Business

Minister suggests support for firms to invest in Cuba

Minister of Industry and Trade Nguyen Hong Dien has committed close collaboration with the Cuban Embassy in Vietnam to effectively carry out bilateral cooperation activities, contributing to deepening Vietnam – Cuba economic and trade ties.
Minister suggests support for firms to invest in Cuba ảnh 1At the reception (Photo: VNA)

Hanoi (VNA) – Minister of Industry and Trade Nguyen Hong Dien hascommitted close collaboration with the Cuban Embassy in Vietnam to effectivelycarry out bilateral cooperation activities, contributing to deepening Vietnam –Cuba economic and trade ties.

During a reception in Hanoi on September 17 for Cuban Ambassadorto Vietnam Orlando Nicolas Hernandez Guillen, Dien wished that Cuba wouldcontinue tackling difficulties faced by Vietnamese firms when exporting to andinvesting in the Caribbean country.

He suggested that the Vietnamese Ministry of Industry and Trade (MoIT)and the Cuban Embassy in Vietnam should continue working closely together tobolster bilateral economic, trade and investment ties, so as to match long-standingpolitical relations.

Both sides should further strive to help their businesscommunities fully tap the Vietnam – Cuba trade agreement that took effect onApril 1, 2020, the first of its kind that Cuba signed with an Asian nation.

The host proposed Cuba offer preferential policies to createfavourable conditions for foreign enterprises and those from Vietnam inparticular to invest in the country.

The Ambassador, for his part, emphasised Cuba’s attention toboosting collaboration with Vietnam in biotechnology and pharmaceuticals, whichare strength of Cuba for many years.

He also wished to learn from Vietnam’s experience in developingsolar energy and using advanced technologies in industrial development.

According to the MoIT, the two countries enjoyed two-digitgrowth in import-export turnover during 2015-2018. Two-way trade reached 335.3 million USD in 2018, up 43percent from 2017. Vietnam is investing in four projects worth 51 million USDin Cuba.

The MoIT’s Department of European-American Markets reported that two-way trade hit 178.5 million USD last year. Of which, 175.6 million USD wereVietnam’s exports, mostly rice, coffee, chemicals, apparel, footwear, computersand accessories, construction materials, ceramics, machinery and spare parts.Its imports were vaccines and pharmaceuticals./.

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