(VOVworld) - Brazil has temporarily lowered import tax to 2 percent from 16 percent on 250 types of Vietnamese goods. Under the Brazilian government’s decisions, 240 types of machines and equipment and 10 other IT and telecommunications products are imposed the tariff rate during the period from June 24, 2014 to the end of 2015.

Two-way trade between the two countries exceeded 2 billion USD in 2013 and reached 1.7 billion USD in the first seven months of this year, of which Vietnam’s exports were 723 million USD. Vietnam mainly ships to the Latin American country telephone accessories, footwear, frozen fish fillet, synthetic fiber, and integrated circuit, while importing maize, soybean, tobacco and footwear materials, and cotton. Vietnam-Brazil bilateral trade is expected to hit 3 billion USD in 2014, if market development measures succeed.