Brazil retains position as largest Vietnamese trading partner in Latin America

Brazil remains the nation’s largest trading partner in Latin America, with two-way trade turnover continuing to enjoy exponential growth, reaching a figure of US$4.6 billion in 2020, an increase of 2.3% compared to 2019.
Vietnamese Ambassador to Brazil Pham Thi Kim Hoa meets with Brazilian Vice President Halmiton Mourao(Photo: VNA)
Vietnamese Ambassador to Brazil Pham Thi Kim Hoa meets with Brazilian Vice President Halmiton Mourao (Photo: VNA)

Brazilian Vice President Halmiton Mourao expressed his desire to step up efforts aimed at closer co-operation with the country during a reception held on May 17 for Vietnamese Ambassador Pham Thi Kim Hoa, who was there on a courtesy visit to him before embarking on her mission.

During the course of the meeting with the Vietnamese diplomat, Vice President Mourao commented that Vietnam represents one of the fastest growing countries throughout Southeast Asia, with an important geostrategic position which is located on an essential maritime route that is crucial for trade exchanges with other countries.

Since the initial establishment of diplomatic relations between the two on May 8, 1989, the relationship between both sides has seen consistent growth. There is therefore great potential ahead for broader co-operation across multiple fields on the basis of the comprehensive partnership framework, which sees Brazil consider the country an important partner.

The Brazilian Vice President gave a positive assessment when discussing Vietnamese COVID-19 pandemic control measures, noting the nation’s support in providing medical protective equipment to numerous Brazilian agencies.

He also stated the Brazilian Government’s readiness to facilitate greater activities run by the Vietnamese Embassy in Brazil, whilst supporting Ambassador Hoa in fulfilling her duties as a contribution to the further development of relations between the two countries.

In response, Ambassador Hoa affirmed the nation’s recognition of the great importance that Brazil's role and position plays in the international arena. She went on to express wishes to continue strengthening the framework of the comprehensive partnership between the both sides.

The Ambassador also suggested that the two countries strengthen the exchange of delegations at all levels in the near future once the COVID-19 pandemic is brought under control. This should be done whilst continuing to maintain co-operation mechanisms such as political consultation between the two foreign ministries and the Vietnam-Brazil Joint Committee in Vietnam, both of which represent important channels for both sides to review and promote bilateral relations moving forward.

At present, Brazil maintains its position as Vietnam's largest trading partner in Latin America, with two-way trade turnover continuing to witness exponential growth, reaching US$4.6 billion in 2020, up 2.3% compared to 2019.

Most notably, the Vietnamese economy is highly dynamic with roughly 100 million people and is also a member of many regional free trade agreements, Ambassador Hoa said, adding that the nation welcomes Brazilian investment projects and hopes that both sides will increase information exchanges on each other's markets to boost bilateral investment.

She also highlighted agricultural trade as an outstanding field of co-operation between the two nations, particularly after both sides recently successfully negotiated a package of four agricultural products, including opening the door to Brazilian cantaloupe and live cows into the Vietnamese market. This has been done alongside opening the door for Vietnamese shrimp and removing some barriers to local tra fish (pangasius) when entering the South American nation.

The Ambassador asked both sides to continue accelerating negotiations on other packages of agricultural and aquatic products in the near future as a means of bringing them to their markets on the basis of mutual benefits and the balance of trade.

According to the local diplomat, both nations should continue to work together to promote the finalising of negotiations on bilateral co-operation documents. This includes the framework agreement on technical co-operation, the Memorandum of Understanding between the two defense ministries, and the education co-operation agreement at a governmental level toward expanding bilateral cooperation across a variety of fields.