Hanoi (VNA) – There remains much potential forexpanding and diversifying trade between Vietnam and Brazil, and the countries’governments should act to create conditions for that potential to be tappedinto, said Brazilian Ambassador Fernando Apparicio da Silva.

At a Vietnam-Brazil business seminar in Hanoi on May 17, hesaid over the last 30 years, the countries have made important strides in theirdiplomatic relations. Many legal documents in other fields have been signed andtaken effect. Leaders of Brazil and Vietnam have held regular meetings anddiscussions, helping to strengthen bilateral ties. 

The diplomat noted in 2018, bilateral trade reached 4.4 billionUSD, making his country the 21st biggest trade partner ofVietnam. Trade deficit or surplus is not substantial at about 400 million USD, showingthat their trade is relatively balanced.

To expand and diversify trade and capitalise on the hugepotential, the two sides can open new markets, he said, adding that Brazil’sagricultural business has considerable competitiveness and the country isseeking opportunities to explore new markets.

The South American nation also has potential for supplyingproducts of the aviation and defence industries, Ambassador Fernando Apparicioda Silva said.

At the event, Vietnamese Deputy Foreign Minister Bui ThanhSon said bilateral ties date back to a long time before they officially set upthe diplomatic relationship on May 8, 1989. Since this date, Vietnam-Brazilrelations have been developing continually.

Bilateral trade surged 58-fold from 75 million USD in 2004to 4.4 billion USD in 2018, making Brazil the top trade partner ofVietnam in Latin America. The countries’ businesses have also actively soughtand grasped opportunities for investment, business and market expansion in thefields both sides have strength in like agriculture, aquaculture, manufacturingand bio-energy.

Particularly, agriculture is an important aspect as itboasts great potential for cooperation and the countries’ products arecomplementary, he noted.

Son added that Vietnam and Brazil have also coordinatedclosely and supported each other at international organisations andmultilateral forums.-VNA