Vietnamese firms eye investment opportunities in Cuba

The forum is an important event for the Vietnamese business community to learn about investment opportunities in Cuba and its policies to attract foreign investment capital. VNA/VNS Photo

The Việt Nam-Cuba Business Promotion Forum was held on Friday in the capital, highlighting the great potential for investment and cooperation between the two countries.

The event was attended by Vietnamese Deputy Prime Minister Lê Minh Khái, representatives from state agencies and a high-ranking Cuban delegation led by Cuban Prime Minister Manuel Marrero Cruz, who is on his official visit to Việt Nam.

Speaking at the forum, Deputy PM Khái said this is an important event for the Vietnamese business community to learn about investment opportunities in Cuba and its policies to attract foreign investment to Cuba.

He said in recent years, relations between the two countries have been well maintained in all fields, from politics and diplomacy to economy, science and technology, and culture and education.

In recent years, two-way trade turnover between Việt Nam and Cuba reached US$250-350 million a year.

Việt Nam has maintained a stable supply of rice, a vital commodity for the Cuban people, to the country.

Vietnamese enterprises also export various goods to Cuba, such as electrical appliances, electronics, clothing, shoes, cosmetics, construction and industrial materials, and household appliances.

Việt Nam also considers importing drugs, vaccines, and biological products and welcoming Cuban medical experts to work.

"The Việt Nam-Cuba trade agreement, which took effect from April 2020, is an important legal basis for businesses of the two sides to take advantage of tariff preferences and strive to increase annual trade turnover to $500 million in the next five years", the Deputy PM said.

Regarding the investment field, Deputy Prime Minister Khái said he highly appreciates Vietnamese businesses that have taken opportunities for investment in Cuba.

In the context of difficulties caused by the impact of the COVID-19 pandemic, Viglacera Corporation and Thái Bình Company are pioneers in implementing investment projects in Cuba and have achieved outstanding results.

Currently, there are five investment projects underway in Cuba, including four in Mariel Special Development Zone and a construction material production project in Santa Cruz.

Other projects like a diaper production factory, ViMariel industrial park infrastructure development project, and Sanvig Building Materials Manufacturing Joint Venture have come into operation, making important contributions to meeting the needs of the Cuban market.

They also help attract new investors and create more jobs for Cuban workers.

Suchel laundry detergent joint venture and Thái Bình solar power project will come into operation in November and December 2022, respectively, to meet market demand and increase electricity output in Cuba.

Deputy PM Khái said with the significant participation of ministries, agencies, and corporates from both state and private sectors of Việt Nam, the two sides will actively exchange and establish new cooperation and investment opportunities, contributing to further promoting the economic cooperation between the two nations.

Cuban Prime Minister Manuel Marreno Cruz said his country continues to move forward in its socio-economic strategy, with the participation of many economic sectors.

The Cuban government has promulgated several measures to promote domestic production in industry, agricultural products and food.

He stressed that Cuba is in a period of solid transformation to direct its economy to recovery and development.

The PM said to give the highest priority and create favourable conditions for Vietnamese corporates to invest more in Cuba.

Introducing the Mariel Special Development Zone, where several Vietnamese businesses have invested, the Cuban leader said Cuba is an investment gateway to export to other countries in Latin America.

He said that Cuba is promoting investment attraction in renewable energy, tourism, and food production, which are potential areas Vietnamese businesses can invest in.

In November 2022, it will host the Habana International Trade Fair, the country's most important trade event after more than two years of the pandemic.

The Cuban leader expressed his hope that Vietnamese businesses will join to learn more about new investment opportunities in Cuba.

He said he believes the trade and investment relationship between the two countries will turn into a new phase. VNS