VN, Cuba boost business cooperation

VGP – The Viet Nam Chamber of Commerce and Industry (VCCI) and the Cuba Embassy in Ha Noi co-hosted a seminar on June 23 to provide information on the investment environment and business opportunities in Vie Nam and Cuba.

Addressing the workshop, Deputy Chairman of the Viet Nam-Latin America Business Council Nguyen Binh Minh appreciated the bilateral cooperation between the two countries in different fields like agriculture, bio-technology, education, health-care, sports and physical training.

 

Over the years, the two countries have signed a number of economic cooperation agreements, however, their bilateral trade cooperation has still remained stalled due to language differences and distance.

 

Last year, the bilateral trade value reached US$207.5 million, a year-on-year increase of 45%.

 

Of the figure, Viet Nam exported US$206 million worth of products to Cuba, and imported more thanUS$1 million worth of commodities.

 

Viet Nam mainly exported food, cereals, confectionery, footwear, ceramic products, building materials, coal and chemicals while importing pharmaceuticals and health food.

 

Cuban Ambassador to Viet Nam, Hermino Lopez Diaz said the two countries signed an economic cooperation programme last year, and this year will witness many important events on bilateral cooperation.

 

Last year, Cuba developed the Mariel Special Economic Zone and started normalising relations with the US, giving businesses a chance to expand co-operations in potential industries, Diaz said.

 

According to the statistics from the Ministry of Planning and Investment, Cuba has poured US$6.6 million in one project in Viet Nam, ranking 69th out of 101 foreign investors in the country. Likewise VietNam has invested in Cuba's two projects.

 

The event featured representatives from 21 foreign trade enterprises under Cuba’s GecomexGroup. 

                                                                                                                            By Vien Nhu