Deputy Prime Minister Vuong Dinh Hue on July 3 visited Sao Paulo, the largest financial and industrial hub of Brazil and the North American region, as part of his ongoing visit to Brazil.

Deputy Prime Minister Vuong Dinh Hue (middle) at the Vietnam-Brazil trade and investment forum

Addressing a Vietnam-Brazil trade and investment forum with the participation of representatives of about 100 enterprises of both sides, the Deputy PM highlighted cooperation potential between the two countries.

Vietnam has recorded a high growth rate over the past many years, and will be a gateway for Brazil to access the ASEAN markets and free trade areas in which Vietnam is a member, while Brazil can help Vietnam penetrate the South American trade bloc (MECOSUR), he said.

Along with the agreements signed on aviation, agriculture and cooperation deals between the Chambers of Commerce and Industry of the two countries, Vietnam and Brazil have finalised agreements on defence, especially in the defence industry, while heading to the signing of an investment protection agreement and another on double taxation avoidance.

Deputy PM Hue expressed his belief that ties between the two countries will thrive in the future through specific programmes.

Vietnam can become a top importer of Brazil’s maize and soybean, and will consider buying beef from the country, he said, suggesting that Brazil import more coffee, tra fish and shrimp from Vietnam.

He underscored that Vietnam is willing to cooperate with Brazil in farming machine manufacturing, safe agricultural production, tourism, education and training, and pharmaceuticals.

Alencar Burti, President of the Sao Paulo Chamber of Commerce, said that the forum creates a chance for Vietnam to attract more investment from Sao Paulo, and foster partnership between the business communities of both sides.

Earlier the same day, at a meeting with Ambassador Rubens Barbosa, President of the Federation of Industries of Sao Paulo State (FIESP), Deputy PM Hue proposed that the FIESP strengthen cooperation with Vietnam’s big cities such as Ho Chi Minh City, while engaging in the restructuring and acquisition of State-owned enterprises as well as the reform of banking system and the construction of agricultural processing plants in Vietnam, thus involving deeper in Vietnam and ASEAN markets.

During his stay in Sao Paulo, Deputy PM Hue also held meetings with some leading enterprises and business associations of Brazil such as the Brazilian Association for Fisheries Promotion (ABRAPES), the Brazilian Association of Fisheries Industries (ABIPESCA), aerospace companies Embraer and Avibras, and Eurofarma medical company.

At the meetings, the Deputy PM briefed the businesses on important agreements reached during his visit, as well as political determination of leaders of both countries in boosting two-way trade, positive response of Brazil to Vietnam’s proposal to consider Vietnam’s market economy regulations in 2018, and the building of legal framework for bilateral trade.

He held that the Vietnamese and Brazilian economies can supplement each other, but current investment cooperation has yet to match the potential.

Vietnam welcomes businesses to take advantage of favourable conditions created by the Vietnamese and Brazilian Governments to seek stronger partnership, he stressed.

Brazilian enterprises expressed their interest in the Vietnamese market and opportunities to import Vietnamese aquatic products such as shrimp and tuna, as well as export soybean and beef to Vietnam.

They also sought partners to import under-150-seat airplanes, while showing willingness to exchange experience with their Vietnamese peers in producing and distributing ethanol petrol, forge stronger partnership in the defence industry, and consider the expansion of cooperation to new areas of high technology, finance-banking, education and medicine.

Deputy PM Hue pledged that the Government of Vietnam will support and encourage domestic firms to seek partners in Brazil.-VNA