Vietnam businesses updated on Cuban economic and foreign trade situation
The Vietnam Chamber of Commerce and Industry (VCCI) and the Cuban Embassy in Hanoi co-chaired a Vietnam-Cuba business meeting in Hanoi on June 29.
The conference aimed to creat a chance to update Vietnamese businesses on the economic and foreign trade situation of Cuba in its renovation period and to seek new partnerships.
VCCI Vice Director Doan Duy Khuong said that Vietnam and Cuba are enjoying growing traditional trade ties, with many economic and trade deals, including the agreement on trade exchange and other economic cooperation in 1996; the agreement on investment encouragement and protection in 1995; the deal on tourism cooperation in 1999; the agreement on cooperation in quarantine and plant protection in 1999; the agreement on avoidance of double taxation and prevention of fiscal evasion for income taxes in 2002.
However, the result has yet to match their economic potential, he said, noting that last year, two-way trade reached only 235 million USD.
Vietnam exported foodstuffs, footwear, ceramics, construction material, coal, apparel and chemicals, while importing a number of new medicines and functional foods from the Caribbean country.
According to the statistics of the Ministry of Planning and Investment, as of December last year, Cuba conducted one project in Vietnam with a total registered investment of 66 million USD, ranking 75th among 100 countries and territories investing in the country.
Meanwhile, a number of Vietnamese businesses have implemented large projects in Cuba, including PetroVietnam Exploration Production Company under the Vietnam National Oil and Gas Group, Viglacera Group and Hanel.
Speaking at the event, Cuban Ambassador to Vietnam Herminio Lopez Diaz said that Gecomex and its 21 subsidiaries’ attending in the meeting aims to seek partnerships with suppliers of foods, consumer goods, chemicals, fertilizer, steel, paper, plastics, paint, industrial and agricultural machineries and automobile tires.
The ambassador vowed that the Cuban Government always backs Vietnamese businesses for the development and prosperity of Cuba as well as long-term and stable economic and trade ties between the two nations.
At the meeting, Vietnamese companies had direct exchange with Gecomex Group, the largest Cuban import-export enterprise holding 35% of the country’s total imports and 15 percent of its exports.
General Director of Gicomex Aurelio Mollineda said that the Cuban foreign trade group reached an average yearly revenue of over 4 billion USD, mainly from importing and exporting goods and services, headhunting, consultation and auditing services, goods checking and logistics.
Gecomex now is exporting agricultural products including sugar, coffee, honey, fuel and cocoa; while importing foodstuffs, building materials, consumer goods, pesticides, fertilizer, industrial machines, according to Aurelio Mollineda.
VCCI Vice Director Doan Duy Khuong said that Vietnam and Cuba are enjoying growing traditional trade ties, with many economic and trade deals, including the agreement on trade exchange and other economic cooperation in 1996; the agreement on investment encouragement and protection in 1995; the deal on tourism cooperation in 1999; the agreement on cooperation in quarantine and plant protection in 1999; the agreement on avoidance of double taxation and prevention of fiscal evasion for income taxes in 2002.
At the meeting.
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Vietnam exported foodstuffs, footwear, ceramics, construction material, coal, apparel and chemicals, while importing a number of new medicines and functional foods from the Caribbean country.
According to the statistics of the Ministry of Planning and Investment, as of December last year, Cuba conducted one project in Vietnam with a total registered investment of 66 million USD, ranking 75th among 100 countries and territories investing in the country.
Meanwhile, a number of Vietnamese businesses have implemented large projects in Cuba, including PetroVietnam Exploration Production Company under the Vietnam National Oil and Gas Group, Viglacera Group and Hanel.
Speaking at the event, Cuban Ambassador to Vietnam Herminio Lopez Diaz said that Gecomex and its 21 subsidiaries’ attending in the meeting aims to seek partnerships with suppliers of foods, consumer goods, chemicals, fertilizer, steel, paper, plastics, paint, industrial and agricultural machineries and automobile tires.
Cuban Ambassador to Vietnam Herminio Lopez Diaz.
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At the meeting, Vietnamese companies had direct exchange with Gecomex Group, the largest Cuban import-export enterprise holding 35% of the country’s total imports and 15 percent of its exports.
General Director of Gicomex Aurelio Mollineda said that the Cuban foreign trade group reached an average yearly revenue of over 4 billion USD, mainly from importing and exporting goods and services, headhunting, consultation and auditing services, goods checking and logistics.
Gecomex now is exporting agricultural products including sugar, coffee, honey, fuel and cocoa; while importing foodstuffs, building materials, consumer goods, pesticides, fertilizer, industrial machines, according to Aurelio Mollineda.
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