Business

Vietnam-Brazil’s 11-month trade hits nearly 3 bln USD

The two-way trade between Vietnam and Brazil in the first 11 months of this year hit 2.99 billion USD, a good prospect for further enlarging the dimension of their bilateral trade turnover in the future.
The two-way trade between Vietnam and Brazil in the first 11 monthsof this year hit 2.99 billion USD, a good prospect for further enlargingthe dimension of their bilateral trade turnover in the future.

Duringthe period, Vietnam’s exports to Brazil were valued at 1.37 billionUSD and its imports from the South American country were 1.62 billionUSD.

The two-way trade is expected to achieve over 3.2 billionUSD for the whole year, with Vietnam’s export turnover to Brazilreaching over 1.5 billion USD, up 35.7 percent over that of 2013.

Vietnam’scommercial affairs in Brazil said there is great potential forVietnamese businesses to make more inroads into and establishpartnership with counterparts in Brazil, the world largest 7th economy.

Economicexperts said that if trade promotion activities and measures to expandmarket are further intensified, the two-way trade will be likely to comeup to nearly 4 billion USD in 2015, and over 5 billion USD in two orthree coming years. The Vietnam-Brazil trade turnover is forecast toclimb up between 9-10 billion USD by 2020.

According to theExport-Import Department under the Ministry of Industry and Trade, theexport growth between the two nations remains high thanks to Vietnam’sadvantages on goods and effective trade promotion activities.

Vietnam now mostly ships electronics, mobile phones and spare parts,footwear, frozen fish fillets and synthetic fibres to Brazil. Meanwhile,the country imports maize, soy bean and by-products, cotton, andfootwear and tobacco materials.

Brazil is Vietnam’s largest tradepartner in Latin America. In 2013, the two-way trade between the twonations reached 2.33 billion USD.-VNA
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