First Secretary of the Communist Party of Cuba Central Committee and President of Cuba Miguel Díaz-Canel Bermúdez, and Prime Minister Phạm Minh Chinh met with Vietnamese businesses on September 2 to promote trade and investment cooperation between the two countries.

The event was held as part of the former's State visit to Vietnam.

During the meeting, Vietnamese enterprises were briefed by the Cuban delegation on Cuba’s key policies, strategic priorities, and investment directions. Both sides discussed practical solutions to transform cooperation potential into concrete economic projects that would bring tangible benefits to the people of both nations.

Mr. Bermúdez praised the capabilities of Vietnamese businesses and emphasized the importance of increasing their presence in Cuba.

PM Chinh said that in the current global context, boosting bilateral investment is essential—particularly in agriculture, livestock, aquaculture, biotechnology, pharmaceuticals, consumer goods production, distribution and retail, tourism, real estate, and oil and gas exploration.

He also encouraged Cuban enterprises to expand cooperation and investment in Vietnam, especially in sectors where Cuba has strengths and Vietnam has demand.

Despite the opportunities, investing in Cuba presents challenges for Vietnamese businesses. Cuba’s legal and investment policy framework still has shortcomings, which may hinder project implementation. Therefore, understanding the market and regulatory environment in Cuba is crucial for Vietnamese companies to operate effectively.

Vietnam is currently Cuba’s second-largest trading partner and the largest investor from the Asia-Pacific region. Bilateral trade reached $57.33 million in 2023 and $134.7 million in the first eight months of 2024, with a goal of reaching $500 million within the next five years.

Vietnam has invested in at least seven active projects in Cuba, with total committed capital exceeding $160 million. Companies such as Thai Binh, Viglacera, and Agri VMA have invested in sectors including construction materials, fertilizers, pharmaceuticals, and solar energy.