Vietnam, Cuba strive to lift two-way trade to US$500 million in next five years

Vietnam and Cuba strive to lift the two-way trade to US$500 million in the next five years based on the Vietnam - Cuba trade agreement, which was signed in 2018 and officially took effect in April 2020, which is an important legal basis for businesses of the two sides to fully tap tariff preferences.
Vietnam, Cuba strive to lift two-way trade to US$500 million in next five years ảnh 1 Deputy Prime Minister Le Minh Khai speaks at the forum (Photo: SGGP)
The Vietnam-Cuba business promotion forum today took place in Hanoi with the participation of visiting Cuban Prime Minister Manuel Marrero Cruz and Vietnamese Deputy Prime Minister Le Minh Khai.
Speaking at the event, Deputy PM Khai stressed that the business promotion forum helps mutual understanding for better bilateral cooperation relationships.
According to him, although Vietnam and Cuba have faced many difficulties and challenges in recent years, the Vietnam - Cuba cooperation relationship still maintains development momentum in all fields, from politics and diplomacy to economy, science and technology, culture, and education. Especially, economic and scientific and technical cooperation through the intergovernmental committee mechanism has been maintained regularly, significantly contributing to the promotion of Vietnam – Cuba comprehensive cooperation.
Vietnam, Cuba strive to lift two-way trade to US$500 million in next five years ảnh 2 At the forum (Photo: SGGP)
Regarding trade cooperation, in recent years, two-way trade turnover has reached $250-$350 million a year. Vietnam always maintains a stable rice supplier to Cuba. In addition, Vietnamese enterprises also export a variety of goods to Cuba such as electrical appliances, electronics, clothing, shoes, cosmetics, construction materials, industrial materials, household appliances, and stationery, food.
Vietnam has also imported Cuban-made drugs, vaccines, and biological products and receiving Cuban medical experts to work.
Regarding the investment field, Deputy Prime Minister Le Minh Khai highly appreciated Vietnamese businesses that poured money into Cuba for investment in response to the Cuban government’s appeal for investment.
In the context that the two sides are facing difficulties due to the impact of the Covid-19 pandemic, Viglacera Corporation and Thai Binh Company have been the two pioneers in implementing investment projects in Cuba and have achieved great results.
Some five present investment projects are underway in Cuba including four investment projects in Mariel Special Development Zone and one construction material production project in Santa Cruz, a diaper factory; ViMariel industrial park infrastructure development project. The Sanvig construction material production joint venture has come into operation, making an important contribution to meeting the demand for goods in the Cuban market, attracting new investors, and creating more jobs for Cuban workers. The Suchel laundry detergent joint venture and Thai Binh Green Power solar project will come into operation in November and December 2022, respectively, to meet market demand and increase electricity output in Cuba.
Vietnam, Cuba strive to lift two-way trade to US$500 million in next five years ảnh 3 Prime Minister Manuel Marrero Cruz  speaks at the forum (Photo: SGGP)
Deputy Prime Minister Le Minh Khai believed that the two sides will have more investment cooperation opportunities, contributing to stronger promotion of Vietnam - Cuba economic, trade and investment cooperation.
Speaking at the forum, Prime Minister Manuel Marrero Cruz said that the Cuban government has allowed the participation of many economic sectors. The Cuban government has advocated promulgating a number of measures to promote domestic production in the fields of industry, agricultural products, and food. Cuba is in a period of strong transformation for the recovery and development of the economy.
With the good traditional friendship between the two countries, Prime Minister Manuel Marrero Cruz affirmed that he will give the highest priority and create all favorable conditions for Vietnamese businesses in Cuba.
Prime Minister Manuel Marrero Cruz disclosed that Cuba will host the La Habana International Trade Fair in November 2022, Cuba's most important trade event taking place after more than two years of the pandemic, wishing that Vietnamese businesses would Join directly to learn about new investment opportunities in Cuba.
He believed that the trade and investment relationship between the two countries will enter a new phase.
After attending the forum, Prime Minister Manuel Marrero Cruz and the delegation left Hanoi for Ho Chi Minh City. As planned, the delegation will visit the Cu Chi Tunnels, visit the Saigon Hi-Tech Park and FPT Company, and meet some leaders of the southern largest city.

By Phan Thao – Translated by Dan Thuy

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