Cooperation in agriculture helps reduce Vietnams trade deficit with Brazil

Brazil is committed to helping Vietnam tapping the country’s shrimp market as a way to balance bilateral trade.

Phuc made the statement in a meeting with Brazil’s Minister for Agriculture, Livestock, and Supply Tereza Cristina on May 17. 

The prime minister stressed the importance of the comprehensive partnership between Vietnam and Brazil, saying the two countries have huge potential in trade cooperation, especially in agricultural sector. 

Over the past 10 years, bilateral trade turnover has increased 9-fold, making Brazil Vietnam’s largest trading partner in Latin America and the second in America, behind the US. 

Phuc requested Brazil to create favorable conditions for Vietnamese agricultural products, including pangasius and shrimp to tape in its market. 

For her part, Brazilian Minister Cristina expressed her delight to visit Vietnam on the occasion of two countries celebrating the 30th anniversary of the establishment of diplomatic relations. 

Cristina said Brazil is committed to helping Vietnam tap the country’s shrimp market as a way to balance bilateral trade. 

Vietnam is considered a gateway for Brazilian farm produce to enter the ASEAN market, including beef, Cristina added. 

She informed that her delegation to Vietnam included 20 Brazilian enterprises, indicating strong interest in the Vietnamese market. 

Currently being the chair of Mercosur, the Southern Common Market, Brazil is at the advantage of facilitating cooperation between Vietnam and its country members, Cristina continued. 

Prime Minister Phuc added Vietnam would serve as bridge to promote cooperation between ASEAN and Mercosur, proposing the two blocs initiate the Vietnam – Mercosur Free Trade Agreement. 

On this occasion, Phuc thanked Brazil for its support in Vietnam’s running for a non-permanent seat in the Security Council for 2020 – 2021 term.