HCM City (VNA) – Vietnam and Cuba have huge potential to boost partnership in trade andinvestment, heard a conference held by the Vietnamese Ministry of Constructionand the Cuban Ministry of Foreign Trade and Investment in Ho Chi Minh City onSeptember 13. 

Vietnamese DeputyMinister of Construction Le Quang Hung said the two nations have enjoyedfruitful cooperation in various sectors, from politics, diplomacy to economy,trade, investment and culture. Thanks to efforts made by the Vietnam-Cuba IntergovernmentalCommittee, cooperation activities have been expanded, resulting in positiveresults in bilateral trade and investment.

According to the DeputyMinister, two-way trade reached 335 million USD last year, a year-on-year surgeof 25 percent. Vietnam is currently the second largest trade partner of Cuba inthe Asian region. Several Vietnamese projects were put into operation, providingproducts for the Cuban market, including SANVIF joint venture’s buildingmaterial plant and Thai Binh Company’s consumer goods production plant.

Hung added that Vietnamand Cuba have stepped up cooperation in the fields of health care and pharmaceuticals.As health care and pharmaceuticals are the strength of Cuba, cooperation in thissector will help increase Cuban exports to Vietnam.


Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz said Cubais diversifying external economic relations, striving to attract more foreigninvestment, and establishing industrial and service special zones.

To realise the goals,the country is working to improve its pricing policy, phase out subsidy regimeand recognise the important role of the market economy, he said, adding thatdue attention has been paid to bettering payment methods and enhancingcooperation in high-tech sectors.

Although Vietnam is animportant trade and investment partner of Cuba, the cooperation results haveyet to match with their potential and expectations, he said.

The minister,therefore, recommended the two sides further step up bilateral trade, diversifyVietnamese exports to Cuba, and increase Cuban shipments of medical services toboth state-owned and private hospitals in Vietnam.

General Director ofMariel Special Development Zone (ZEDM) Anna Terresa said Cuba commitsincreasing preferential policies and protecting legitimate rights for foreigninvestors. In addition, it is revising regulations to accelerate negotiationprocedures and granting of investment licenses through a single window system.

Terresa said Cuba could be an effective investment destination for Vietnamesefirms in the context that Vietnam is integrating deeply into the globaleconomy. Holding strengths in consumer goods production, Vietnam should expandinvestment in Cuba to penetrate into more South American markets, she said.

Meanwhile, Cuba will have opportunities to further collaboration with otherAsian nations through Vietnam. This will help develop the Vietnam-Cubarelations into a more sustainable fashion, and contribute to consolidateposition of each nation in the regional and international arena, shestressed./.