BRICS+ expands: Vietnam becomes a partner

BRICS+ expands: Vietnam becomes a partner

Vietnam has joined the BRICS+ group, a strategic move that aims to strengthen economic ties and enhance global influence. The BRICS+ group, which originally included Brazil, Russia, India, China, and South Africa, has now expanded to include Vietnam. This expansion is part of a broader strategy to foster economic growth and cooperation among emerging markets.

The decision to invite Vietnam to the BRICS+ group comes amidst ongoing trade negotiations between Vietnam and the United States. Despite ongoing concerns about Chinese goods being rerouted through Vietnam to avoid tariffs, the two countries have made progress in their negotiations [1]. Vietnam is seeking tariffs in the range of 20% to 25%, while the United States has imposed a 46% tariff and paused elevated rates temporarily [1].

Vietnam's Minister of Industry and Trade, Nguyen Hong Dien, has been actively engaging with major American companies such as Gap Inc. and Levi Strauss & Co. to mitigate the impact of President Donald Trump's proposed 46 percent trade tariff [3]. Vietnam has also signed several agreements worth up to $3 billion with the United States, aiming to rebalance their trading partnership [3].

In addition to trade negotiations, Vietnam has also launched a pilot program for emissions trading, a step towards curbing its climate footprint. The program will cover major polluters such as fossil fuel power plants and producers of iron, steel, and cement [4]. This initiative is part of Vietnam's broader commitment to reduce emissions and meet its 2050 net zero target.

The inclusion of Vietnam in the BRICS+ group is expected to bring long-term strategic benefits and contribute to improving the trade balance between the two countries. The expanded group will continue to explore opportunities for economic cooperation and growth.

References:
[1] https://news.bloomberglaw.com/international-trade/us-vietnam-move-closer-to-trade-framework-as-deadline-nears-1
[2] https://wwd.com/footwear-news/shoe-industry-news/vietnam-athletic-performance-shoes-tariffs-us-trade-talks-1237916391/
[3] https://brandequity.economictimes.indiatimes.com/news/marketing/vietnam-engages-gap-and-levi-strauss-to-counter-trump-tariffs/121796464
[4] https://www.bloomberg.com/news/articles/2025-06-11/vietnam-launching-pilot-program-for-emissions-trading-market