Open investment and business opportunities in Cuba

According to Ms. Bui Thi Thanh An, Deputy Director of the Department of Trade Promotion (Ministry of Industry and Trade), in 2014 the amount of rice exported to Cuba accounted for 66% of Vietnam's total export turnover to Cuba. In the coming time, Vietnam's strategic export product to this market will still be rice because each year Cuba needs to import 350 thousand tons of rice.

Currently, many Vietnamese businesses have been interested in investing in Cuba with projects highly appreciated by the Government of this country such as the project to build a chain of hotels and an 18-hole golf course of HUD Group; PVN's oil and gas exploration project; Many projects producing household appliances, agricultural machines...

Recently, Cuban Minister of Light Industry Maceo Cruz called on Vietnamese businesses to increase investment in the fields of textiles and garments, footwear, wooden furniture and plastic products. This is also one of the export strengths of Vietnamese enterprises today.

At the conference, Mr. Orlando Hernandez Guillen, President of the Cuban Chamber of Commerce, said that Cuba has currently invested in building the Maril Special Development Zone with 11 areas, focusing on industry and logistics.

Investors here will enjoy preferential policies such as exemption from personal income tax derived from dividends or business profits; Income tax exemption for the first 10 years for all projects and 12% exemption for the following years; Sales tax exemption in the first year of operation and 1% exemption in the following year;...

In 2014, to create conditions to encourage and call for investors, Cuba amended and promulgated a new Foreign Investment Law, in accordance with Cuba's socio-economic development situation in the upcoming period.