Vietnam - Cuba investment working group meeting

Thứ hai, 08/11/2021 15:41
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Deputy Minister of Construction Bui Hong Minh and Cuban Deputy Minister of Foreign Trade and Foreign Investment Déborah Rivas Saavedra co-chaired an online meeting on November 5th to facilitate greater investment by Vietnamese enterprises in Cuba. 

Deputy Minister Bui Hong Minh co-chaired the online meeting

Deputy Minister Bui Hong Minh said that: “Vietnam, Cuba and many countries in the world have seriously affected by the Covid 19 pandemic. However, Vietnamese enterprises such as VIGLACERA Corporation and Thai Binh Company have made great efforts to remove difficulties and maintain their investment projects in Cuba to meet the needs of its people.”

During a recent Cuba visit by Vietnamese President Nguyen Xuan Phuc, City Real Estate Investment Company Limited (Cityland) and Thai Binh Company signed agreements cooperate with Cuban partners to invest in projects to develop hotels, resorts and green energy development projects there.

 Deputy Minister Bui Hong Minh highly appreciated Cuba's ministries and branches to create favorable conditions for Vietnamese enterprises operating their projects in Cuba. The application of the one-stop-shop mechanism in Zed Mariel Special Development Zone has also served to provide transparent information and offers preferential tariff to investors, he added.

However, Deputy Minister Minh said Vietnamese enterprises are also facing some difficulties related to labour policy, wages, supply of raw materials, fuel, electricity and water supply that affect their operations. He suggested that the Cuban side consider appropriate solutions to promptly remove difficulties and help enterprises feel secure in production.

Participants attend the online meeting from Hanoi.

Cuban Deputy Minister Saavedra stressed President Phuc’s recent visit has provided the basis for accelerating future investment cooperation between the two countries’ business communities. Viglacera and Thai Binh companies’ investment projects as success stories in Cuba, noting Vietnamese invested projects have helped cater to local consumer tastes and at the same time attract foreign investment in Cuba.

Saavedra outlined that the Cuban Government has issued a number of preferential policies related to tax payment, highly-qualified human resources, and science and technology aimed at attracting foreign investment.

The Cuban Deputy Minister went on to reveal that Cuba will organize a business forum to promote trade and investment cooperation in the near future.

The Cuban Deputy Minister expressed his wish that Vietnamese enterprises would increase investment in Cuba in the future across multiple fields, such as industry, industrial parks development, construction, transportation, agriculture, food processing, renewable energy, and tourism.


Written by: Tran Dinh Ha - Translated by: Mai Anh

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