BRICS Welcomes Vietnam as 10th Partner Country in De-Dollarization Push

The BRICS economic alliance, which has been actively seeking to reduce its reliance on the US dollar, has welcomed Vietnam as its latest "partner country." This move comes as the bloc continues to expand its membership and push for de-dollarization. The Brazilian government, currently leading the alliance, made the announcement on Friday, marking Vietnam as the 10th partner country to join the group. Other partner countries include Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan.

The BRICS alliance, originally formed in 2009 with Brazil, Russia, India, and China as its founding members, later added South Africa in 2010, changing its acronym to BRICS. In recent years, the bloc has seen significant expansion, with Iran, Egypt, Ethiopia, and the United Arab Emirates joining in 2024, and Indonesia becoming a member in early 2025. Saudi Arabia, while reportedly part of the bloc according to Brazil, has not formally joined to avoid potential tensions with the US.

The alliance's current priorities, as outlined by Brazil, include facilitating economic transactions between member countries using local currencies, developing international payment platforms, cooperating on government procurement, and promoting trade facilitation measures. These efforts are part of a broader strategy to reduce dependence on the US dollar and foster a more multipolar economic landscape.

In 2023, the BRICS alliance began exploring the creation of a common currency backed by gold and potentially other precious metals and assets. This initiative aims to provide an alternative to the US dollar and enhance economic resilience among member countries. However, officials from several member countries have stated that de-dollarization is not a primary focus, despite the alliance's efforts to reduce reliance on the US currency.

Vietnam's inclusion as a partner country is a strategic move that aligns with the bloc's goals of economic cooperation and de-dollarization. As a rapidly developing economy in Southeast Asia, Vietnam brings valuable economic and political influence to the BRICS alliance. This partnership is expected to strengthen trade ties, promote regional economic integration, and support the bloc's efforts to create a more resilient and independent economic system.