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.

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

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

Vietnam’s commercial affairs in Brazil said there is great potential for Vietnamese businesses to make more inroads into and establish partnership with counterparts in Brazil, the world largest 7th economy.

Economic experts said that if trade promotion activities and measures to expand market are further intensified, the two-way trade will be likely to come up to nearly 4 billion USD in 2015, and over 5 billion USD in two or three coming years. The Vietnam-Brazil trade turnover is forecast to climb up between 9-10 billion USD by 2020.

According to the Export-Import Department under the Ministry of Industry and Trade, the export growth between the two nations remains high thanks to Vietnam’s advantages 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, and footwear and tobacco materials.

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