VIETNAM AND BRAZIL ARE ALL SET TO STRENGTHEN THEIR BILATERAL TIES


 

BRIEF OVERVIEW

 

From the beginning, the mutual relations between Vietnam and Brazil are very healthy and prosperous. Both countries have a sense of understanding on all grounds and domains. Vice President of Brazil named Hamilton Mourao has said that Vietnam is one of the most important trade partners in the world for Brazil and they will work hard to further strengthen the trade relations with this Southeast Asian nation.

 

As Vietnam is one of the most rapidly growing nations in the world with a bunch of opportunities and avenues, moreover the nation is located at the best spots in terms of maritime routes Brazil aims to stay associated with this nation to promote mutual growth and integrity in the long run.

 

In May 2023, Pham Minh Chinh, who is the Prime Minister of Vietnam met with the Brazilian President named Lula Da Silva during the G7 summit. After various rounds of discussions and settlements, it was decided that Vietnam and Brazil would sign a Free Trade Agreement soon to promote bilateral trade between them and take it to the next level. It is also believed that Vietnam would sign another FTA with South American Common Market which includes countries such as Argentina, Uruguay, Colombia, Chile, Peru, and Ecuador.

 

CURRENT BILATERAL TRADE ANALYSIS BETWEEN VIETNAM AND BRAZIL (2017-2021)

 

In this section, we are going to learn more about the bilateral trade trends that are prevailing in the Vietnamese as well as Brazilian markets.

 

BILATERAL TRADE TREND – VIETNAM AND BRAZIL (2017-2021)

YEAR

VIETNAM > BRAZIL

BRAZIL > VIETNAM

TOTAL TRADE

2017

USD 2.03 billion

USD 1.83 billion

USD 3.86 billion

2018

USD 2.05 billion

USD 2.38 billion

USD 2.43 billion

2019

USD 2.14 billion

USD 2.74 billion

USD 4.88 billion

2020

USD 1.82 billion

USD 2.90 billion

USD 4.72 billion

2021

USD 2.26 billion

USD 4.09 billion

USD 6.35 billion

 

As observed from the table above, the trade between both nations has grown by 64.5% in 5 years with a significant increase in the Vietnam Export Data values.

 

MAJOR IMPORTS OF VIETNAM FROM BRAZIL – THE YEAR 2021

 

In the year 2022, the major contribution of these imported items from Brazil was the most in the Vietnam Import Data report.

 

·        Ores and slag (USD 1.03 billion)

·        Cotton (USD 704.7 million)

·        Animal fodder (USD 662.01 million)

·        Oil seeds, fruits, and grains (USD 611.72 million)

·        Cereals (USD 441.93 million)

·        Edible meat (USD 131.99 million)

·        Wooden items (USD 123.99 million)

 

Other major imports to Vietnam from Brazil were leather, tobacco substitutes, and electrical machines.

MAJOR EXPORTS FROM VIETNAM TO BRAZIL – THE YEAR 2021

 

Just like imports, Vietnam also exported numerous items to Brazil in the year 2021. As per Vietnam Export Data report for that year, the major exports were:

·        Electrical machines and appliances (USD 1.30 billion)

·        Iron and steel (USD 127.31 million)

·        Footwear (USD 124.75 million)

·        Rubber Products (USD 118.83 million)

·        Mechanical gadgets and equipment (USD 118.06 million)

·        Small aquatic animals (USD 71 million)

·        Man-made textile items (USD 54.11 million)

Automobiles, plastic products, staple fibers, and aluminum products were also exported to Brazil from Vietnam in abundance.

 

 

REALTIME TRADE FIGURES BETWEEN VIETNAM AND BRAZIL – APRIL 2023

 

We are going to mention some of the real-time trade facts about the bilateral trade between Vietnam and Brazil for April 2023.

 

·     As per the Vietnam Import Data report for the month of April 2023, the nation imported goods worth USD 235 million from Brazil. On the other hand, according to the Vietnam Export Data report for the same month, Vietnam exported goods worth USD 249 million to Brazil.

 

·     Major exports from Brazil to Vietnam in April 2023 were Soybeans, raw cotton, corn, and hot iron. Whereas, the major imports of Brazil from Vietnam were telephones, circuits, rubber tires, and broadcasting equipment. This information is derived directly from the Vietnam Trade Data report.

 

 

·      In April 2023, the major exporting cities from Brazil to Vietnam were Mato Grosso, Rio Grande do Sul, and Minas Gerais. In the same month, Vietnam exported its produce majorly to these Brazilian cities- Amazonas, Santa Catarina, and Minas Gerais.

 

CONCLUSION

 

Till now, there are no such major happenings that took place between Brazil and Vietnam due to which the relations between these nations could sour. In the future also, no such possibilities are seen and hence, the bilateral trade between these countries is going to rise. Vietnam and Brazil both are developing countries and are pushing hard to grow their economic power rapidly. Due to this, many opportunities and avenues could be seen in the future. We recommend that you should trade with these nations to generate amazing profits and revenue.

 

For more information, contact us today and get the best solutions to your problems related to the international market and trade. We are an ISO-certified market research firm that is capable of delivering the most accurate and authentic databases for 70+ countries across the globe.

 

WEBSITE: https://www.tradeimex.in

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