Hanoi (VNA) – A seminar themed “Vietnam-Brazil relationship: potential and opportunities” was held in Hanoi on November 30 to provide a platform for discussions on ways to promote trade and investment between the two countries.

President of Vietnam’s Academy of Social Sciences (VASS) Nguyen Van Thang reviewed the outcomes of bilateral cooperation in recent years, especially in economics, trade and investment.

Two-way trade between Vietnam and Brazil hit 3.18 billion USD last year from 47 million USD in 2003. In 2008-2014, total exports and imports grew annually by 41 percent.

Brazilian Ambassador Marco Brandao touched upon business opportunities in aviation, agriculture, energy and transport, among others.

Cu Chi Loi, Director of the VASS’s Institute of American Studies, said Vietnam and Brazil are key bridges to enter regional markets. Bilateral ties are expected to grow robustly as the two countries integrate further into their respective regions.

He suggested formulating a free trade agreement, issuing trade and investment support mechanisms, promoting the launch of banks and convenient payment methods, and expanding people-to-people and cultural exchanges.

Participants discussed Brazil’s foreign policy and ties with Vietnam, business support for Vietnamese firms and Brazilian business activities in Vietnam.

The event was co-hosted by the Vietnam-Brazil Friendship and Cooperation Association and the VASS’s Institute of American Studies.-VNA