The Vietnam-Cuba business promotion forum took place in Hanoi on September 30, with the participation of Cuban Prime Minister Manuel Marrero Cruz and Vietnamese Deputy Prime Minister Le Minh Khai.
Deputy Prime Minister Le Minh Khai spoke at the Forum
In his speech, Deputy PM Khai stressed that the bilateral cooperation relationship still maintains development momentum in all fields although Vietnam and Cuba have faced many difficulties and challenges in recent years.
Regarding trade cooperation, in recent years, bilateral trade turnover reached 250-350 million USD/year. The Vietnam - Cuba trade agreement, which was signed in 2018 and officially took effect from April 2020, is an important legal basis for businesses of the two sides to fully tap tariff preferences, towards lifting the two-way trade to 500 million USD in the next five years.
In the field of investment, Vietnamese enterprises actively seized opportunities and respond to the policy of calling for and attracting investment of the Cuban Government. Currently, there are 5 investment projects being implemented in Cuba, including 4 investment projects in Mariel Special Development Zone and 1 construction material production project in Santa Cruz to meet Cuban market demand and attract new investors. The Thai Binh Green Power solar project will put into operation in December 2022, contributing to increase electricity production in Cuba.
Deputy PM Khai said he believes that with the participation of Vietnamese ministries, agencies, and enterprises, the two sides will create new investment and business opportunities, thus further boosting the bilateral economic, trade and investment cooperation.
Cuban Prime Minister Manuel Marrero Cruz spoke at the Forum
For his part, Cuban PM Cruz praised Vietnam’s socio-economic development achievements over the years. Under the leadership of the Communist Party of Vietnam, Vietnam has maintained stable and continuous development even in difficult time due to the Covid-19 pandemic, as well as in the context of the world’s economic and political developments with many changes.
Prime Minister Manuel Marreno Cruz affirmed that Cuba would continue to move forward in its socio-economic development strategy, with the participation of multiple economic sectors. The Cuban government has promulgated a number of measures to promote domestic production in the fields of industry, agricultural products, and food processing… Cuba is currently in a period of strong transformation to develop faster in the coming time.
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Deputy Minister of Construction Bui Hong Minh spoke at the forum
On behalf of the leaders of the Ministry of Construction – the standing agency of the Vietnam Sub-Committee in the Vietnam - Cuba Intergovernmental Committee, Deputy Minister Bui Hong Minh said that over the past time, through the cooperation mechanism of the Intergovernmental Committee, several delegations of the ministries, agencies and enterprises of the two countries have regularly met, exchanged and promoted trade and investment cooperation in areas of mutual interest. The Ministry of Construction has always proactively coordinated with other agencies, ministries and sectors in Vietnam and with the Cuban Embassy as well as agencies of the Cuban Government to effectively deploy and implement investment cooperation programs and projects between the two sides, contributing to further enhancing the traditional friendly relations between the parties, governments and people of the two countries.
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Enterprises of the two countries signed a Memorandum of Understanding at the Forum
Minister Rodrigo Malmierca Diaz and General Director of the Mariel Special Development Zones Office reviewed a number of Cuba's preferential policies for foreign investors, which will effectively support Vietnamese businesses. Vietnamese businesses also identified opportunities and suggested relevant agencies of the two sides to remove obstacles in order to further promote cooperation and investment in Cuba. On this occasion, Cuban and Vietnamese enterprises signed a memorandum of investment cooperation.