The view was shared by Brazilian President Luiz Inacio Lula da Silva and Vietnamese Deputy Prime Minister Hoang Trung Hai at a seminar “Brazil-Vietnam: Building new partnerships” in Hanoi on July 10.

President da Silva said that Brazil will encourage trade exchange and study the possibility of investment, particularly in bio-fuel with Vietnam – an emerging economy in the region and the world.

For his part, Deputy PM Hai said that Vietnam wants to develop economic and trade ties with Brazil – a leading economy in Latin America. He affirmed that the Vietnamese Government will create the best possible conditions for Brazilian businesses to operate efficiently in the country.

Trade between Vietnam and Brazil increased steadily in recent years from US$113.8 million in 2005 to US$204 million in 2006 and US$323.2 million in 2007. In the first six months of this year, two-way trade reached US$276 million, of which Brazil exported goods worth US$175.6 million to Vietnam.

Vietnam mainly exports coal, rice, garments and shoes to Brazil while importing eucalyptus wood and leather from the Latin American nation.

At the seminar, the Central Bank of Brazil (Banco do Brasil) and the Vietnam Bank for Agriculture and Rural Development (Agribank) signed a Memorandum of Understanding (MoU) to exchange information and support the two countries’ businesses in their import and export activities.