Forum discusses Vietnam – Cuba trade and investment opportunities

Addressing the event, Duong Anh Duc, vice chairman of the Ho Chi Minh City People's Committee, emphasised that Vietnam is currently Cuba's second largest Asian trading partner, with their two-way trade reaching between US$250 million and US$350 million in the 2015 – 2020 period.

Furthermore, Vietnam also makes up Cuba’s largest foreign investor in Asia with five projects producing construction materials, diapers, washing powder, detergent, and solar power energy. In Vietnam, Cuba has also implemented a project by Labiofam Vietnam Co., Ltd., which specialises in biological products.

Duc pointed out that the trade and investment ties between the two countries have remained modest and have so far failed to match the potential that exists for political and diplomatic relations. He suggested that both sides should hold more regular exchanges for their business communities to explore investment opportunities moving forward.

For his part, Cuban Vice Minister of Agriculture Maury Hechavarria Bermudez said that both sides have already agreed to strengthen linkages in new investment projects in Cuba in the sphere of agricultural and food production in order to meet the needs of Cuba and to boost exports to other countries in the Americas.

He expressed his wish to ramp up cooperation in areas where Vietnam boasts strengths in, such as rice and coffee production, diversify machinery for agricultural production, expand export markets, and attract greater financial investment, while promoting research and development of new energy sources.

Cuba is committed to creating the optimal conditions possible for investors by offering special tax incentives, providing supply source of workforce, improving infrastructure and technology, implementing a one-stop shop to facilitate investors activities, he added.

At the forum, the Cuban Ministry of Agriculture also introduced 54 priority projects to call for investment in agriculture in the coming time.