Hanoi (VNA) – Brazilian President Lula da Silva's upcoming state visit to Vietnam holds great political and economic significance, as it will strengthen the bilateral friendship and create opportunities to diversify economic, trade, and investment cooperation, and boost political ties, Brazilian Ambassador to Vietnam Marco Farani has stated.

In an interview with the Vietnam News Agency ahead of the visit, the Brazilian diplomat said the March 27-29 trip will mark an important milestone in the bilateral relations.

He revealed that President Lula will be accompanied by a highest-level political delegation, including leaders of both upper and lower houses, as well as prominent entrepreneurs from the industrial and agricultural sectors, showing the significance of the visit.

Vietnam and Brazil announced the upgrade of their bilateral relations to a strategic partnership in 2024, reflecting the positive development and maturity of their ties. Brazil is well aware of Vietnam's role in Southeast Asia, its active participation in ASEAN, and its commitment to economic development and social welfare goals. Similarly, Brazil holds a strong position in the Southern Hemisphere and remains committed to economic growth. Both represent emerging economies, play significant roles in their respective regions, and maintain friendly and stable relations with the rest of the world.

President Lula’s visit will also highlight the complementarities between the two nations and the significant role of their economies in key sectors such as agriculture, science-technology and innovation. Additionally, it aims to expand new channels for cooperation in trade, economy, and investment.

According to the diplomat, the visit will also promote deeper engagement in people-to-people diplomacy. In addition to continuing the high-level dialogue initiated during Prime Minister Pham Minh Chinh’s visit to Brazil in 2023, Lula’s trip is hoped to mark a significant step forward in bilateral relations and dialogue between the two nations.

Regarding the potential for business cooperation between the two countries, Marco stated that both nations have increasing consumer demand, a balanced economy, and political stability, which facilitate bilateral trade flows.

The Ministry of Foreign Affairs and the National Confederation of Industry of Brazil, in coordination with the Brazilian Embassy in Vietnam, will host a Brazil-Vietnam economic forum on March 29, bringing together over 100 Vietnamese businesses and more than 50 firms from Brazil’s key industries, he said.

The forum will offer a venue for delegates to analyse and discuss key areas related industry, agriculture, and energy, he said, noting that these are sectors showing strong growth in both economies, driven by innovative mechanisms and high-tech applications.

Brazil and Vietnam have all the necessary conditions to leverage the advantages of bilateral trade cooperation, including technology exchange, establishing partnerships targeting third markets, and expanding defence cooperation, especially when Brazil excels in the aviation industry, while Vietnam has extensive experience in defence industry and security, he said.

The diplomat also mentioned the key priorities that Brazil aims to promote within the framework of the Vietnam – Brazil strategic partnership, stressing the common goal of peace and stability in the region and the world as one of the important factors bringing the two countries closer together.

He said that this is a prerequisite for promoting trade and economic cooperation, and strengthening political relations.

Brazil and Vietnam have agreed to build a strategic partnership based on five core cooperation pillars of politics and security; economy, trade, and investment; science, technology, and innovation; climate change and environment; and people-to-people diplomacy and cultural exchange, he said.

The new partnership also fosters deeper cultural cooperation, enhances delegation exchanges, and strengthens interactions between the people of both countries, he added.

Under the framework of the new bilateral partnership, the two sides will continue to maintain consultation and dialogue mechanisms, including regular bilateral political consultations, he said.

The two countries have witnessed strong growth in their trade ties. Brazil is currently Vietnam’s largest trading partner in Latin America, with two-way trade nearing 8 billion last year. The two governments aim to elevate the figure to 15 billion USD by 2030.

The two sides' commitment to sustainable development and innovation, along with their highly complementary economies, are expected to create numerous new opportunities for stronger economic cooperation in the future, he noted./.