HA NOI (VNS)— Two-way trade between Viet Nam and Brazil is well on track to reach US$2 billion by the year's end, according to the Viet Nam Trade Office in Brazil.
During the first half of this year, trade hit $970 million with $500 million coming from Vietnamese exports, fulfilling its target set for the whole year.
The impressive export turnover has revealed the great efforts made by Vietnamese enterprises to penetrate and exploit business opportunities in the market, the office said.
Trade between Viet Nam and Brazil is expected to reach $5 billion by 2018 and $8 billion by 2020, providing the two countries are able to successfully improve their economic, trade and investment climates and boost the confidence of investors.
In order to reach the goal, the Trade Office suggested domestic firms better utilise opportunities in Brazil, as it was a huge market with strong purchasing power and an increasing demand for imported goods.
Currently, the market share of Vietnamese exports accounts for only 0.3 per cent of import demand in Brazil.
Alongside seafood, footwear, electronic parts, textiles and garments, Brazil also has a strong demand for cosmetics and medicine, two areas in which Viet Nam could increase its exports. The country is also seeking foreign investment in sectors such as seaports, shipbuilding, oil and gas and bio-fuels.
Brazil opened a consulate earlier this year in HCM City to support businesses in their search for partners and to seek mutual understanding about each other's markets. — VNS