Cuba – new investment destination of Vietnamese firms

Cuba has emerged as the third biggest investment destination of Vietnamese enterprises after Laos and Cambodia.

Thursday, May 17, 2018 19:24

Cuba – new investment destination of Vietnamese firms ảnh 1

At Mariel Special Economic Development Zone (Source: AFP)

Hanoi (VNA) – Cuba has emerged as thethird biggest investment destination of Vietnamese enterprises after Laos andCambodia.

According to the Foreign Investment Agency(FIA) under the Ministry of Planning and Investment, Vietnamese firms registeredto invest 19.9 million USD in Cuba in the first four months of 2018 despitegeographical distance.

This move is expected to open a new door withnumerous business cooperation opportunities for the two countries.

The FIA revealed some investment projects ofVietnam in the new market including an oil and gas exploration project ofPetroVietnam Exploration Production Corporation (PVEP) and diaper and washingpowder production projects at Mariel Special Economic Development Zone of ThaiBinh Company.

Several years ago, Cuba had been forecast to bean emerging market after Laos, Cambodia and Myanmar. There is plenty of room inthis market and the Cuban government has repeatedly called on Vietnameseenterprises to make investment in the nation.

The opportunities have become more obviousafter the visit to Cuba by Secretary General of the Communist Party of Vietnam(CPV) Central Committee Nguyen Phu Trong in March 2018 with a number of cooperationagreements signed.

Particularly, Vietnam’s Ministry of Industryand Trade and Cuba’s Ministry of Foreign Trade and Investment inked anagreement concluding the official negotiation between the two countries on anew bilateral free trade agreement (FTA).

The two sides pledged to conduct legal revisionsto bring the FTA into force as soon as possible to support trade growth andattract investment.

Experts said these are important moves to boostVietnam-Cuba trade and investment relations.

According to the FIA, Vietnamese firms poured153.6 million USD abroad in the first four months of 2018. The figure included nearly 129 millionUSD in newly-registered capital and 24.6 million USD in increased capital.

Vietnam injected 80.12 million USD in Laos,making up 52.2 percent of the total investment capital, and 25.9 million USD inCambodia in the January-April period.-VNA

VNA

#Foreign Investment Agency #Ministry of Planning and Investment #PetroVietnam Exploration Production Corporation #Vietnamplus #Vietnam News Agency #Communist Party of Vietnam #Cuba’s Ministry of Foreign Trade and Investment Cuba Vietnam

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