Vietnamese Ambassador to Brazil Bui Van Nghi (second from left) present souvenirs to President of the Brazil-Vietnam Friendship Association Inácio Arruda (Photo: VNA)

Both sides said the results achieved during Prime Minister Pham Minh Chinh's recent visit to Brazil are an important basis for consolidating bilateral cooperation and opening up new cooperation opportunities.

The two sides said joint ventures need to be implemented at the national and regional levels in both Southeast Asia and Latin America, particularly with the Southern Common Market (MERCOSUR). They agreed on the need for direct trade, avoiding going through a third country.

Vietnam is now Brazil's biggest trading partner in Southeast Asia while Brazil is Vietnam’s biggest trading partner in South America, with two-way trade turnover reaching a record 6.7 billion USD in 2022, 6.6% higher than in 2021 and tripling over the past decade.