Vietnam, Brazil seek new business co-operation opportunities

During the conference jointly held by the Vietnamese Trade Office in Brazil and the Sao Paulo Trade Association,  Vietnamese and Brazilian firms examined ways of ramping up trade promotion and boost co-operation in the fields of farm produce processing, textile & garment leather and footwear making, electronics manufacturing, as well as building materials production.

Addressing the event, Vietnamese Ambassador Pham Thi Kim Hoa expressed hope discussions would help accelerate bilateral economic ties, promote trade exchanges, and expand import and export activities between the two countries.

Most notably, representatives of various Vietnamese localities introduced their potential and strengths to Brazilian enterprises, affirming they are keen to support co-operation projects with their Brazilian partners.

Vu Ba Phu, director of the Vietnam Trade Promotion Agency, spoke highly of the trade turnover between the two countries amid the continued global economic downturn due to the COVID-19 pandemic. Indeed, he said there remains plenty of room for both countries to increase trade turnover in the future thanks to the complementary nature of their economies.

Meanwhile, Vo Hong Anh, deputy director of the European - American Market Department, highlighted a range of positive results recorded in bilateral trade, especially the diversification of products, from mobile phones, electronic equipment, iron and steel of all types kinds, to shoes, chemicals, farm produce, processed foods, and raw materials for the livestock.

Truong Van Cam, vice president of the Vietnam Textile and Apparel Association (VITAS), used the occasion to introduce the potential for textile & garment co-operation between the two sides and proposed numerous trade promotion activities next year.

Concluding the event, Alfredo Cotait Neto, president of the Sao Paulo Trade Association, and Ngo Xuan Ty, head of the Vietnamese Trade Office in Brazil, signed a memorandum of understanding aimed at strengthening trade exchanges between the two countries.

According to data released by the General Department of Vietnam Customs, two-way trade turnover between Vietnam and Brazil during the initial 10 months of the year surged by nearly 40% to approximately US$5.2 billion against the same period from last year.

At present, Vietnam is Brazil’s largest trading partner in ASEAN. The two countries are now examining the possibility of negotiations on a free trade agreement between Vietnam and the Southern Common Market (MERCOSUR).