|Compaq lamps are produced at Dien Quang Lamp Company for export to many markets including Brazil. Trade with Brazil jumped 42 per cent in the first quarter of this year. — VNA/VNS Photo Van Khanh
HA NOI (VNS) — Viet Nam's two-way trade with Brazil increased about 42 per cent yearly to over US$675 million in Q1 2014, the Brazil's Ministry of Development, Industry and Foreign Trade's statistics revealed.
During the reviewed period, Viet Nam exported approximately US$380 million worth of goods, including telephone and components, footwear, frozen fish fillets, computer and electronic products to the Latin American country, up 49 per cent.
Meanwhile, Viet Nam's imports from the market topped US$295 million, surging 34 per cent against the corresponding period last year. Its main imports were maize, soybean, tobacco, cotton, footwear materials, and scrap steel.
Bilateral trade between the two nations continued to significantly increase despite Brazil experiencing a year-on-year decrease of 1.5 per cent to US$105 billion in foreign trade in the January-March period.
Viet Nam and Brazil have great potential for increasing bilateral trade to US$3 billion by the year-end and more than US$12 billion by 2020, according to the Viet Nam Trade Office in Brazil.
With an annual GDP per capita of over US$11,000, Brazil's purchasing power has increased significantly, thereby necessitating the country to boost its imports in order to meet its production and consumption demands.
However, the office noted that Brazilian businesses still lacked necessary information about Viet Nam's market and its economic potential. It proposed Vietnamese businesses to step up trade promotion and seize the opportunity as a move to tap into this promising market.
As per statistics revealed by the ministry, last year's bilateral trade hit US$2.33 billion, representing a sharp rise of 42 per cent over a year ago. This was the first time that the figure exceeded US$2 billion, thereby maintaining Brazil's position as Viet Nam's major trade partner in the Latin American region. — VNS