HCM City (VNA) - Cuba has called on Vietnamese businesses to expand investment in areas where Vietnam boasts strengths and the Caribbean country has demand, such as agriculture, food processing, pharmaceuticals, tourism, and technology, as part of its 2025–2030 economic and social development strategy, with a view to revitalising production and overcoming longstanding difficulties.
At a meeting with Ho Chi Minh City enterprises on October 3, President of the National Assembly of People’s Power and President of the Council of the State of Cuba Esteban Lazo Hernández stressed that Vietnam is not only a crucial partner in Asia but also one of leading investors of Cuba, which has suffered severe losses and is grappling with formidable challenges due to prolonged sanctions.
Against the backdrop, Havana has introduced a series of measures beyond existing legal frameworks, designed to attract Vietnamese projects that could help stabilise its economy through 2030, particularly in finance, capital provision, and foreign currency liquidity.
The Cuban Government is working to remove bottlenecks for Vietnamese firms, with cumbersome administrative procedures to be handled in the coming time to support the investment process, he said.
He laid stress on the Vietnam–Cuba rice cultivation pilot project, which now covers more than 1,000 hectares using Vietnamese seeds, inputs, and farming techniques, achieving yields of 7.3 tonnes per hectare. Cuba hopes to expand this model nationwide to strengthen food security.
Local authorities have already granted free land-use rights for agricultural production, with vast idle farmland available for Vietnamese enterprises, he said, adding investments in other crops for animal feed production and fertilisers are being encouraged, with potential to serve both domestic demand and export to other markets across the Caribbean and Latin America.
According to the Cuban top legislator, other potential areas for cooperation include biotechnology, health care, telecommunications, construction, advanced technology, and digital transformation. Cuba is facilitating investment in realty sector and developing a rational exchange system to support business activities. Cuba is particularly keen to learn from Vietnam’s household solar power projects to advance its clean energy transition.
Vice Chairman of the HCM City People’s Committee Nguyen Van Dung said that Cuba’s strategic location could serve as a gateway for Vietnamese goods into Latin America. At the same time, Cuba is improving its investment environment, offering incentives, and opening space for private-sector cooperation. However, he acknowledged that challenges remain, from legal procedures and payment systems to infrastructure and global market volatility. For this reason, he said, the role of investment promotion agencies is critical in supporting enterprises and ensuring the effective and sustainable operation of projects.
HCM City stands ready to act as a bridge to help businesses from both sides access information, share experience, and concretise cooperation plans. With strong political will from leaders, the dynamism of the enterprises, and the enduring friendship between the two peoples, the economic ties between Vietnam and Cuba are poised for robust growth, Dung expressed his confidence.
With nearly three decades of investing in Cuba, Chairman of Thai Binh Corporation Tran Thanh Tu said what drew him to make a long-term investment in Cuba stems from the affection the Cuban people hold for Vietnam. Coupled with Cuba’s ongoing reforms and incentives, it is the time for Vietnamese businesses to seize the opportunity, deepen their presence in Cuba, and use it as a springboard into the wider South American market, he added./.
