Cuba courts more VN investors

Speaking at an investment promotion conference, Cuban Consul General to HCM City Bernabe Garcia Valido, said investors can seek investment and trade opportunities in science and technology development, technology transfer, upgrading transport infrastructure and industrial park infrastructure and exploitation of recyclable energy and bio-energy.

 

The Cuban Government has encouraged investment in many forms of co-operation and joint ventures between domestic and foreign enterprises, he said.

 

Cuba is also a potential market for Vietnamese goods since most of products consumed in the country are imported.

 

Cuba has great demand for garment and textile products, construction materials, cosmetics, food, pesticides, fertiliser, paper and carton, and agricultural machinery, he said.

 

Tran Ngoc Liem, deputy director of the Viet Nam Chamber of Commerce and Industry’s HCM City branch, appreciated the trade and investment incentives the Cuban Government has given to Vietnamese businesses.

 

This is a good time for both sides’ businesses to enhance investment and trade ties, he said, adding that Vietnamese firms should take advantage of opportunities to boost exports to Cuba.

 

Trade between Viet Nam and Cuba has significantly increased in recent years, but it was still modest compared to the potential of the two countries, he said.

 

Bilateral trade reached US$218.2 million last year, a year-on-year increase of 4.65 per cent, of which, Viet Nam’s export revenue to Cuba accounted for $214.6 million, he said.

 

Viet Nam’s main export items to Cuba include rice, coffee, chemicals, ceramics, machinery and spare parts while it imports vaccines and pharmaceutical products from Cuba.Some Vietnamese firms have invested in Cuba, including the PetroVietnam Exploration Production Corporation (PVEP) under the Viet Nam Oil and Gas Group, the Viet Nam Glass and Ceramics for Construction Corporation, and electronics producer Hanel Co Ltd, he said.

 

Meanwhile, Cuba firms had two investment projects in Viet Nam.

 

According to delegates at the conference, investment in each other’s countries was still modest due to the limited access to market information and the investment policies of enterprises from both sides.

 

The conference would strengthen co-operation between the two nations’ business communities, they said.