A workshop focusing on providing information on the investment environment and business opportunities in Cuba was held in Hanoi on June 23rd.
The event, co-organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Cuban Embassy in Vietnam, featured representatives from 21 foreign trade enterprises under Cuba’s Gecomex Group.
Addressing the workshop, Deputy Chairman of the Vietnam-Latin America Business Council Nguyen Binh Minh appreciated the bilateral cooperation between the two countries in agriculture, biotechnology, education, health and sports.
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| Part of Havana Capital. Photo: baophapluat.vn |
In 2014, trade turnover between Vietnam and Cuba increased by 45 percent to USD 207.5 million, of which Vietnam exported goods worth USD 206 million to Cuba and imported more than USD 1 million worth of commodities.
Vietnam mainly exported foods, cereals, confectionery, footwear, ceramic products, building materials, coal and chemicals while importing pharmaceuticals and health food.
According to Cuban Ambassador to Vietnam Herminio Lopez Diaz, the two countries share a common ground in policies to attract foreign investment.
Last year, the two governments signed a Bilateral Economic Cooperation Program for the medium term.
The Latin American country is currently opening the Mariel Special Development Zone and is in the process of normalizing ties with the US.
These moves are believed to offer opportunities for the two countries to boost cooperation in Cuba’s high potential fields, such as pharmaceuticals, education, health and construction.
According to statistics from the Ministry of Planning and Investment as of December 2014, Cuba has one foreign direct investment project in Vietnam with total registered capital of USD 6.6 million.
Vietnam currently has two oil exploration investment projects in Cuba under the Vietnam Oil and Gas Group.
Source: VNA