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Many Vietnamese and Cuban businesses attended the forum to explore investment and cooperation opportunities in various fields, especially in agriculture and energy.
On the morning of May 12, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) organized the Vietnam – Cuba Trade and Investment Promotion Forum. The ceremony was attended by Ms. Ariadne Feo Labrada, Consul General of Cuba in Ho Chi Minh City.
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Vice Chairman of Ho Chi Minh City People's Committee Duong Anh Duc delivered the opening speech at the forum. Photo: MAI HOA |
Speaking at the opening of the forum, Vice Chairman of the Ho Chi Minh City People's Committee Duong Anh Duc said that although Vietnam and Cuba are geographically distant, they have similarities in the cause of nation building and defense, aspirations, revolutionary ideals, as well as the heroic traditions of the two nations.
Promoting bilateral trade and investment cooperation commensurate with the political and diplomatic relations between the two countries is a key task of the two countries and also the desire of many generations of Vietnamese and Cuban people.
Vietnam is currently Cuba's second largest Asian trading partner. In the 2015-2020 period, bilateral trade turnover reached about 250-350 million USD. Regarding investment cooperation, Vietnam is currently the largest foreign investor in Asia in Cuba with 5 implemented projects, while Cuba has also implemented the Labiofam Vietnam Co., Ltd. project specializing in the production of biological products.
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The forum had the participation of many Vietnamese and Cuban businesses to explore cooperation and investment opportunities. Photo: MAI HOA |
Mr. Maury Hechavarris Bermudez, Deputy Minister of Agriculture of Cuba, acknowledged that the cooperative relationship between the two countries still has great potential. He affirmed that Cuba always accompanies foreign investors. Since 2014, Cuba has passed the Investment Law, with many special preferential policies, foreign investors will not have to pay taxes for 8 years. Cuba also has advantages in terms of prime location, political stability, and available infrastructure, helping investors reduce investment costs, especially in the agricultural sector.
More specifically, Mr. Edisnel Gonzalez Valdes, General Director of Fernando Echenique Agricultural Grains Company, wishes to cooperate in rice production in the area assigned to his company. Currently, the company is lacking in fertilizers, agricultural machinery, and pesticides. While the advantage is a very large production area (more than 25,300 hectares), fertile and suitable land for rice cultivation.
Similarly, Mr. Osmel Otero Rodriguez, General Director of Sur del Jibaro Agricultural Grain Company, also called for investment in the company's rice growing area of more than 35,000 hectares.
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Vietnamese and Cuban businesses exchange information on areas calling for investment and cooperation. Photo: MAI HOA |
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Leaders of Ho Chi Minh City and Cuba visit exhibition booths at the forum. Photo: MAI HOA |
Meanwhile, with experience investing in Cuba since 1992, Thai Binh Investment and Trade Joint Stock Company currently has 3 factories in Cuba with a total value of about 50 million USD. These are the diaper and sanitary napkin factory currently meeting about 70% of domestic consumption demand; 1 factory producing washing powder and detergent; and a solar energy park.
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Delegates visit the booth displaying products of a Cuban company manufactured in Vietnam. Photo: MAI HOA |
Mr. Tran Ngoc Thuan, Chairman of the Board of Directors of Thai Binh Company, said that currently 100% of Cuba's consumer goods are imported. With a population of 11 million, the Cuban market is very suitable for Vietnamese small and medium enterprises to invest in manufacturing plants. Cuban enterprises also prioritize buying domestically produced goods to replace imported goods, so investing in manufacturing plants in Cuba is an advantage. The Mariel Special Zone with its one-stop mechanism is very favorable for investors.
Mr. Thuan also clearly analyzed other difficulties and advantages and affirmed his readiness to cooperate and advise businesses to learn about and invest in the Cuban market.
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