15/04/2015 09:37 GMT+7 Email Print Like 0

Vietnam, Cuba foster trade ties

Hanoi, April 14 (VNA) – Investment opportunities in Cuba was the central theme of a workshop organised by the Vietnam Chamber of Commerce and Industry (VCCI) on April 14 in Hanoi.

Addressing the opening ceremony, VCCI Vice President Doan Duy Khuong hailed the 55 years of cooperative ties between Vietnam and Cuba as a faithful partnership.

The two Governments have fostered comprehensive relations, especially in economic development, construction, transport, biotechnology, agriculture and education, he said.

The two nations have a number of long-standing economic-trade agreements, such as the agreement on trade exchanges and other economic cooperation in 1996; the agreement on investment encouragement and protection in 1995; and the agreement on tourism cooperation in 1999, Khuong added.

Meanwhile, President of the Cuba Chamber of Commerce and Industry (CCCI) Hernandez Guillen said the recent normalisation of bilateral relations between Cuba and the US presents huge opportunities for Cuban businesses.

He also highlighted opportunities for Vietnamese investors in tourism, agriculture, telecommunication, footwear and garment-textiles, some of the major sectors in both nations.

Cuba also boasts cooperation potentials in pharmaceuticals, education and healthcare with Vietnam, he added.

Additionally, the establishment of the Mariel Special Development Zone (ZEDM) is expected to facilitate Vietnamese investment in the Caribbean and offer a gate to the US and other Latin American countries.

In 2014, trade between Vietnam and Cuba reached 207.5 million USD, a 45 percent increase from the previous year. Vietnamese exports to Cuba hit 206 million USD, with the majority in food, cereal, confectionary and garment-textiles.

According to the Ministry of Planning and Investment, Cuba has one investment project in Vietnam with registered capital of 6.6 million USD. Vietnam has two projects in Cuba in oil and gas exploration.
VNA/VNP