MOPI hosts seminar on Doing Business with Cuba

During the seminar, the participants discussed the regulatory framework affecting trade and investment transactions between the two nations.

Business executives from Vietnam who have had relations with Cuba also spoke about their professional and positive experiences with their counterparts on the island.

Dang Xuan Quang, deputy director of the MOPI Foreign Investment Agency also spoke in depth about the comparative advantages of both Vietnam and Cuba as it relates to trade and investment.

The re-establishment of diplomatic relations and easing in US regulations governing commerce with Cuba, said Mr Quang, has also led to an explosion of interest of local businesses in the Caribbean island.

The seminar was organized, he said, to provide an opportunity for the business community to learn about the reality of doing business in Cuba, some of the surprising synergies between Vietnam and Cuba, and how best to evaluate and prepare for current and future trade opportunities.

Cuba Ambassador to Vietnam Herminio Loper Diaz in turn talked about some segment specific investment opportunities for Vietnamese companies to export medical equipment, medicines and manufacturing raw materials.

The Ambassador noted that he hopes Vietnam businesses would explore investment opportunities in Cuba because the country is in the midst of implementing a new economic model creating many exciting opportunities.

Cuba's main industries include sugar, petroleum and tobacco, with tourism increasing in importance to become the largest source of hard currency for the country. Indeed, Cuba has tripled its market share of Caribbean tourism in the last decade and, as a result of significant investment in tourism infrastructure, the growth rate is predicted to continue.