Vietnam, Brazil eye US$12 billion trade by 2020
(VOV) - Vietnam and Brazil have great potential for increasing bilateral trade to US$3 billion in 2014 and more than US$12 billion by 2020, according to the Vietnam Trade Office in Brazil.
With an annual GDP per capita of over US$11,000, Brazil’s purchasing power has increased considerably, requiring the country to boost imports to feed production and consumption.
Statistics show Brazil imports approximately US$240 billion worth of goods every year, with its annual import growth rising to 7%. Imported equipment and household utensils make up 20% of the country’s total products in circulation.
However, the Trade Office said Brazilian businesses lack in information about Vietnam’s market and economic potential.
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To fully tap into this South American market, the Trade Office suggested Vietnamese businesses increase trade promotion, seize opportunity and expand export outlets.
Two-way trade turnover between Vietnam and Brazil reached US$749.2 million in the first quarter of this year, up 77.7% from the previous year.
Vietnam earned US$328.5 million from exports to Brazil, up 58.6%, while spending US$420.5 million on Brazilian goods, showing an annual increase of 96.2%.
Key exports to Brazil include mobile phones and spare parts, seafood, computers and electronics, garments, and bags, suitcases, hats and umbrellas.
Its key imports are maize, footwear and garment accessories, animal food and other raw materials.