Cuban Businesses Seek Investment Opportunities in Vietnam

12:49:21 PM | 4/10/2019

A delegation of 30 Cuban businesses came to Vietnam to seek investment and trade opportunities through the Vietnam Chamber of Commerce and Industry (VCCI) and the Cuban Chamber of Commerce. This activity was also within the framework of the 8th Meeting of the Vietnam - Cuba Joint Business Council.

Dr. Doan Duy Khuong, Vice President of VCCI, said that Vietnam and Cuba established diplomatic relations in the 1960s. The bilateral relations have always been sustained and deepened by the care and support of Vietnamese and Cuban leaders over time, as well as by the specially good affections of the two peoples.

Vietnam is currently Cuba's second largest trading partner in Asia. According to VCCI, the total bilateral trade value rose from just over US$142 million in 2013 to US$336 million in 2018.

Vietnam’s main exports to Cuba include rice, coffee, chemical products, garments and textiles, footwear, computers and components, construction materials, ceramics, machinery and equipment, and spare parts. Meanwhile, Vietnam's imports from Cuba are mainly vaccines and pharmaceuticals.
On investment, Cuba had two investment projects valued at US$6.7 million in Vietnam as of the end of 2018, ranking 77th out of 130 countries and territories investing in Vietnam.

“Vietnam is still actively developing, opening, integrating and cooperating with all international friends. Particularly for Cuba, Vietnam considers Cuba more than just a partner or a friend. For Vietnam, Cuba is always the most intimate, most trusted and united partner,” he stressed.

The Cuban business delegation to Vietnam consisted of many leading companies like CIGB, Biocubafarma and CNIC (biotechnology); CIH, Frutas, ITH and Techoazucar (import and export); Cubatel and Segurmatic (information technology); and Palco and Dinvai (services and tourism). Potential for companies of the two countries to expand development cooperation is huge, particularly in fields that they can assist each other. Vietnam is strong at agriculture, telecommunications, consumer goods, garments and textiles and footwear, while Cuba is strong at pharmaceuticals, professional medical services, biotechnology products and construction.

General Secretary of the Cuban Chamber of Commerce Omar de Jesús Fernández Jiménez emphasized: “We believe that the two countries have huge potential for development cooperation, especially in health services, biotech, information technology and seafood.”

In 2018, the two sides signed important framework agreements such as the “New Trade Agreement” and “Finance Protocol on financial disbursement and management of Vietnam-Cuba Rice Development Cooperation Project in 2019-2023.”