The virus has recently become an international health issue with suspected links to microcephaly. It is also believed to trigger Guillain-Barre syndrome, an autoimmune disease, in individuals with a propensity for the disease.
Castro on Thursday said the two institutions -- Brazil's Evandro Chagas Institute and the University of Texas -- will work to speed up initial research, and a vaccine might be ready for a two-year test in 12 months.
"We know it will take time but we are optimistic that we can develop the vaccine in a shorter time," said Castro.
The Brazilian government will invest $2 million in the project while the amount to be invested by the US side is yet to be disclosed.