16:22 | 11/12/2015 Trade
(VEN) - In the context that the Brazilian economy has recorded low growth, Vietnamese exports to this country have remained high. Two-way trade turnover between the two countries is expected to reach US$4 billion this year, an increase of 19.4 percent compared to 2014.
Textiles and garments are major Vietnamese exports to Brazil
Brazil has remained a good market for Vietnamese exports for many years. Vietnamese export turnover to Brazil reached US$1.48 billion in 2014, an increase of 34.17 percent compared to 2013, exceeding 30 percent compared to the yearly plan.
According to the General Statistics Office, two-way trade turnover between Brazil and Vietnam reached US$3.11 billion in the first 10 months of the year, including US$1.218 billion in exports and US$1.83 billion in imports.
Vietnamese exports to Brazil recorded good growth over the first 10 months of the year through the main exports of phones and its accessories with US$433.3 million, computers and electronic components with US$79.2 million, machinery and equipment with US$61.3 million and garments and textiles with US$55.3 million. Meanwhile, Vietnam mainly imported materials serving production with the main imports being corn with US$610.5 million, animal feed with US$231.3 million, garment and textile, footwear and leather materials with US$143.9 million and all kinds of cotton with US$86.9 million.
Difficulties facing the Brazilian economy have had an effect on two-way trade turnover between Brazil and Vietnam. According to the Vietnamese Trade Office in Brazil, to respond to changes in the context of an economic recession, the office has selected and prioritized the allocation of resources in key economic areas. Trade promotion activities, business forums and workshops in localities have been regularly organized to promote links between the two countries’ businesses.
Brazil remains the seventh largest economy in the world. Trade turnover between the two countries is rapidly developing. 2013 marked the first year trade turnover between Brazil and Vietnam exceeded US$2 billion, allowing Brazil to consolidate its position as Vietnam’s largest trade partner in Latin America. Thanks to advantages, two-way trade turnover between the two countries is expected to reach US$4 billion this year and more than US$5 billion in the next two or three years. This figure could reach around US$9-10 billion by 2020.
In addition to support from the Vietnamese Trade Office in Brazil, businesses are recommended to actively participate in trade promotion activities in order to catch up the opportunities, contributing to maintaining trade growth and promoting exports.