Vietnam Reportedly Working on Joining BRICS

JAKARTA – Vietnam is actively seeking to join the BRICS economic group. This was reported by the Izvestia newspaper, citing the Hanoi embassy in Russia.

BRICS membership, which previously consisted of Brazil, Russia, India, China and South Africa, has been expanded with the joining of Ethiopia, Iran, Egypt and the United Arab Emirates earlier this year. Saudi Arabia has also been approved as a member but is reportedly considering final ratification of its accession.

Izvetia said Vietnam had not yet made a decision on a formal membership offer, although it was building a framework for BRICS participation and a possible request to join the group. Hanoi has not revealed whether Vietnam will send a delegation to the BRICS summit scheduled for the Russian city of Kazan in October.

The bloc’s political and economic influence has increased significantly since sanctions were imposed on Moscow by the United States and its allies following the start of the Ukraine conflict in 2022. BRICS members have not joined the West’s campaign and resumed or increased trade with Russia.

Many other countries have expressed interest in becoming BRICS members, and several have officially applied, including Venezuela, Thailand, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan.

Vietnam’s economy has been a development success story, according to the World Bank. Economic reforms carried out over the past four decades have helped propel the country from one of the world’s poorest to a middle-income economy in a single generation.

Vietnam’s economy grew by 5.05% in 2023, missing the official growth target of 6.5%, although the World Bank expects steady GDP growth in the coming years.

Vietnam’s manufacturing sector includes industries such as textiles and garments, electronics, machinery, footwear, and food processing, and has attracted large amounts of foreign investment.

Hanoi has taken a neutral stance towards Russia’s conflict with Ukraine. Vietnam abstained on four UN General Assembly resolutions condemning Moscow’s actions, and rejected a motion to expel Russia from the UN Human Rights Council.

(fjo)