Vietnam-Brazil trade turnover reaches $3.5 bln in 5M

The two-way trade turnover between Vietnam and Brazil reached nearly $3.5 billion in the first five months of the year, up 24% compared to the same period of 2023, figures from the General Department of Vietnam Customs show.

Vietnam exported products worth $1.14 billion to Brazil during the period, a year-on-year growth of 1.5%.

Key export products that recorded high growth include rubber, up 88% year-on-year; bags and suitcases, 41%; steel 23%; vehicles and spare parts 15%; phones and accessories 7%; and seafood 45%.

However, trade activities between the two countries still face many difficulties due to geographical distance and high logistics fees, according to Head of Vietnamese Trade Office in Brazil Ngo Xuan Ty. Additionally, Vietnamese products exporting to Brazil are subject to high import tax.

He proposed relevant agencies to enhance trade promotion and exchanges between businesses, associations and localities of the two countries as part of measures to promote exports to Brazil.

Vietnam needs to accelerate Free Trade Agreement negotiation with the Southern Common Market (Mercosur) where Brazil is the largest member to help Vietnamese products get more tax incentives.