Prospects for Vietnam-Brazil economic ties

Vietnamese ambassador to Brazil Duong Nguyen Tuong noted that despite the encouraging results in bilateral trade over the years, the economic, trade and investment ties between Vietnam and Brazil are yet to match their potential.

The market share of Vietnamese goods in Brazil remains modest, and both sides need to work harder to share information and create conditions for their business circles to penetrate each other’s markets, said Tuong.

In his presentation, Vietnamese Trade Counsellor Pham Ba Uong introduced Vietnam’s Doi Moi (Renewal) process, its economic development and integration, and economic-trade ties with countries, including Brazil.

He highlighted incentives the Vietnamese government offers to foreign companies to operate efficiently in the country and confirmed that Vietnam welcomes foreign businesses, including those from Brazil.

Representatives of Brazilian companies asked for more contacts with their Vietnamese counterparts to early make fact-finding tours and take part in specialised exhibitions and trade fairs in Vietnam in 2013.

Brazil is a large market of more than 190 consumers in South America who have great demand for consumer goods imported from other countries. This is a great chance for Vietnam to penetrate this lucrative market.

Two-way trade between Vietnam and Brazil last year reached US$1.73 billion, a year-on-year increase of 14.5 percent. Of the total, Vietnamese exports were valued at US$710 million, up 19 percent.