Viglacera starts construction of first IP at Cuban special economic zone
ViMariel S.A – a subsidiary of Vietnam Glass and Ceramics for Construction Corporation (Viglacera) – began construction of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba on November 28.
Minister of Construction Pham Hong Ha speaks at the groundbreaking ceremony of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba. (Photo: VNA)Havana (VNA) – ViMariel S.A – a subsidiary of Vietnam Glass and Ceramics for Construction Corporation (Viglacera) – began construction of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba on November 28.
The groundbreaking ceremony was attended by Vice President of the Councils of State and Ministers Ramiro Valdes Menendez and Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz from Cuba alongside Vietnam’s Minister of Construction Pham Hong Ha and Ambassador to Cuba Nguyen Trung Thanh.
Addressing the event, Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz spoke highly of the project, saying its construction begins with the 36th meeting of the Vietnam – Cuba Inter-Governmental Committee taking place in Havana from November 26 – 30.
He also expressed his confidence in the success of the “strategic” project which was described as “special” in the two countries’ relations.
Minister of Construction Pham Hong Ha, for his part, said long-standing ties between Vietnam and Cuba have laid a strong foundation for Viglacera to carry out this project. He expected the project would meet the needs for development of both nations.
ViMariel S.A was established by Viglacera in February 2018. The firm has obtained rights to build an industrial park with complete road, telecommunications, water supply and electricity infrastructure on an area of 156 hectares in the ZEDM. It was authorised to exploit the industrial park for 50 years.
The construction of the industrial park will cost about 300 million USD and is expected to be complete after five years.
The project is a result of General Secretary of the Communist Party of Vietnam Nguyen Phu Trong’s State visit to Cuba in March, 2018.
It is the first fixed-term operation and maintenance project Cuba has granted to a fully foreign-owned company in the ZEDM.
In 2016, Viglacera entered into a joint venture partnership with Cuban developer Geicon to manufacture building materials in Cuba, of which, Viglacera is responsible for upgrading two existing ceramics and sanitary ware plants and investing in two more, four years after the joint venture is operational. –VNA
You should also see
Localities get ready for fourth FDI boom
As the year 2024 is expected to witness the start of the fourth wave of foreign direct investment (FDI) to Vietnam, localities nationwide are getting ready to absorb foreign capital flows.
See more
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Noi Bai, Da Nang named in world’s top 100 airports
Hanoi capital’s Noi Bai International Airport and the Da Nang International Airport in the central city of the same name have been listed among the world’s top 100 airports in 2024 by the UK–based aviation consultancy Skytrax.
Business
Vietnam earns 1.43 billion USD from rice exports in Q1
ietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to $653.9 per tonne.
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
