Vice President of the Rio de Janeiro Chamber of Commerce and Industry addresses the Viet Nam-Brazil Business Forum in Rio de Janeiro, November 17, 2024. Photo: VGP

The forum, jointly organized by the Ministry of Planning and Investment, Vietnamese Embassy in Brazil and Rio de Janeiro Chamber of Commerce and Industry, saw the participation of Brazilian Minister for Rural Development and Family Farming Paulo Teixeira, Minister of Science, Technology and Innovation Luciana Santos and representatives of around 100 businesses from both countries.

Delegates to the forum briefed about investment potentials and put fowards solutions to boost investment between the two countries.

Speaking at the event, Brazilian Minister for Rural Development and Family Farming Paolo Teixeira spoke highly of Viet Nam's support and active engagement in the Global Alliance Against Hunger and Poverty.

As strong agricultural producers, both countries should continue to promote their roles and contributions to the world, not only in trade and food supply but also in science and technology in agriculture, said Teixeira.

Rodrigo Santiago, Vice President of the Rio de Janeiro Chamber of Commerce and Industry expressed his desire that Viet Nam and the Southern Common Market (MERCOSUR) would be signed as soon as possible to tap the great potentials and strategic location of Viet Nam in Southeast Asia.

Participants to the Viet Nam-Brazil Business Forum in Rio de Janeiro, November 17, 2024. Photo: VGP

Brazilian business representatives shared the view that Viet Nam is one of Brazil's key partners in Asia and expressed their wish to further strengthen cooperation with Viet Nam in such fields like aviation, semiconductor, agriculture, rubber, fisheries, science and innovation.

Brazil is a top trading partner of Viet Nam in Latin America, with the two-way trade reaching US$7.1 billion in 2023 from US$1.53 billion in 2011. The two countries target to raise trade value to US$15 billion by the end of this decade.

Viet Nam mainly exports aquatic products, rubber, garment and textile, footwear and steel to Brazil while importing soybeans, wheat, corn, animal feed, raw materials and cotton of all kinds.

Brazil has seven projects in Viet Nam with total registered capital of US$3.85 million and Viet Nam has poured US$700 million in two projects in Brazil./.