Vietnam and Brazil established diplomatic relations in May 1989, and they have since built a strong and comprehensive partnership based on strategic trust and mutual understanding through frequent visit exchanges by their leaders.

The two countries established a Comprehensive Partnership during Party General Secretary Nong Duc Manh’s official visit to Brazil in May 2007, deepening cooperation across all sectors and diplomatic channels. They upgraded their ties to a Strategic Partnership during Prime Minister Pham Minh Chinh’s working visit to Brazil to attend the G20 Summit in Rio de Janeiro in November 2024.

The two countries have maintained close cooperation in international organizations and multilateral forums, especially at the United Nations and the World Trade Organization (WTO). They have also worked together to promote cooperation between ASEAN and the Southern Common Market (MERCOSUR).

As a founding member of BRICS comprising Brazil, Russia, India, China and South Africa, Brazil boasts the largest economy in Latin America and the 10th largest globally (in 2023). The country, which is rich in natural resources, is the world’s second largest agricultural producer, and the third largest exporter of minerals.

Brazil is currently Vietnam’s leading trade partner in Latin America. Over the years, two-way trade has grown rapidly, increasing from US$1.53 billion in 2011 to US$6.78 billion in 2022, over US$7.1 billion in 2023, and US$7.7 billion in 2024. Both countries aim to raise their trade volume to US$10 billion by 2025 and US$15 billion by 2030.

As of October 2024, Brazil had seven investment projects in Vietnam, with a total registered capital of US$3.85 million. These investments are primarily in manufacturing and processing, wholesale and retail trade, and scientific and technological activities.

Vietnam seeks to enhance value-added production, foster domestic enterprise linkages, and promote long-term sustainable cooperation with Brazil.

Speaking at the Vietnam-Brazil business forum in Rio de Janeiro on November 17, 2024, Prime Minister Pham Minh Chinh highlighted the immense potential for economic cooperation between the business communities of both countries. However, he noted, current economic cooperation does not yet fully reflect the opportunities available or the aspirations of both sides.

He encouraged Vietnamese businesses to invest more in Brazil, and called on Brazilian companies to explore investment opportunities in Vietnam, particularly in sectors such as agriculture and food security, as well as in revitalizing traditional drivers of growth and leveraging new economic frontiers like space and ocean.

Vietnam aims to attract high-quality foreign investments, with priority to be given to projects that focus on high-tech industries, innovation, research and development, and sustainable economic models. Key investment sectors include semiconductor manufacturing, renewable energy, green finance and financial centres, the circular economy and digital economy, biotechnology and health care.

The two countries are anticipated to soon kick-start negotiations of a free trade agreement with MERCOSUR to facilitate trade and investment; an investment promotion and protection agreement to safeguard business interests; and a visa agreement to ease travel for investors and professionals. Brazil has been requested to recognize Vietnam’s market economy status to strengthen economic ties.

Besides political and economic cooperation, the two countries vow to increase cooperation in climate change response. Brazil is scheduled to play host to the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 30) in November 2025. Vietnam has voiced its strong support for Brazil’s hosting, and wishes the conference a great success.

The two countries have agreed to enhance dialogue in the fields of bioenergy and renewable energy in line with global efforts to reduce inequality within and among nations through sustainable development initiatives.

In a recent interview granted to Vietnam News Agency, Foreign Minister Mauro Vieira has emphasized Brazil’s commitment to expanding cooperation with Vietnam. He affirmed that President Lula da Silva’s state visit to Vietnam this time is anticipated to open up a new chapter in bilateral relations following the establishment of the new partnership framework in 2024.

Brazilian President Lula da Silva begins state visit to Vietnam today

VOV.VN - Brazilian President Luiz Inacio Lula da Silva is scheduled to begin his State visit to Vietnam on March 27 at the invitation of President Luong Cuong.