Vietnam, Brazil set sights on $15bn trade by 2030

They made this commitment during a meeting in Rio de Janeiro on Saturday, where PM Chinh attended the expanded BRICS summit and held bilateral discussions, according to the Vietnam Government Portal.

During their talks, PM Chinh thanked Brazil for supporting Vietnam's inclusion as a BRICS partner and pledged Vietnam's backing for Brazil's presidency of the group, aimed at elevating the Global South's voice in international governance institutions.

President Lula welcomed Vietnam's high-level participation at the BRICS summit and praised its constructive contributions to global issues.

Both leaders agreed to deepen collaboration across various fields, anchored in the strategic partnership forged in November 2024.

They highlighted recent successes in agricultural trade: Brazil shipped its first beef export to Vietnam, while Vietnam exported tra, basa, and tilapia to Brazil, yielding tangible benefits for businesses and citizens.

According to the Vietnamese Ministry of Industry and Trade, Brazil is Vietnam's largest trade partner in Latin America, with bilateral trade reaching a record $7.87 billion last year—a 12.2 percent increase year on year.

The two nations plan to raise this to $10 billion in the near term and $15 billion by 2030.

Vietnam exports seafood, rubber, textiles, footwear, and iron and steel to Brazil, while importing soybeans, wheat, corn, livestock feed, raw materials, and cotton.

President Lula expressed interest in increasing imports of Vietnamese seafood and rice, and the two sides agreed to finalize a long-term food security deal, whereby Vietnam would supply rice to strengthen Brazil's reserves.

The leaders were also committed to enhancing coffee cooperation through the launch of a production and export alliance, exploring the establishment of a coffee exchange, co‑creating a joint coffee brand, and celebrating their shared coffee cultures.

PM Chinh requested Brazil's support in completing the Vietnam–Mercosur Free Trade Agreement in the remaining half of 2025, while Brazil holds the Mercosur presidency, in addition to an FTA between Vietnam and Brazil.

President Lula endorsed this proposal and called for immediate consultations among relevant agencies and Mercosur members.

Additionally, both countries pledged to speed up discussions on agreements covering investment protection, avoidance of double taxation, and more accessible visa arrangements for their citizens.

They also vowed to reinforce cooperation in defense and security, science and technology, digital transformation, semiconductors, artificial intelligence, energy, high-caliber human resource development, and judicial matters.

Following their dialogue, PM Chinh and President Lula witnessed the signing of a memorandum of understanding on cooperation in science, technology, innovation, and digital transformation.