Establish all conditions for long-term Brazilian investment in Vietnam.

DNHN - Premier Pham Minh Chinh emphasised that the Vietnamese government is committed to creating favourable conditions for Brazilian investors to conduct successful, long-term, and sustainable investments in Vietnam.

During his official visit to the Federative Republic of Brazil, on the morning of September 24 in the city of Sao Paulo, according to a VNA special envoy, Prime Minister Pham Minh Chinh met with Brazilian businesses to discuss cooperation opportunities. Invest, connect businesses, and jointly create new values and growth drivers to promote and enhance the quality and depth of Vietnam-Brazil economic cooperation in the future.

While introducing the country and people of Vietnam, the investment climate in Vietnam, and the relationship between the two nations, the Prime Minister noted that despite being separated by half the globe, the people of Vietnam and Brazil share many similarities. That is sincerity, hospitality, and generosity.

"Vietnamese people know Brazil as a country of football, Brazilians are compassionate, and Brazil is strong and unique," the Prime Minister pointed out.

According to the Prime Minister, after nearly 35 years of establishing diplomatic relations, and particularly since the establishment of the Comprehensive Partnership in 2007, Vietnam-Brazil cooperative relations have been and continue to develop favourably in the international community. every field.

Political relations are becoming closer and more trustworthy, while economic and commercial ties are expanding.

Vietnam and Brazil are currently each other's largest trading partners in Southeast Asia and South America, with trade turnover in 2022 reaching a record level of approximately USD 6.78 billion, a 6.6% increase over 2021. and tripling over the past decade.

Nonetheless, investment cooperation between the two nations remains very limited. Currently, Brazil has six active projects with a combined registered capital of USD 3.83 million. On the Vietnamese side, there is a registered investment of USD 0.3 million in a Brazilian investment project.

In the context of a world economic situation with many uncertain developments, challenges, and opportunities intertwined, Vietnam has united, promoted the "fire tests gold, hardship tests strength" spirit, vigorously promoting internal efforts, harmoniously combining with international integration, and successfully implementing dual goals, both controlling the COVID-19 epidemic and socioeconomic recovery and development; Maintain macroeconomic stability, control inflation; and Maintain macroeconomic stability, control inflation.

To date, the size of the economy has reached 409 billion dollars; the average per capita income has increased from 160 dollars to over 4,100 dollars. In addition, Vietnam has signed 16 new generation Free Trade Agreements with over 60 countries and territories, including the world's largest markets, and is increasingly diversifying its markets and products. products, and supply chain management.

Many of the Global Fortune Top 500's leading transnational corporations (TNCs) are currently conducting business in Vietnam, selecting the country as a strategic production hub connected to global supply chains.

Vietnam is becoming an important link in the global value chain, particularly in the fields of electronics, apparel, motorbikes, agriculture, and fisheries...

In terms of growth prospects and business environment, the international community and investors continue to evaluate Vietnam's investment climate favourably. Consequently, international organisations anticipate that Vietnam will continue to have one of the highest growth rates in the region and the world.

In the coming period, Vietnam will continue to build and perfect a socialist-oriented market economy, a socialist rule-of-law state, and a socialist democracy with the people as the subjects and driving forces. forces and objectives for advancement.

Vietnam's strategic development goal is to become a developing country with a high middle income by 2030, and a developed country with a high income by 2045. Internal strength is the fundamental, strategic, decisive, and long-term factor in achieving this goal.

With a policy of selectively attracting and cooperating with foreign investment, using quality, efficiency, technology, and environmental protection as the primary evaluation criteria, Vietnam places a premium on attracting investment projects. There is a widespread commitment to cooperation and facilitation for Vietnamese businesses to participate in the value chain; promote the digital economy and actively contribute to Vietnam's sustainable socioeconomic development.

The Vietnamese and Brazilian economies have many highly complementary fields and products, including energy, aviation, agriculture, infrastructure, healthcare, biology, mining, etc., according to the prime minister.

Specifically, Brazil can serve as a gateway for Vietnam to access the markets of Latin American nations and the South American Common Market (MERCOSUR). At the same time, Vietnam will serve as a gateway for Brazil to access the large ASEAN market of more than 650 million people and the even larger market of 800 million people of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which Vietnam joined on January 20.

Shortly, the Prime Minister proposed that the two sides: Promote extensive information exchange on each country's investment-related policies and priority areas of cooperation; Coordinate the implementation of cooperation programmes in investment and trade promotion in a variety of forms so that businesses from both sides can better comprehend the environment and investment opportunities of each country.

The Prime Minister stated that the two governments must encourage and promote two-way investment and trade flows based on mutual benefit; Increase the exchange of business delegations to survey and explore the market for investment opportunities and business connections to increase the level of trade-investment relations commensurate with the potential and advantages of the two countries.

, biology, construction, and services..., in addition to participating in strategic partnerships with state-owned enterprises that have been and will be equitized and divested.

The prime minister hopes that Vietnamese and Brazilian businesses will connect and collaborate to construct and form value chains that connect the two nations and the global market. Vietnam is willing to discuss openly business-related topics.

The Vietnamese government is committed to facilitating successful, sustainable, and long-term investments by Brazilian investors in Vietnam.

During the discussion, corporations, large businesses, and representatives of Brazilian business associations shared their impressions of Vietnam's development and hospitality and praised the country's potential for future growth.

Businesses are interested in cooperating with Vietnam in a variety of fields, particularly agriculture, food processing, renewable energy, and aerospace; believe that these are areas where Brazilian and Vietnamese businesses can cooperate and complement one another to participate in the global supply chain.

In addition to introducing their potential for cooperation, Brazilian companies expressed a desire to learn more about Vietnam's legal regulations in the aforementioned fields, particularly food safety standards and safety procedures. import and export operations.

The Brazilian Chamber of Commerce and Industry wishes to establish an office in Vietnam to promote trade and industrial cooperation between the two countries. The Embraer Aerospace Corporation hopes to receive government support for the construction of an aviation equipment maintenance centre that will provide all levels of components and aircraft maintenance in Vietnam.

Prime Minister Pham Minh Chinh said that Vietnam is currently focusing on three strategic breakthroughs: perfecting the market economic system, socialist orientation; administrative reform, and training high-quality human resources.

Affirming that Vietnam fully supports Brazil's opening of the Brazilian Chamber of Commerce and Industry Office in Vietnam, the Prime Minister urged Brazilian and Vietnamese businesses to further promote the transfer of science and technology; and strengthen connections to comprehend, share, and collaborate, and develop jointly.

Vietnam and Brazil continue to promote cooperation in the fields of culture, tourism, and sports as a result of their rich cultural heritage and high-level sports development.

The Prime Minister hopes that the current climate of good political relations will encourage Brazilian businesses to invest, produce, and conduct more business in Vietnam in the spirit of win-win, "harmonious benefits, risks." or shares."

For instance, Vietnam and Brazil are the world's leading producers and exporters of coffee; therefore, they should cooperate and support one another's development rather than compete and exclude one another.

Appreciating the willingness of Brazilian businesses to cooperate, the Prime Minister stated that Vietnam actively negotiates with Brazil Free Trade Agreements, investment protection, double taxation avoidance, etc., to create favourable conditions for Enterprises to cooperate and develop.

Therefore, the Prime Minister urged businesses on both sides to participate actively and translate cooperation mechanisms into concrete programmes and projects, to bring the two-way trade turnover to 10 billion USD by 2025 and 15 to 20 billion USD by 2030, in a more balanced direction./.

Pham Tiep (VNA/Vietnam+)