Sub-committee founded to boost trade ties with Cuba

The sub-committee will be headed by a Vice Minister of Industry and Trade, with a division-level official from the Government Office serving as Secretary.

Standing members include department-level representatives from the ministries of industry and trade, foreign affairs, construction, finance, agriculture and environment, and science and technology, and the State Bank of Viet Nam.

The Ministry of Industry and Trade (MoIT) will act as the standing body, with the sub-committee headquartered at the ministry. Specific working groups and sub-groups may be formed based on the needs of the Joint Committee.

The two-way trade turnover between Viet Nam and Cuba surpassed US$100 million annually, with Viet Nam ranking as Cuba's second largest Asian trading partner.

In 2024, trade value reached US$134.7 million. Viet Nam chiefly exports rice, electronics, apparel, footwear, cosmetics, construction materials, household goods, stationery, fertilizers, and medical equipment. On the other hand, Cuba exports pharmaceuticals, vaccines, activated carbon, and rum to Viet Nam.

The Caribbean nation's advanced biotechnology and pharmaceutical sectors have gained traction, with products widely adopted in Viet Nam.

The two nations have signed several trade agreements, notably the 2018 bilateral trade pact, which has facilitated smoother export, import, and investment flows./.