Vietnam's Interest in BRICS Expansion: Potential Trade Benefits and Global Engagement

Vietnam closely watches BRICS expansion, considering potential benefits in trade and cooperation with major emerging economies, showcasing its commitment to global engagement.

Vietnam, a nation known for its commitment to multilateralism and global cooperation, is closely monitoring the expansion of BRICS, a group of major emerging economies. Phạm Thu Hằng, the Spokeswoman for the Ministry of Foreign Affairs, highlighted Vietnam's keen interest in the evolving landscape of BRICS during a recent press conference.

BRICS, initially comprising Brazil, Russia, India, and China, expanded its membership on January 1, 2024, by welcoming Egypt, Saudi Arabia, the United Arab Emirates (UAE), Iran, and Ethiopia. This expansion reflects BRICS' growing influence in the global arena. Before this addition, BRICS already held substantial sway, representing about 30% of the global economy, 26% of the land area, and 43% of the world's population.

Vietnam's interest in BRICS stems from its foreign policy objective of diversifying international relations and actively participating in global forums. As one of the rapidly developing economies in Southeast Asia, Vietnam sees potential benefits in collaborating with BRICS member states in areas such as trade, investment, and technology.

While Vietnam has not yet confirmed any formal application for BRICS membership, its active observation of the group's expansion signals a growing interest in potentially joining this influential bloc of nations. Hằng emphasized Vietnam's readiness to participate in and contribute to multilateral mechanisms, underlining the country's stance as a responsible member of the international community.

In summary, Vietnam's engagement with BRICS underscores its commitment to fostering global cooperation and leveraging opportunities for mutual development. As the world continues to evolve, Vietnam stands poised to explore avenues for collaboration with BRICS and other international partners, further enhancing its role on the global stage.