Cuba and Vietnam Sign Four Cooperation Agreements in Economic Sectors

The president of the Vietnamese National Assembly, Vuong Dinh Hue, attended the inauguration of new investment projects in his country related to a factory of detergents for local consumption in the Mariel Special Development Zone, in Cuba. (AsambleaCuba/Twitter)

14ymedio biggerEFE (via 14ymedio), 21 April 2023 — Cuba and Vietnam signed four economic cooperation agreements this Thursday during a business forum in Havana with the presence of the president of the Vietnamese National Assembly, Vuong Dinh Hue.

The agreements cover the sectors of civil aviation, electric power, oil, as well as construction, marketing and production of construction materials.

The Deputy Prime Minister of Cuba, Ricardo Cabrisas, highlighted during the ceremony that in the complex context that the Island’s economy has developed in recent years, “Vietnam’s participation in various sectors has been and is important.”

Cabrisas, appointed two days ago as Minister of Foreign Trade and Foreign Investment and co-president of the Cuba-Vietnam Intergovernmental Commission, pointed out the experience of cooperation and the numerous joint projects and plans underway that cover the main spheres of the Island’s economic and social life.

“Today Vietnam has become our second trading partner and the main capital investor in the Asian region,” he stressed.

He announced that new business interests have been identified, to be specified in the “very short term,” which impact areas with priority such as agri-food, renewable energies, tourism and construction, among others.

The Cuban deputy prime minister highlighted the “active” presence of Vietnamese businesspeople in the Mariel Special Development Zone (ZEDM), a business center and merchant port created by the Cuban government to attract foreign capital.

On this day, the head of the Vietnamese National Assembly attended the inauguration of new investment projects from his country related to a detergent factory for local consumption and export, and a solar energy park in the strategic economic enclave located 28 miles west of Havana.

Representatives of Vietnamese companies from the sectors of energy, agricultural machinery, steel machinery, electronics, recycling, electromotive, biotechnology, pharmaceutical and medical equipment, fruit and aviation marketing, among others, participated in the bilateral business forum.

Cuban Prime Minister Manuel Marrero said in that context that there are “potentialities” to continue increasing cooperation with Vietnam on issues such as the control of inflation, new economic actors, rice production, polyculture, the planting of corn and the presence of companies from Vietnam in Cuba for wholesale and retail trade.

Since the beginning of his official visit to Cuba on April 19, the leader of the Vietnamese Parliament has met with President Miguel Díaz-Canel, former President Raúl Castro, his counterpart Esteban Lazo and other representatives of the Cuban Government.

Cuba and Vietnam maintain close political and economic ties that have been strengthened in recent times. In addition to the support and common positions in international organizations, companies from the Asian nation have increased their presence in the Island’s economy.

The commercial exchange is around 340 million dollars in recent years, according to official data.

Vietnam exports rice, coal, chemicals, textiles and electronic elements to Cuba, and imports mainly pharmaceutical products from the Island.

Translated by Regina Anavy


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