tl;dr
The BRICS economic alliance is expanding as more countries join the effort to reduce reliance on the US dollar. Brazil, currently leading BRICS, announced Vietnam as a new “partner country,” a status allowing participation in summits and endorsements without full membership. Vietnam is the 10th part...
The BRICS economic alliance is broadening its reach with Vietnam added as a new “partner country,” signaling ongoing efforts to reduce dependence on the US dollar. Brazil, currently leading the group, announced this latest development, introducing Vietnam as the 10th partner country, alongside Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan. This status allows these nations to participate in BRICS summits and support alliance declarations without full membership rights.
BRICS, initially formed in 2009 by Brazil, Russia, India, and China as BRIC, became BRICS after South Africa joined in 2010. The alliance recently expanded further by welcoming Iran, Egypt, Ethiopia, and the United Arab Emirates in 2024, with Indonesia joining in early 2025. While Brazil counts Saudi Arabia among BRICS partners, the kingdom has refrained from formal membership to maintain favorable ties with the United States.
The alliance’s current agenda emphasizes enhancing economic transactions through local currency use, developing international payment platforms, cooperating in government procurement, and streamlining trade facilitation measures. A significant strategic initiative launched in 2023 is exploring a common currency backed by gold and other assets to bypass the US dollar’s dominance. Despite this, some member states have publicly denied actively pursuing outright de-dollarization as of early 2025.
This expansion and evolving agenda reflect BRICS’s ambition to reshape global economic dynamics, challenging traditional reliance on established financial systems. As new partner countries join and practical steps toward financial autonomy progress, the global community watches closely how these moves will influence international trade and currency markets in the years ahead.