The first session of the Joint Committee on the implementation of the bilateral trade agreement between Vietnam and Cuba was held in Havana, Cuba, on December 1, in which the two sides have established a regular dialogue mechanism to review the implementation of the bilateral trade agreement.
Speaking at the session, Vietnam's Deputy Minister Industry and Trade Phan Thi Thang noted that despite challenges from the Covid-19 pandemic, global economic crisis, and Cuba's economic difficulties, bilateral trade has remained stable at around $200 million. This stability reflects the joint efforts of both sides to promote bilateral trade relations. Cuba continues to be one of Vietnam's ten key markets in Latin America, and Vietnam is currently Cuba's second-largest partner in the Asia-Pacific region, she added.
Vietnam is the largest Asian investor and among the top foreign investors in Cuba, with seven active projects focusing on material production, consumer goods, industrial park infrastructure development, and energy. Future investments will expand into wholesale, retail, rice cultivation, instant noodle production, animal feed, fertilizers, and joint ventures in agricultural biotechnology, pharmaceuticals, and more, according to the Vietnamese Deputy Minister..
The Cuban Deputy Minister of Foreign Trade and Foreign Investment Deborah Rivas Saavedra, for her part, highlighted Cuba's strengths in biotechnology and its potential for joint ventures in vaccine research and development, pharmaceuticals, and high-quality biological products in Vietnam.
Regarding the implementation of the Vietnam-Cuba Trade Agreement, both sides reviewed specific tasks, including communication, institutional development, tariff commitments, and rules of origin. The utilization rate of the agreement's origin preferences by Vietnamese businesses is increasing, indicating that companies are gradually taking advantage of the opportunities provided by the agreement.
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