Businesses updated on Vietnam-Cuba Trade Agreement
The Ministry of Industry and Trade (MoIT) held a seminar in Hanoi on December 18 to provide businesses with an insight into the Vietnam-Cuba Trade Agreement, the Latin American country’s first deal with an Asian partner.
The seminar on the Vietnam-Cuba Trade Agreement in Hanoi on December 18 (Photo: VNA)
Hanoi (VNA) - TheMinistry of Industry and Trade (MoIT) held a seminar in Hanoi on December 18 toprovide businesses with an insight into the Vietnam-Cuba Trade Agreement, the LatinAmerican country’s first deal with an Asian partner.
The seminar was to help local businesses learn ofthe commitments in the agreement and the challenges and opportunities in boostingexports to Cuba.
The Vietnam-Cuba Trade Agreement was signed inHanoi on November 9, 2018 and came into force on April 1, 2020.
It consists of 14 chapters with regulations ontrade in goods, rules of origin, customs management, trade facilitation, traderemedies, technical standards, conformity assessment procedures, sanitary andphytosanitary measures, and economic and trade cooperation.
The two sides commit to eliminating or reducingtariffs on nearly 100 percent of imports within five years.
The agreement is expected to generate benefitsfor both business circles so as to lift bilateral trade to new heights.
Trade between the two countries stood at 226.81million USD in 2019, including 221.62 million USD in exports from Vietnam. Thefigure reached 102 million USD in the first 10 months of this year, with 100million USD being Vietnamese shipments.
Rice, coffee, chemical products, apparel, andfootwear are major exports, with the country primarily importing vaccines andpharmaceuticals from Cuba.
Vietnam has four investment projects worth tensof millions of USD licensed in Cuba, including two already operational andothers still in preparation./.
Vietnam and Cuba have enjoyed a special friendship, solidarity and mutual trust in the past six decades, said Deputy Prime Minister and Foreign Minister Pham Binh Minh on December 1.
The 60th anniversary of Vietnam - Cuba diplomatic relations was celebrated on December 2 (1960 - 2020), with the special amity filled with outstanding milestones in mutual support, from Vietnam’s past struggle for national independence to the two nations’ current fight against COVID-19.
The Vietnamese Ministry of Information and Communications (MIC) and the Cuban Embassy in Hanoi jointly held a ceremony on December 2 to issue a set of stamps marking the 60th founding anniversary of diplomatic ties between the two countries.
Party General Secretary and State President Nguyen Phu Trong on December 2 sent greetings to First Secretary of the Central Committee of the Communist Party of Cuba Raul Castro Ruz and President of Cuba Miguel Diaz-Canel on the occasion of the 60th anniversary of bilateral diplomatic ties.
The Vietnamese Party, State and people always treasure and want to further deepen the special friendship and comprehensive cooperation with their Cuban counterparts, a top leader has said.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
The seminar on the Vietnam-Cuba Trade Agreement in Hanoi on December 18 (Photo: VNA) 
