Expecting to soon reach the target of 500 million USD in trade turnover between Vietnam and Cuba

DNHN - Vietnamese businesses have approached the market, holding the top position among Asia-Pacific nations and territories with investment activities in Cuba.

President of the National Assembly of the People's Government of the Republic of Cuba Esteban Lazo Hernandez, Speaker of the House of Representatives of the Argentine Republic Cecilia Moreau, President of the Senate of the Republic of Eastern Uruguay Beatriz Argimon Cedeira, President of the National Assembly of the Royal Palace. From April 18 to April 28, Hue paid official visits to the Republic of Cuba, the Republic of Argentina, and the Republic of East Uruguay.

The purpose of the visit is to contribute to the consolidation and strengthening of all aspects of the relationship between Vietnam and the Republics of Cuba, Argentina, and East Uruguay, bringing together traditional friendship, special solidarity, and global partnership. The practicality of multifaceted representation and cooperation with friends and allies in Latin America continues to grow.

National Assembly Chairman Vuong Dinh Hue and a high-ranking delegation of the National Assembly of Vietnam met with officials and employees of the Vietnamese Embassy and representatives of the Vietnamese Embassy in Cuba during an official visit to the Republic of Cuba. Currently, there is a Vietnamese community living, studying, and working in Cuba.

The chairwoman of the National Assembly hopes that businesses investing in Cuba as "leading cranes" will flourish. Given Cuba's remaining potential and space, particularly in high-tech agricultural production and the microbiological food industry, the President of the National Assembly also suggested that businesses continue to innovate in these areas.

Le Thanh Tung, the Vietnamese Ambassador to Cuba, briefed the President of the National Assembly and the delegation on the operation of the Embassy and the Vietnamese community in Cuba during the meeting.

Tung asserted that despite the small size of the Vietnamese community in Cuba, this is a region with a long history of special friendship and solidarity, so the Vietnamese Embassy actively promotes its role as a representative body. Core, becoming a dependable bridge between the two countries, closely monitoring the locality, and recommending to the Party and State guidelines and policies that contribute to enhancing Vietnam-Cuba relations.

Investment is a positive aspect of the bilateral relationship between the two nations. Vietnamese businesses have approached the market, holding the top position among Asia-Pacific nations and territories with investment activities in Cuba.

Representatives of Vietnamese companies investing in Cuba, including Viglacera Corporation and Thai Binh Company, discussed their efforts to overcome obstacles and achieve success in Cuba at the meeting. In addition to financial and intellectual resources, Vietnamese businesses in Cuba also devote their affection and attachment to the country and its people, establishing close ties and fostering trust and affection with the host nation.

Cuba has five active investment projects, including four in the Mariel Special Development Zone and one for the production of construction materials in Santa Cruz. Diaper production factory; ViMariel industrial park infrastructure development project; The Sanvig Building Materials Manufacturing Joint Venture have begun operations, significantly contributing to meeting the needs of the Cuban market, attracting new investors, and creating more employment opportunities for Cuban workers. To meet market demand and increase electricity production in Cuba, the Suchel laundry detergent joint venture and the Thai Binh Green Power solar project will go live in November and December of 2022, respectively.

Representatives of businesses hope that the authorities as well as the Intergovernmental Committees of the two countries will continue to pay attention to, facilitate, and eliminate obstacles in the operation process; believe that the two countries will soon reach the bilateral trade turnover target of 500 million USD.

Concerning the rights of Vietnamese living abroad, the chairwoman of the National Assembly stated that the Law on Elections or the Law on Citizenship is being studied and amended to create favorable conditions. The conditions under which the overseas Vietnamese community can contribute the most to national development.

Regarding innovation, the Government and Prime Minister have tasked the Ministry of Planning and Investment with coordinating the establishment of the Vietnam Innovation Network, through which Vietnamese citizens at home and abroad can share their ideas and initiatives. contribute to the country's development.

The chairwoman of the National Assembly wished that the Vietnamese community in Cuba would continue to look out for one another, unite more, and form a bloc that would be small but strong enough to share and support one another.

In recent years, bilateral trade has reached between 250 and 350 million USD annually. Vietnam exports a wide range of products to Cuba, including electrical appliances, electronics, apparel, footwear, cosmetics, construction materials, industrial materials, household appliances, stationery, etc. food…

Vietnam is also actively considering importing pharmaceuticals, vaccines, and biological products, as well as hiring Cuban medical professionals. The Vietnam-Cuba trade agreement, which was signed in 2018 and entered into force in April 2020, is a crucial legal basis for businesses on both sides to take advantage of tariff preferences and increase trade volume. In the next five years, two-way to USD 500 million.

Cuba is attempting to attract investment in the fields of renewable energy, tourism, and food production, among others, to facilitate exports to other Latin American nations. These are potential investment opportunities for Vietnamese businesses.

Prime Minister Manuel Marreno Cruz

Binh Phuong