Vietnam-Cuba Strengthening Trade & Investment Cooperation
Vietnam-Cuba Strengthening Trade & Investment Cooperation
A seminar on trade and investment between Vietnam and Cuba was organised by VCCI and the Chamber of Commerce of the Republic of Cuba (CCRC) presenting investment and business opportunities in Cuba. According to the American Department (Trade Ministry), the trade value between Vietnam and Cuba was US$45.6 million in 2001, and US$48 million in 2002. The main transaction is Vietnam’s rice export to Cuba for delayed payment. Vietnam is committed to a stable supply of rice to Cuba: 200,000 tonnes in 2000, 225,000 tonnes in 2001, 250,000 tonnes in 2002 and 300,000 tonnes in 2003. Cuba also imported from Vietnam 20,500 tonnes of anthracite coal and a footwear production line capable of 1.5 million pairs of shoes. Cooperation in the production of medicines between Pharmaceutical Plant 25 (Vietnam) and MediCuba is valued at US$4 million.
According to a CCRC representative, Cuba has been a WTO member since 1995. Foreign firms doing business with Cuba do not need to have branches or representative offices in Cuba and no quotas or import licenses are required. Therefore it is most favourable for Vietnamese enterprises to do business in Cuba.
At the seminar, representatives of VCCI and CCRC signed an agreement to establish the Cuba-Vietnam Joint Business Committee (CVJBC). Some 40 Vietnamese businesses have so far registered to join the committee.
Vietnamese
