The Vietnam-Cuba Trade Agreement was signed on November 9, 2018 in Hanoi. The 14-chapter agreement is expected to promote bilateral economic cooperation, trade and investment in line with the fine relationship between the two countries. The deal includes regulations on trade, customs management, trade remedies, technical standards, food safety, and economic and trade cooperation.

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At the signing of the Vietnam-Cuba Trade Agreement on November 9, 2018 in Hanoi

The two sides agreed to remove or reduce tariffs on nearly 100% of their imports from each other’s market over the next five years. 

According to the Ministry of Finance, the Government has issued Decree No 39/2020/NĐ-CP on the list of Vietnam’s special preferential import tariffs to implement the Vietnam–Cuba Trade Agreement.

The Decree will last from now until 2023. Following the agreement, scheduled to take effect on May 20 of this year, products such as fruit, cement, protective clothing, wireless devices, and others started enjoying a zero percent tariff on April 1. Tariffs on other imports, including sugar, cigarettes, cigars, and alcoholic drinks will be reduced as well.

Translated by Chung Anh