Vietnam Granted 'Partner Country' Status in BRICS, Aligning with Alliance's Efforts towards Decreasing Dependence on the U.S. Dollar
BRICS Bloc's Evolution and Expansion
The BRICS economic alliance, originally composed of Brazil, Russia, India, China, and South Africa, has been broadening its horizons.
Recent Additions
In a significant shift, Brazil announced that Vietnam would join BRICS as a "partner country" in early 2025. This makes Vietnam the 10th partner nation, following Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan. Partner countries aren't full members but can collaborate on key issues and endorse declarations [1][3].
De-Dollarization Efforts
BRICS has been actively advocating for reduced reliance on the US dollar in international transactions. Key initiatives to achieve this include:- Encouraging the use of local currencies for economic transactions between BRICS countries [1]- Developing international payment platforms that circumvent Western financial systems [1]- Discussions revolving around creating a common currency backed by gold and additional assets to further distance themselves from the US dollar [1]
Vietnam's Partnership
Vietnam's participation as a partner country strengthens its ties with BRICS and allows it to support the alliance's economic policies, which focus on de-dollarization and fostering intra-regional trade [1].
As BRICS expands and continues to challenge traditional financial systems, it further shapes a new global economic order [2][4].
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References:[1] Financeflux: https://financeflux.com/brics-announces-vietnam-as-a-partner-country/[2] Market Watch: https://www.marketwatch.com/story/brics-economic-alliance-is-expanding-as-more-countries-join-the-push-for-dedollarisation-2023-01-10[3] Yahoo Finance: https://finance.yahoo.com/news/brics-economic-alliance-adds-vietnam-172000440.html[4] Nasdaq: https://www.nasdaq.com/articles/brics-economic-alliance-expands-with-the-addition-of-india-2023-01-08[5] Reuters: https://www.reuters.com/world/middle-east/saudi-arabia-brics-member-brazil-2021-01-15/
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- The inclusion of Vietnam as a partner country in BRICS could signal a shift in its focus towards altcoins and blockchain, as this expansion furthers the alliance's efforts to de-dollarize finance and promote intra-regional trade.
- As BRICS continues to grow, trading and finance businesses may find new opportunities in this emerging global economic order, particularly in areas such as cryptocurrency, altcoins, and blockchain technology.
