Viet Nam, Cuba hold first meeting for implementation of trade agreement

The meeting was co-chaired by Deputy Minister of Industry and Trade Phan Thi Thang and Cuba's Deputy Minister of Foreign Trade and Foreign Investment Deborah Rivas Saavedra.

It marked a significant step as both sides established a regular dialogue mechanism to review progress in implementing the bilateral trade agreement, address existing obstacles, and identify priority areas for effective execution.

The meeting took place as Viet Nam and Cuba celebrate the 65th founding anniversary of their diplomatic relations (1960-2025), reflecting the commitment of both countries to further strengthen economic, trade, and investment cooperation.

The bilateral trade has remained stable at around US$200 million. Cuba remains one of Viet Nam's ten key markets in Latin America, while the Southeast Asian nation is Cuba's second-largest trading partner in the Asia-Pacific region.

Viet Nam is currently the largest Asian investor in Cuba and among the country's top foreign investors, with seven active projects in areas such as construction materials, consumer goods, industrial zone infrastructure, and energy.

Regarding implementation of the trade agreement, both sides reviewed progress in communication efforts, institutional development, tariff commitments, and rules of origin.

Viet Nam's utilization rate of preferential origin under the agreement has continued to increase, reflecting the growing adaptability of Vietnamese enterprises.

The two sides also agreed to adopt favorable mechanisms to address challenges, particularly payment issues, to ease the operations of Vietnamese investors in Cuba./.