Vietnam, Cuba seek to strengthen investment cooperation
The Ministry of Planning and Investment held a seminar to seek measures to further promote investment cooperation between Vietnam and Cuba in the coming time in Hanoi on August 30.
Vietnamese and Cuban enterprises were updated on information related to market and investment policy in the two countries at the seminar
Speaking at the workshop, Dang Xuan Quang, deputy head of the Foreign Investment Agency under Ministry of Planning and Investment (MoPI) said Vietnam currently has 103 foreign investment projects from 68 countries and territories worldwide with a total registered capital of over 20 billion USD.
Most of foreign investment projects in Vietnam is focused on the fields of agriculture - forestry, mining, telecommunications, finance, banking and services, he added.
Quang stressed that Vietnam and Cuba have yet to fully tap their potential for cooperation and the results of investment between the two countries is very modest because their enterprises have been limited to access relevant information.
Vietnam has only one investment project worth 9.5 billion VND in Cuba, while Cuba has run two projects in Vietnam so far.
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.
Particularly, Cuba has a great demand for textile goods, footwear and electronic products that are the Vietnam's strengths.
Addressing the event, Cuban Ambassador to Vietnam Herminio Loper Diaz said his country has been updating socialisation-oriented economic model for the first time, therefor there will be difficulties for foreign businesses in investing in country.
He believed that Vietnam and Cuba will overcome their obstacles.
The diplomat affirmed that Cuba always give a special priority for Vietnamese investors.
"We will be ready to do everything to attract more investors from Vietnam to explore investment opportunities in Cuba in general, and the Mariel Special Development Zone in particular," Ambassador Diaz stressed.
During the event, representatives from Cuba’s Mariel Special Development Zone emphasised the zone is calling investments in high-tech and environmentally friendly projects, with focus on logistics, bio-technology, pharmaceuticals, packaging, food, construction material and technology, steel and consumer goods manufacturing.
Mariel Special Development zone has built a particular legal framework and introduced series of tax and investment incentives to investors, Ambassador noted.
Vu Quoc Huy from the MoPI’s Economic Management Department shared experience in forming and developing economic zones in Vietnam.
Economic zones in Vietnam have attracted 329 foreign direct investment (FDI) projects worth 40 billion USD and nearly 1,000 domestic projects with a total investment of 784 trillion VND (35.2 billion USD) with oil refinery, mechanics and heavy industry models.
Speaking at the workshop, Dang Xuan Quang, deputy head of the Foreign Investment Agency under Ministry of Planning and Investment (MoPI) said Vietnam currently has 103 foreign investment projects from 68 countries and territories worldwide with a total registered capital of over 20 billion USD.
Most of foreign investment projects in Vietnam is focused on the fields of agriculture - forestry, mining, telecommunications, finance, banking and services, he added.
At the Vietnam - Cuba investment seminar
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Vietnam has only one investment project worth 9.5 billion VND in Cuba, while Cuba has run two projects in Vietnam so far.
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.
Particularly, Cuba has a great demand for textile goods, footwear and electronic products that are the Vietnam's strengths.
Addressing the event, Cuban Ambassador to Vietnam Herminio Loper Diaz said his country has been updating socialisation-oriented economic model for the first time, therefor there will be difficulties for foreign businesses in investing in country.
He believed that Vietnam and Cuba will overcome their obstacles.
The diplomat affirmed that Cuba always give a special priority for Vietnamese investors.
"We will be ready to do everything to attract more investors from Vietnam to explore investment opportunities in Cuba in general, and the Mariel Special Development Zone in particular," Ambassador Diaz stressed.
During the event, representatives from Cuba’s Mariel Special Development Zone emphasised the zone is calling investments in high-tech and environmentally friendly projects, with focus on logistics, bio-technology, pharmaceuticals, packaging, food, construction material and technology, steel and consumer goods manufacturing.
Mariel Special Development zone has built a particular legal framework and introduced series of tax and investment incentives to investors, Ambassador noted.
Vu Quoc Huy from the MoPI’s Economic Management Department shared experience in forming and developing economic zones in Vietnam.
Economic zones in Vietnam have attracted 329 foreign direct investment (FDI) projects worth 40 billion USD and nearly 1,000 domestic projects with a total investment of 784 trillion VND (35.2 billion USD) with oil refinery, mechanics and heavy industry models.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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