Vietnam, Cuba look for stronger economic links

Vietnamese and Cuban senior officials have agreed to enhance economic links between the two countries through experience sharing in promoting economic development models, attracting foreign direct investment (FDI) and developing tourism.

The agreement was reached at meetings between Vietnamese Minister of Planning and Investment Nguyen Chi Dung and the Cuban ministers of economics, planning and tourism during his visit to the country from September 13-15.

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Minister Dung praised Cuba’s effort in integration and administrative reform, drawing FDI and creating policies for growth.

The two sides said that the agreement on investment protection in 1995 and the agreement on avoidance of double taxation and prevention of fiscal evasion in 2002 are a solid foundation for the two countries to deepen economic ties.

During his stay, Minister Dung visited Cuba’s Mariel Special Development Zone and attended a conference on investment connection between Vietnamese and Cuban businesses.

At the conference, the Cuban side called for investment in various fields, including ago-forestry, sugar, health, pharmacy and biotechnology, metallurgy mechanics and the light industry among others.

On the occasion, representatives from the Vietnamese Foreign Investment Agency and the Mariel Special Development Zone signed an agreement on investment promotion, aiming to facilitate investment flow between the two countries.

Vietnam has only one investment project worth VND 9.5 billion in Cuba, while Cuba has two projects in Vietnam.

Last year, two-way trade was USD 235 million.

Vietnam exported foodstuffs, footwear, ceramics, construction material, coal, apparel and chemicals, while importing medicines and foods from the Caribbean country.