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Seminar casts light on investment opportunities in Cuba
11:01, 2015/04/16
Vietnam-Cuba bilateral trade jumped more than 45% to US$207.5 million last year, of which Vietnam’s exports to Cuba hit US$206 million and imports were US$1 million.
The figure was released at a seminar in Hanoi on April 14 with the purpose of helping Vietnamese businesses seize investment opportunities in the Caribbean nation.
In his speech, Vietnam Chamber of Commerce and Industry (VCCI) Vice President Doan Duy Khuong, said Vietnam mainly exports food, cereals, confectionery, footwear, ceramics, sanitation goods, construction materials, coal, textiles and garments, and chemicals, while imports are mostly pharmaceuticals and supplementary food.
The two governments have paid special attention to promoting cooperation in many fields, especially economics, construction, transportation, bio-technology, agriculture, education, health care, sports and physical training.
The two countries have signed a series of economic and trade agreements to support bilateral trade cooperation, such as an investment encouragement and protection agreement in 1995, a tourism cooperation agreement in 1999, a plant protection and quarantine agreement, and a double taxation avoidance agreement in 2002.
 
President of the Cuban Chamber of Commerce, Orlando Hernandex Gillen, highlighted the normalization of bilateral relations between Cuba and the USA (signed in December 2014) would provide a good opportunity for Cuba to develop economically, noting that this would offer a chance for Vietnam businesses to invest in Cuban tourism, agriculture, telecommunications, footwear, and textile industries.
According to the latest statistics from the Ministry of Planning and Investment, by December 2014, Cuba had poured US$6.6 million in one project in Vietnam, ranking 69th among 101 foreign investors, while Vietnam has invested in two oil and gas projects in Cuba.
 
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