Cuba market expansion opportunity for Vietnamese businesses

(VOV) - Besides computers, electronic components, investments in real estate and luxury resorts are seen as potential fields for Vietnamese investment in Cuba.

Last year’s total trade volume between the two nations reached nearly US$205.4 million, still far below their full potential.

Soon after the US eased its embargo against Cuba, the Caribbean nation’s market has gone into full swing, offering a wealth of opportunity for Havana to expand tourism, trade and lure more overseas remittances thus helping bolster economic links between Cuba and many countries, including Vietnam.

Hanel Ltd Company- a pioneer investor into Cuba- is carrying out a luxury resort project, addition to exporting computers and electronic components to the market.

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The company’s Vice Director General Bui Thi Hai Yen said the Special Economic Development Zone of Mariel with around 200 projects involved in bio-technology, packaging and electronic industry, have enjoyed tax incentives given be the Cuban Government.

The Ministry of Industry and Trade’s American Market Department Deputy Head Tran Duy Dong, said as a result of loosened US embargo, Cuban banks’ opening of their accounts in the US makes payment much more convenient rather than before when all transactions with Cuban partner were paid in Euro via a German bank.

In the coming time, the MoIT is to launch more trade promotion programmes in the new market through international fairs, economic forums and seminars aiming to enhance business connectivity, Dong said.