Vietnam joins Brics as partner country amid ongoing trade talks with US
[HO CHI MINH CITY] Vietnam was on Saturday (June 14) confirmed as the tenth Brics partner country, a year after it expressed interest in collaborating with the bloc amid the latter's ongoing membership expansion.
This also came a day after Brazil, which is at the helm of the group of major emerging economies this year, announced the formal admission of Vietnam into the bloc, which includes Brazil, Russia, India, China and other nations.
Before Vietnam's involvement, several other Asean countries had already engaged with Brics – Indonesia as a full member, and Thailand and Malaysia as partner countries.
The prolonged process of establishing the formal relationship occurred as Vietnam faced increasing risks from US President Donald Trump's tariff blitz, including a significant reciprocal levy of 46 percent imposed in April.
'Being formally associated with Brics, even as a partner country, can disproportionately increase Vietnam's risk exposure, relative to any potential benefits of joining Brics,' Control Risks analyst Le Truong Giang told The Business Times earlier this year.
The potential gains from the partnership with the bloc, however, he added, include diversifying export markets to reduce reliance on the US, which is Vietnam's largest goods buyer. The South-east Asian nation could also expect to enhance investments for industrialisation and infrastructure development, as well as strengthen its geopolitical leverage in its relationships with major powers.
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Meanwhile, Hanoi is actively seeking a compromise with Washington before a 90-day pause on the tariff plans ends next month.
As the two concluded the third round of trade discussions on Jun 12, Vietnam said on Sunday that it had made progress on various matters and was 'narrowing the gap' on all fronts, while also seeking online meetings with Washington in the coming days to continue discussions on remaining issues.
US Secretary of Commerce Howard Lutnick said earlier this month that there is still room for talks if Vietnam curtails imports from China and reduces its trade deficit with the US, which amounted to US$123 billion last year – the third largest among US trade partners after China and Mexico.
In a response to local media on its partnership with Brics, spokesperson of Vietnam's Ministry of Foreign Affairs Pham Thu Hang underlined the country's desire to enhance the voice and role of developing countries.
Brazil's government echoed this view as it said last Friday that Vietnam stands out as a relevant actor in Asia. 'Its efforts in favor of South-South cooperation and sustainable development reinforce its convergence with the interests of the group,' it added.
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