Brazil recognizes Vietnam's market economy status

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Brazilian President Lula da Silva is on a three-day state visit to Vietnam

Brazil decided to recognize Vietnam's market economy status.

Brazilian President Lula da Silva in Hanoi on March 28 with Vietnamese President Liang Qiang talks, the Brazilian government has decided to join the recognition of Vietnam's market economy status of more than 70 countries group.

President Lula is on a three-day state visit to Vietnam.

He stressed that the visit is aimed at reaffirming Brazil's commitment to strengthening its strategic partnership with Vietnam as part of Brazil's broader policy to strengthen ties with ASEAN and the Asia-Pacific region.

Nguyen Xuan Qiang thanked the Brazilian government for recognizing Vietnam's market economy status and its progress in economic innovation and international integration, saying that this move will help strengthen bilateral relations and support the realization of the 2030 bilateral trade volume of 15 billion billion U.S. dollars.

during the talks, the two presidents instructed relevant departments to strengthen measures to promote bilateral trade and investment, while discussing the possibility of launching Vietnam-Southern Common Market (MERCOSUR) preferential trade agreement negotiations.

Brazil continues to maintain Vietnam in Latin America's largest trading partner status, Vietnam continues to maintain Brazil in ASEAN's largest trading partner status.

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