14:04 | 28/08/2014 Cooperation
(VEN) - Brazil remains the seventh largest economy in the world and bilateral trade turnover between Vietnam and Brazil remains growing. 2013 was the first year trade turnover between the two countries exceeded US$2 billion, transforming Brazil into Vietnam’s largest trade partner in Latin America. In the first seven months of this year, total bilateral trade turnover continued to thrive.
Vietnam’s exports to Brazil continue to thrive Photo: Can Dung
According to the Ministry of Industry and Trade’s statistics, in the first seven months of this year, total trade turnover between Vietnam and Brazil reached US$1.733 billion.
In the first seven months of this year, Vietnam mainly exported phone accessories, footwear, frozen fish, synthetic fibers and integrated circuits to Brazil, while it imported corn, soybeans and its by-products, raw tobacco, cotton, leather and footwear materials and chicken by-products.
According to the Brazilian Ministry of Development, Industry and Foreign Trade’s preliminary statistics, Vietnam’s export turnover to Brazil remained increasing. In the first six months of this year reaching US$732.6 million, an increase of 33.3 percent compared to the same period last year. Total bilateral trade turnover between the two countries witnessed strong growth while Brazil’s foreign trade in the first half of this year fell by 3.6 percent compared to the same period in 2013, reaching US$223.6 billion.
Brazil is rich in natural resources and possesses a large market size and developed industry. Brazil’s GDP far exceeds many other Latin American countries and this country plays a key role in Mercosur, the G25 and BRICS bloc. In terms of multilateral diplomacy, Vietnam needs to determine Brazil as a key partner in Latin America in order to boost economic, trade and investment cooperation.
According to the Vietnam Trade Office in Brazil, if market development measures are implemented as planned, it will make a breakthrough to expand the export market and contribute to bringing total trade turnover between the two countries to US$3 billion.
The Brazilian government decided to reduce temporary import taxes from 16 percent to 2 percent for 240 kinds of machinery and equipment and 10 types of computers and telecommunications. The two decisions take effect from June 24, 2014 to December 31, 2015. Import tax reductions will directly affect on trade activities between the two countries. According to the Vietnam Trade Office in Brazil, Vietnamese businesses needed to catch up opportunities to expand the market.
The office also added that Vietnamese businesses should strengthen the organization and participation in trade promotion activities, contributing to better exploiting the market, maintaining growth and promoting exports.
Together with the attention and support of the state and trade promotion efforts of businesses, the Vietnamese Embassy in Brazil has organized many workshops on investment cooperation in states in order to maintain export growth. Total trade turnover between the two countries is expected to reach US$3 billion this year./.
By Hoa Le