Vietnamese exporters have the chance for expanding markets to Brazil as its government has temporarily lowered import tax to 2 percent from 16 percent on 250 types of goods.

Under the Brazilian government’s decisions, 240 types of machines and equipment and 10 other IT and telecommunications products are imposed the tariff rate during the period from June 24, 2014 to the end of 2015.

Statistics from the Ministry of Industry and Trade shows bilateral trade between Vietnam and Brazil, the world’s 7th largest economy, has grown strongly, behind only the US in the American region.

Two-way trade between the two countries exceeded 2 billion USD in 2013 and reached 1.7 billion USD in the first seven months of this year, of which Vietnam’s exports were 723 million USD.

Vietnam mainly ships to the Latin American country telephone accessories, footwear, frozen fish fillet, synthetic fiber, and integrated circuit, while importing maize, soybean, tobacco and footwear materials, and cotton.

Vietnam’s Trade Office in Brazil suggested that Vietnamese businesses focus on organising and participating in trade promotion activities, thus boosting exports to the promising market.

Vietnam-Brazil bilateral trade is expected to hit 3 billion USD in 2014, if market development measures are implemented well, said the office.-VNA