Brazil and Vietnam Explore Trade Opportunities During Lula’s Visit
Brazil’s President Lula da Silva’s recent visit to Vietnam focused on potential trade opportunities, including Embraer planes and Brazilian beef processing. He recognized Vietnam as a market economy, extended an invitation for Vietnam to join the BRICS summit, and discussed future cooperations in agriculture and trade agreements under Mercosur.
On a recent visit to Vietnam, Brazilian President Luiz Inacio Lula da Silva discussed potential transactions, including the sale of Embraer planes and establishing Vietnam as a hub for Brazilian meat processing. This meeting with Vietnam’s President Luong Cuong occurred in Hanoi, indicating a strengthening economic relationship between the two nations.
Lula acknowledged Vietnam’s market economy status and extended an invitation for the country to participate in the upcoming BRICS summit in Brazil. He also promised to negotiate a Mercosur trade agreement with Vietnam to enhance bilateral trade.
The discussions come amid pressure on Vietnam from the United States to decrease its trade surplus, prompting the nation to increase imports from US agricultural markets, particularly soybeans from Brazil. Vietnam is reportedly considering allowing Brazilian beef imports, which could stimulate investment from Brazilian meat companies into Vietnam’s processing sector.
Brazil’s JBS, a major food conglomerate, is contemplating the establishment of a meat-processing facility in northern Vietnam, contingent on market access for Brazilian beef. Additionally, Lula mentioned that Vietnam Airlines is examining Embraer’s proposal for regional jets, highlighting a prospective deal involving ten E190 narrow-body jets.
During the visit, the two countries finalized a five-year action plan emphasizing sectors such as defence, agriculture, energy, and technology. Lula has also invited Vietnam to the upcoming BRICS summit, marking their progress as an observer in the group.
Furthermore, Lula indicated efforts to reach a mutually beneficial agreement for a trade deal between Vietnam and Mercosur during Brazil’s presidency. Technical cooperation on coffee crop cultivation was also proposed, amidst challenges posed by climate change for both nations, significant coffee producers in the world.
In summary, President Luiz Inacio Lula da Silva’s visit to Vietnam highlighted potential sales of Embraer planes and the introduction of Brazilian beef into the Vietnamese market. The discussions reflect a growing economic relationship and commitments toward future trade agreements, as both countries seek to enhance cooperation across various sectors. The BRICS invitation signifies important diplomatic engagement, with prospects for deeper partnerships in agriculture and technology.
Original Source: gazette.com
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