The meeting marked the first establishment of a regular dialogue mechanism to review implementation of the bilateral trade agreement, resolve obstacles and identify priority areas for more effective execution, thereby advancing economic, trade and investment cooperation as the two countries celebrate the 65th anniversary of diplomatic relations (1960-2025).

The Vietnamese side included Vietnamese Ambassador to Cuba Le Quang Long and representatives from the ministries of Industry and Trade, Finance, Foreign Affairs, Agriculture, and Science and Technology, alongside Vietnamese enterprises investing and operating in Cuba. Cuban participants included leaders of departments and agencies from relevant ministries.

At the meeting, both sides conducted a comprehensive assessment of bilateral economic, trade and investment ties five years after the agreement took effect on April 1, 2020.

Deputy Minister Phan Thi Thang noted that bilateral trade has remained stable at around US$200 million despite adverse conditions caused by the COVID-19 pandemic, the global economic downturn and Cuba’s continuing economic difficulties, demonstrating the joint efforts of both sides to sustain and promote trade relations.

Cuba continues to rank among Vietnam’s top 10 markets in Latin America, while Vietnam is currently Cuba’s second-largest partner in the Asia-Pacific region. Vietnam is also the largest Asian investor and among the leading foreign investors in Cuba, with seven active projects in construction-materials manufacturing, consumer goods, industrial-park infrastructure development and energy.

Vietnam plans to expand investment into wholesale and retail trade, rice cultivation, instant-noodle production, animal feed, fertilizers, as well as joint ventures in research, production and commercialization of agricultural biotechnology and pharmaceutical products.

Serving as Chair of the Vietnamese Sub-committee, Thang emphasized that cooperation between the two countries still holds broad growth potential and called for closer coordination to achieve the goal of pushing bilateral trade to US$500 million.

Sharing that view, Deputy Minister Deborah Rivas Saavedra, Chair of the Cuban Sub-committee, highlighted Cuba’s strengths in biotechnology and prospects for investment cooperation, particularly joint ventures in research and development of vaccines, medicines and natural-origin biological products, as well as expanding high-quality biomedical production in Vietnam.

Regarding implementation of the agreement, both sides reviewed ongoing work areas, including dissemination and promotion activities, institutional development, fulfillment of tariff commitments and application of rules of origin.

Rivas Saavedra expressed hope that more Cuban enterprises would benefit from the agreement, obtaining practical results for businesses and facilitating bilateral export-import activities.

The two sides consented to pursue facilitative policies and mechanisms to remove persistent obstacles, with priority given to dealing with payment issues in order to create an enabling environment for Vietnamese enterprises operating in Cuba.

The session concluded with the signing of the Minutes of the First Meeting of the Joint Committee for Implementation of the Vietnam-Cuba Trade Agreement, setting out key tasks for coordinated action to enhance the effectiveness of the agreement and generate concrete benefits for enterprises and people of both countries.

Vietnam establishes sub-committee to boost trade ties with Cuba

Deputy Prime Minister Bui Thanh Son on October 9 signed a decision establishing the Vietnam Sub-Committee under the Joint Committee of the Vietnam–Cuba Trade Agreement.

Vietnam, Cuba hold vast potential for all-around cooperation

Prime Minister Pham Minh Chinh urged Vietnamese and Cuban enterprises to join hands for practical and effective cooperation outcomes, following the agreement by Party General Secretary To Lam and Cuban First Secretary of the Communist Party of Cuba Central Committee and President of Cuba Miguel Diaz-Canel Bermudez to deepen economic cooperation.