Vietnam Expo 2018 gives good chance for boosting partnership with Cuba
The opening of a national booth of Cuba at Vietnam Expo 2018, to be held in Hanoi from April 11-14, will be a good chance for Vietnamese and Cuban businesses to facilitate their partnership and tap into the economic cooperation potential between the two countries.
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This year, 30 Cuban businesses will participate in the event, the most during the country’s decade-long presence at Vietnam Expo. The firms operate in diverse areas, including electronic mechanics, metals, renewable energy, agriculture, biological, pesticide, irrigation, pharmaceuticals, and health care.
According to the Ministry of Industry and Trade, Vietnam is among the top 10 trade partners of Cuba, and the second most important Asian partner of the Caribbean country.
Vietnam’s most popular product in Cuba include farm produce, garment, consumer goods and telecommunication products, while Cuba’s strengths include education, health care and construction.
Last year, trade revenue between Vietnam and Cuba reached US$224.3 million, with Vietnam’s exports valued at US$217 million and imports US$7.3 million. The two sides are striving for the target of US$500 million in trade in 2022.
Cuba is the gateway for Vietnam to access the Latin American market, while Vietnam offers the path for Cuban firms to approach Asian countries.
Cuba is now a promising market for Vietnamese firms in tourism, agriculture, telecommunications, consumer goods, footwear and garment-textile.
During the recent visit to Cuba of Party General Secretary Nguyen Phu Trong, Vietnam’s Viglacera Corporation received a licence to develop an industrial park in Cuba’s Mariel Special Economic Management Zone.
In recent years, Cuban businesses have become more active in Vietnam thanks to dynamic and open foreign policies of Vietnam.
