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Market sags as investors wait on news of stimulus package
Trade between Viet Nam and Brazil was forecast to reach US$1 billion next year, a seminar held last week on business opportunities between the two countries was told.
The world’s 10th largest economy had enormous potential for Viet Nam exports thanks to its population of 190 million people.
Two-way trade had surged during 2005-08 with an increase of 60 per cent a year, the Trade Promotion Agency of the Ministry of Industry and Trade said.
Bilateral trade hit $534.5 million in 2008, a year-on-year increase of 96 per cent.
In the first nine months of this year, Brazil’s exports to Viet Nam reached $200 million and imports, $100 million.
Viet Nam ships mostly footwear, computers, garments, leather shoes, coal, rubber and fruit to Brazil. It imports textiles and garment materials, iron and steel, machinery and equipment.
Le Xuan Duong, Director of the department’s export assistance centre, which organised the seminar, said Viet Nam’s export products had the advantage of reasonable price and fairly good quality to compete in Brazil, a market with medium GDP per capita.
Viet Nam had four potential export leaders such as fruit, leather shoes, seafood, textiles and garment, Duong said.
However, to further exploit balance of trade opportunities, Vietnamese businesses should explore more on Brazilians’ demand and taste, as well as focus on more value-added products such as electronic components and consumer goods.
It has been projected that by 2015, when Viet Nam’s industry reaches higher productivity and turns out a greater range of products, bilateral trade turnover could top billions of US dollar, on a par with Thailand, South Korea and Singapore.
Co-ordinator of Brazil’s Prana state Enterprises Association Janet Castanha said because distance caused difficulties in exchanging market information, government trade bodies needed to play a bigger role in informing companies to boost two-way trade.
vietnamnet, vietnamnews
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