|Vietnam–Brazil Investment and Trade Forum chaired by Deputy Prime Minister Vuong Dinh Hue, Deputy Minister of Planning and Investment Vu Dai Thang, chairman of Sao Paulo Chamber of Commerce Roberto Ticoulat and chairwoman of Brazil's Committee of Export and Import Rita Campagnoli |
The Vietnam-Brazil Investment and Trade Forum took place on July 3 in Sao Paulo, Brazil, the largest finance-economy centre in the South Americas. With the participation of over 200 representatives, this was the biggest economic event between the two countries in Brazil during the official visit of Deputy Prime Minister Vuong Dinh Hue to Brazil.
In order to strengthen relations on economics, trade, and investment between the two countries, Deputy Prime Minister Vuong Dinh Hue proposed the two sides to strengthen communication on investment policies, priority sectors for co-operation (especially agriculture), as well as carry out co-operation programmes for businesses of the two countries to familiarise themselves with the investment climate and opportunities at each side.
Two countries’ governments should encourage and promote investment and trade flows based on benefits to both sides, as well as strengthen exchanges of business delegations to find investment opportunities.
The DPM encouraged Brazilian businesses to invest in the fields of manufacturing, high-technology, infrastructure development, agriculture-forestry-fishery, renewable energy, information technology, pharmaceuticals, biology, construction, and services, as well as become strategic partners in Vietnamese state-owned enterprises which are in the process of equitisation.
After nearly 30 years of establishing diplomatic relations (1989-2019), and especially the comprehensive partnership formed in 2007, the relationship between Vietnam and Brazil has been developing in various fields.
Brazil is the largest and most important market of Vietnam in the South Americas. In 2017, two-way trade turnover hit $3.87 billion, a twelve-fold increase over the decade. However, investment co-operation between the two countries is very modest, posting only three projects with the total investment of $2.8 million.
With available advantages and conducive economic policies, Vietnam is an attractive investment destination, with $326 billion of FDI capital from 128 countries. Numerous leading transnational corporations (TNCs) in the Global Fortune Top 500 have set foot in Vietnam and developed the country into part of their global supply chains, especially in the fields of electronics, garment, motorbikes, and agriculture and fishery.
|Around 200 representatives of the two countries' businesses attended the forum |
DPM Hue said that there are many fields where the two countries could complement each other, such as energy, aviation, agriculture, infrastructure, health.
“Brazil could become a bridge connecting Vietnam and South Americas markets, and Vietnam could help Brazil to reach out to the ASEAN market with the total population of 650 million, and the 800 million people of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),” the DPM stated.
The Vietnamese government commits to maintain socio-political stability, create the most favourable business climate to fall in line with OECD standards, as well as reduce transaction costs, especially the cost of logistics and administrative procedures.
There are around 330 industrial parks in Vietnam, 16 coastal economic zones, and three Special Administrative-Economic Zones being formed with outstanding incentive policies. These will enable Vietnam to remain the most attractive destination for foreign investors.
Themes discussed at the forum were very practical, showing the co-operation potential of the two countries’ businesses. They also raised numerous solutions to promote relationship on bilateral economic ties, investment, and trade more effectively in the time to come.
“On this occasion, we suggest Brazilian enterprises to pay attention to investment and trade with Vietnam, given the mutual benefits and advantages on the table. The Vietnamese government vows to develop a transparent, friendly, and open investment climate, as well as create the most favourable conditions for all economic sectors, including Brazilian businesses, to seize potential opportunities and improve their performance in Vietnam,” Deputy Minister of Planning and Investment Vu Dai Thang said at the forum’s conclusion.