Vietnam and Cuba seek closer trade ties

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At the forum, Vu Van Chung, deputy director of the Foreign Investment Agency under the Ministry of Planning and Investment, briefed the attendees on foreign direct investment (FDI) situation in Vietnam and its role in promoting production, growth, job creation and economic restructuring.

He said that the Vietnamese Government encourages businesses and individuals to invest in countries which have had traditional ties with Vietnam and those at a similar stage of economic development.

Mr Chung revealed that Vietnam and Cuba have worked together to sign a bilateral trade agreement, in the hope that it will create a legal foundation for trade activities in order to achieve a target of US$500 million bilateral trade set for 2022.

At the event, Vietnamese businesses operating in the food, livestock, food processing, construction, tourism and tobacco industries expressed their wish to seek new partners and strengthen their existing partnerships with Cuban businesses.

Meanwhile, representatives of Vietnamese businesses which are investing in the Mariel Special Development Zone, including Viglacera Group and Thai Binh Company, shared their experiences and pledged to better implement approved projects to benefit both sides and to help contribute to the further development of Cuba.