Cuban Prime Minister Manuel Marrero Cruz and National Assembly Chairman Vuong Dinh Hue attend the Vietnam-Cuba Business Forum. Photo: VOV

Speaking at the Forum, Deputy Prime Minister, Minister of Foreign Trade and Investment and Co-Chair of the Cuba-Vietnam Intergovernmental Committee Ricardo Cabrisas, said that the two countries need to unite and cooperate to elevate their economic and trade relations on a par with the traditional historical relationship, solidarity and friendship, which has been laid the foundation and developed by the leaders of the two countries.

Minister of Construction and Co-Chair of the Vietnam-Cuba Intergovernmental Committee Nguyen Thanh Nghi, said that the friendship, solidarity and special cooperation between Vietnam and Cuba has continuously expanded. In particular, trade and investment cooperation plays an important role in boosting comprehensive cooperation between the two countries.

The Vietnam-Cuba Trade Agreement, which has taken effect since April 2020, is an important legal basis for businesses to take advantage of tariff preferences to increase two-way trade turnover to 500 million USD in the next five years.

Minister Nguyen Thanh Nghi said, “Vietnam is currently Asia’s largest foreign investor in Asia in Cuba with five implemented projects including two projects of Viglacera Corporation. It’s the joint-venture plant SANVIG with Cuban Geicon Group to produce building materials. The other is an investment project to develop industrial parks in Mariel Special Zone. The remaining projects are diaper factory; washing powder and detergent plant and solar power plant of Thai Binh Company."

"Projects implemented by two pioneering Vietnamese enterprises have partially met the Cuban market’s demand for goods, greatly reduced the amount of foreign currency spent on imports, created more jobs for Cuban workers, and most importantly, helped Cuba's manufacturing industry develop sustainably and autonomously in all circumstances,” Nghi said. 

Cuban Prime Minister Manuel Marrero Cruz and National Assembly Chairman Vuong Dinh Hue witness the signing of cooperation agreements. Photo: VOV

At the Forum, Cuban Prime Minister Manuel Marrero Cruz and National Assembly Chairman Vuong Dinh Hue witnessed the signing and awarding of cooperation agreements between businesses in electricity, oil and gas, building materials and aviation.

Also on Friday, at Mariel Special Development Zone, Artemisa province, National Assembly Chairman Vuong Dinh Hue and Cuban National Assembly President Esteban Lazo Hernandez inaugurated Suchel-TBV washing powder joint venture and solar energy plant of Thai Binh company.

They attended the groundbreaking ceremony of phase II, Vimariel Industrial Park of Viglacera Company and visited the Cuban Center for Biotechnology and Genetics.