President Luong Cuong and  President Luiz Inácio Lula da Silva at the welcoming ceremony in Hanoi on March 28, 2025. (VGP/Nhat Bac)

They agreed on the need to create more favorable conditions for trade and investment cooperation and explored the possibility of initiating negotiations for a preferential trade agreement between Vietnam and the Southern Common Market (MERCOSUR).  

President Lula da Silva announced that Brazil has decided to join the group of over 70 countries that recognize Vietnam as a market economy. President Luong Cuong expressed his gratitude, emphasizing that this decision reflects Brazil’s acknowledgment of Vietnam’s economic progress and international integration.

The two leaders pledged to further cooperation in various fields, including defense, security, technology, clean energy, education and training, culture, sports, and people-to-people exchanges. 

Speaking to the press after the talks, President Luong Cuong said that both countries aim to increase bilateral trade to 15 billion USD by 2030. 

President Lula da Silva said that both sides have agreed on a comprehensive action plan for 2025-2030 to enhance cooperation across multiple sectors. He also announced that during Brazil’s upcoming presidency of MERCOSUR in July, the country will push for a balanced trade agreement with Vietnam.