Seminar highlights investment co-operation between HCM City and Cuba
VOV.VN - A seminar was held on April 19 in Ho Chi Minh City as part of efforts to promote investment in the Mariel Special Development Zone and boost co-operation in the fields of economics, trade, tourism, and health between the southern city and Cuban localities.
The event was co-organised by Ho Chi Minh City’s Trade and Investment Promotion Centre and Cuba’s Representative Office of Universales Almacenes S.A based in the city, with the ultimate aim of helping firms to increase trade exchange activities and gain greater insights into benefits of the Vietnam - Cuba Trade Agreement.
Cao Thi Phi Van, deputy director of the ITPC, revealed that the two nations have established both long and historic relations over the years through support activities during the COVID-19 pandemic, adding that Vietnam makes up Cuba’s second largest Asian trading partner, with two-way trade over reaching US$102 million in 2020.
Both countries have co-operated across multiple fields, such as agriculture, oil and gas, telecommunications, education, and health, with the Caribbean country having four investment projects capitalised at more than US$7 million, ranking 81 out of 140 countries and territories investing in the Vietnamese market.
Furthermore, the nation has had four projects currently operating in Cuba with a total investment capital of more than US$44 million.
Yanet Vazquez Valdes, deputy director of the Office of Mariel Special Development Zone, stated that along with tariff incentives, the zone has facilitated investors' operations, particularly with the one-stop mechanism and a team of experienced consultants, as well as an exemption of fees of shareholders’ dividends and corporation income tax
A representative of Viglacera Corporation noted that Cuba is also one of the countries with the highest political stability in the region, especially as many of its social indicators are equivalent to those of developed countries.
Moreover, there are a number of advantages in developing industries such as manufacturing, food processing, consumer goods industries, fertilizers, animal feed, medical supplies and equipment, construction materials, and renewable energy in the Cuban market in the time ahead.
Business representatives emphasised that with advantages of geographical location, attractive investment policies, and synchronous infrastructure, the Mariel Special Development Zone is anticipated to create a wealth of opportunities for foreign investors, including those from Vietnam.
Indeed, it will also serve as a bridge to help businesses connect with markets in Latin America, the Caribbean, and South America moving forward.
