The Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) will send a delegation to study the market and promote trade and investment in Cuba from April 15-24.
The delegation will include representatives from local producers and exporters in the areas of food processing, consumer goods, construction and services.
Cuba is pursuing more open economic policies with many of old ones amended to be suitable to the global market economy. The country has been boosting trade and calling for investment in an attempt to improve the competitiveness of its economy.
It has particularly focused on constructing new sea ports and railways, developing information technology infrastructure and reforming metallurgy and mining industries while giving priority to food processing and beverages.
Cuba wants to export goods like pharmaceutical and biological products and services in tourism and healthcare.
Meanwhile, Vietnam holds advantages in exporting products in textiles and garment, footwear, handicraft, agriculture and aquaculture. The country has been looking for investment in construction, energy, industry, hi-tech agriculture, education, healthcare and tourism
These factors leave enormous potential for enterprises from both sides to satisfy the needs of the Cuban market and to cooperate in trade and investment.
The Vietnamese delegation’s visit to Cuba aims to seek the market for building materials, handicraft products, textile-garment and footwear products, foods, mechanical and electronic products and plastics and at the same time, promote trade and investment between the two countries.
The delegation will introduce to Cuban investors about HCM City’s business climate and some key projects in transportation, infrastructure development, education, healthcare and hi-tech agriculture.
According to Pham Thiet Hoa, ITPC director, trade between Vietnam and Cuba has increased significantly in recent years, but remains modest compared with the potential. The two-way trade amounted to US$250 million in 2016 with Vietnam’s exports to Cuba accounting for US$240 million.