Vietnam, Cuba seek to develop stronger trade links

VOV.VN - The Vietnam-Cuba Business Promotion Forum was held on September 30 in Hanoi, with the event featuring the participation of Cuban Prime Minister Manuel Marrero Cruz and Deputy Prime Minister Le Minh Khai.

The occasion was held within the framework of the Cuban PM's official friendship visit to the nation from September 28 to October 2.

Upon addressing the event, Deputy PM Khai emphasized that in recent years, although the two countries have faced plenty of difficulties and challenges, through the special traditional friendship which has been established and cultivated by many generations, the joints ties have maintained its development momentum in multiple fields. This ranges from politics and diplomacy to economics, science and technology, and culture and education.

In particular, economic and scientific and technical co-operation through the intergovernmental committee mechanism has been regularly maintained, thereby recording a range of important achievements and making practical contributions to propelling forward comprehensive ties between the two nations.

In relation to trade co-operation, according to the Deputy PM, recent years has seen two-way trade turnover reach between US$250 million to US$350 million annually.

Understanding that rice is a vital commodity for the Cuban people, the country always maintains a stable rice supply specifically for the Caribbean nation.

Vietnamese enterprises export a variety of goods to the Cuban market, such as electrical appliances, electronics, clothing, shoes, cosmetics, construction and industrial materials, household appliances, stationery, and food. In addition, the Southeast Asian nation has actively considered the import of drugs, vaccines, and biological products, whilst it has also received Cuban medical experts.

The Vietnam - Cuba trade agreement signed in 2018 officially became effective from April, 2020, and is widely seen as an important legal basis for both nations’ businesses to take advantage of tariff preferences whilst striving to elevate two-way trade to US$500 million over the next five years.

Regarding the field of investment, Deputy PM Khai highly appreciates firms for actively seizing upon opportunities and quickly responding to the policy aimed at calling for and attracting investment from Cuba.

Amid both sides facing numerous difficulties due to the impact of the COVID-19 pandemic, Viglacera Corporation and Thai Binh Company represents pioneers in carrying out investment projects in Cuba and have already achieved important results.

Currently, the nation has five investment projects underway in Cuba, including four investment projects in the Mariel Special Development Zone and one construction material production project in Santa Cruz.

Deputy PM Khai therefore affirmed that the Vietnam - Cuba Business Promotion Forum is an important event for Cuban friends, allowing them to introduce investment co-operation opportunities to the Vietnamese business community, along with policies for foreign investment attraction to Cuba, including Mariel Special Development Zone.

The Vietnamese Deputy PM believes that, with the large participation of ministries, agencies, and enterprises in the state and private sectors, the two sides will actively exchange and create fresh opportunities for future investment co-operation. This will therefore greatly contribute to the stronger promotion of economic, trade, and investment ties between both sides.

In response, Cuban PM Cruz noted that Vietnam has achieved many socio-economic achievements under the leadership of the Communist Party, whilst maintaining stable development even during the COVID-19 pandemic, as well as amid complicated economic and political developments globally.

In terms of the situation in Cuba, PM Cruz said that although Cuba continues to face numerous difficulties from embargoes, epidemics, as well as natural disasters, storms, and floods, socio-economic conditions have still seen development steps, with the participation of many economic sectors.

The fields that are currently focused on by Cuba are agriculture, industry, tourism, biotechnology, pharmaceuticals, health care, and information technology. Along with this, Cuba has competently brought the COVID-19 pandemic under control.

Recently, the Caribbean country amended and supplemented a number of preferential policies aimed at attracting greater investment, such as allowing localities to sell goods without intermediaries, as well as opening trade to both wholesale and retail forms.

They have also identified 30 general principles and 17 specialised characteristics for the field of investment attraction and legal policies which are periodically updated and adjusted.

At the event, PM Cruz pledged to give priority to and the most favourable conditions for joint trade relations, along with helping Vietnamese businesses keen to invest in Cuba. He said he believes that the Vietnam-Cuba Business Promotion Forum will mark a new era in bilateral trade ties.

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