Receiving the invitation of the Cuban Minister of Foreign Trade and Foreign Investment, from October 27 to November 2, 2018, the Ministry of Planning and Investment organized a Trade Delegation [...]
At the invitation of the Cuban Minister of Foreign Trade and Foreign Investment, from October 27 to November 2, 2018, the Ministry of Planning and Investment organized a working delegation with a number of Vietnamese businesses to survey, seek investment and business opportunities in Cuba and attend the 36th Havana International Fair (FIHAV 2018).
In Cuba, the Vietnamese Delegation attended the opening session of the 36th La Habana International Fair with the participation of 2,500 business representatives from more than 60 countries and territories around the world. In particular, there was the attendance of Chairman of the Council of State and Council of Ministers of Cuba Miguel Díaz-Canel Bermúdez, Vice Chairman of the Council of Ministers of Cuba Ricardo Cabrisas Ruiz and many senior Cuban officials.
(Cuba's senior leaders attended the opening session of FIHAV 2018)
Speaking at the opening session, Cuban Minister of Foreign Trade and Foreign Investment Rodrigo Malmierca emphasized that with a large number of businesses attending on an exhibition area of 24,000 square meters, this fair once again demonstrated "the growing interest of foreign businesses wanting to do business in Cuba".
(Booth of Vietnamese businesses at FIHAV 2018)
Minister Malmierca also said that FIHAV 2018 will have many activities towards the 500th anniversary of the founding of the city of La Habana in 2019, and affirmed that this is a space to promote Latin American and Caribbean integration with the presence of more than 20 countries in the region.
(Vietnamese businesses discuss with Cuban partners at FIHAV 2018)
At Cuba's 3rd Investment Forum, within the framework of FIHAV 2018, host country Cuba spent nearly 2 hours discussing with the Vietnamese delegation about Vietnam's experiences in attracting foreign investment over the past 30 years and discussed investment cooperation opportunities between businesses of the two countries. Speaking at this forum, Vietnamese speakers all affirmed their desire to strengthen investment and trade relations with Cuban partners.
(The Vietnamese delegation participated in the discussion session at the Forum)
Sharing Vietnam's experience in attracting foreign investment, representatives of the Ministry of Planning and Investment of Vietnam reviewed the main features of the situation of foreign investment in Vietnam and the important role of this capital source in mobilizing external resources, promoting production, economic growth, creating jobs, as well as in restructuring the economy towards modernization, industrialization, facilitating the absorption of new technology and promoting our country's integration into the world economy.
The representative of the Vietnamese side also introduced Vietnam's investment orientations abroad, which affirmed that the Vietnamese Government encourages businesses and individuals from our country to invest in areas with traditional cooperative relations, similar economic conditions and development potential.
Regarding the opportunity to strengthen trade and investment relations between Vietnam and Cuba, the Vietnamese side said that the two sides are moving towards signing a new bilateral Trade Agreement. This is Cuba's first agreement with an Asian partner. This new legal framework will promote trade activities so that the two countries can soon achieve the exchange value target of 500 million USD/year, set for 2022 and more than double the average level of the past 5 years.
Also in the forum, Vietnamese businesses in food, animal husbandry and food processing, construction, tourism, and tobacco all expressed their desire to find new partners and/or strengthen existing cooperative relationships with Cuban businesses, and expressed confidence in their country's development potential with the process of updating the socio-economic model.
Meanwhile, representatives of Vietnamese businesses with investment projects in Cuba's Mariel Special Development Zone, including Viglacera Group, Thai Binh Company, Greenfeed Vietnam Joint Stock Company delivered speeches sharing experiences and affirming their commitment to well deploy approved projects to bring in major profits. worthy of all parties, while contributing to Cuba's development process.
(Vietnamese delegation working with the Cuban Investment Cooperation Agency)
Also within the framework of this working trip to Cuba, the Working Group of the Ministry of Planning and Investment and Vietnamese businesses had working sessions with the Vietnamese Embassy in Cuba, the Cuban Investment Cooperation Agency, and the Mariel Special Economic Zone Management Board to exchange and promote investment cooperation between the two countries and survey a number of potential investment locations in Cuba. At the working sessions, the Cuban side highly valued and appreciated the possibility of investment cooperation with Vietnam and pledged to prioritize and create the most favorable conditions for Vietnamese enterprises to invest and do business in Cuba.
(Delegation working with the Vietnamese Embassy in Cuba)
Up to now, Vietnam currently has 3 investment projects in Cuba, with a total registered investment capital of 34.3 million USD in the fields of industrial park infrastructure, construction materials and civil industry... These projects are in the implementation stage. In addition, there are currently a number of investment projects in the fields of consumer goods production, hotels, tourism... that are in the investment research stage.
Cuba currently has 2 investment projects in Vietnam, with a total registered investment capital of about 6.7 million USD in the restaurant and construction sectors.
(Vietnamese delegation surveys and works in Mariel Special Economic Zone)
Regarding trade, in the past 5 years, two-way turnover has always remained above 200 million USD, higher than the bilateral turnover between Cuba and some countries with large economies such as Russia, Japan,... Vietnam is Cuba's second largest partner in Asia. In 2017, two-way trade turnover reached over 220 million USD. The two sides set a goal of reaching 500 million USD by 2022. It is known that the number of Vietnamese businesses doing business with Cuba has now exceeded 100./.
Foreign Investment Department
Procedures
