Trade with Brazil surpasses $1.7b on export growth

Exports showing high growth included fibres, which increased by 112 per cent, along with mobile phones and components by 100 per cent; garments by 45.2 per cent; handbags, suitcases, hats and umbrellas by 43 per cent; and bamboo products by 40 per cent.— Photo thoibaonganhang

HA NOI (Biz Hub) — Bilateral trade between Viet Nam and Brazil reached more than US$1.74 billion in the past seven months, with $770.3 million coming from Vietnamese exports.

Figures from the Vietnamese Trade Office in Brazil also showed that the country's exports to the market increased by 29.4 per cent year-on-year while imports increased by 41.4 per cent year-on-year.

The Voice of Viet Nam (VOV) quoted representatives of the office as saying they were co-operating with local authorities in accelerating trade promotion while assisting Vietnamese companies to boost their exports to the market to reach the $3 billion bilateral trade goal set for this year.

The representatives also urged Vietnamese enterprises to immediately take full advantage of opportunities in Brazil, the world's seventh largest economy, with a population of more than 200 million.

According to them, top priority should be given to increasing trade promotion and showcasing products at international trade fairs and exhibitions, especially at the Sao Paulo Economic Centre. This will enable the companies to penetrate further into this lucrative market, establish partnerships and gain access to other markets in South America.

In 2013, bilateral trade between Viet Nam and Brazil jumped 42.3 per cent year-on-year to reach a record $2.33 billion. This enabled Brazil to maintain its position as the country's largest Latin American trade partner. — VNS