Hanoi (VNA) - Deputy Prime Minister Bui Thanh Son on October 9 signed a decision establishing the Vietnam Sub-Committee under the Joint Committee of the Vietnam–Cuba Trade Agreement.
The sub-committee will be chaired by a Vice Minister of Industry and Trade, with a division-level official from the Government Office serving as Secretary.
Standing members include department-level representatives from the ministries of industry and trade, foreign affairs, construction, finance, agriculture and environment, and science and technology, and the State Bank of Vietnam.
The Ministry of Industry and Trade (MoIT) will act as the standing body, with the sub-committee headquartered at the ministry. Specific working groups and sub-groups may be formed based on the needs of the Joint Committee.
Members will juggle their roles alongside existing duties, taking personal responsibility for tasks assigned under the Prime Minister’s decision on the establishment and operation of Vietnam sub-committees within intergovernmental committees.
The sub-committee chair is authorised to use the MoIT’s official seal for administrative purposes.
Vietnam and Cuba share a decades-long relationship that has gained momentum in trade. Bilateral trade has hovered above 100 million USD annually, with Vietnam ranking as Cuba’s second largest Asian trading partner.
In 2024, two-way trade reached 134.7 million USD, with Vietnam’s exports soaring 184.3% to 133.36 million USD, while imports totaled 1.33 million USD. Key Vietnamese exports include rice, electronics, apparel, footwear, cosmetics, construction materials, household goods, stationery, fertilizers, and medical equipment. Rice, a linchpin of Cuba’s food security, remains a strategic export, while demand for cement, steel, and apparel is growing.
Cuba, meanwhile, exports pharmaceuticals, vaccines, activated carbon, and rum to Vietnam. The Caribbean nation’s advanced biotechnology and pharmaceutical sectors have gained traction, with products widely adopted in Vietnam.
Vietnam is also Cuba’s largest Asian investor, with five major projects, including the first time-bound concession granted to a wholly Vietnamese-owned enterprise in Cuba.
The two nations have inked several trade agreements, notably the 2018 bilateral trade pact, which has facilitated smoother export, import, and investment flows./.
