Vietnam, Cuba Advance Cooperation and Sustainable Development

VCCI President Pham Tan Cong receives President of the Cuban Chamber of Commerce Antonio Luis Carricarte Corona

Expanding trade and investment cooperation

At the meeting, VCCI President Pham Tan Cong emphasized the good cooperative relationship between Vietnam and Cuba, especially in trade. Currently, Vietnam is Cuba's second largest trading partner in Asia. In 2024, the bilateral trade value reached US$199.3 million, of which Vietnam exported US$193.7 million to Cuba and imported US$5.6 million from it.

Vietnam's main exports to Cuba include rice, consumer goods, iron and steel, paper, ceramic products, chemicals, apparel, machinery and equipment. Meanwhile, Cuba mainly exports pharmaceuticals to Vietnam. Although the two-way trade cooperation has grown strongly, the biggest difficulty remains the payment capacity of Cuban partners. Indeed, Vietnam-Cuba cooperation potential remains huge, especially in agriculture, telecommunications, electronics, information technology and consumer goods from Vietnam as well as education, healthcare, biotechnology, pharmaceuticals and tourism from Cuba. The Vietnam-Cuba Trade Agreement, signed in November 2018 and made effective from April 1, 2020, is an important legal basis for promoting trade and investment between the two countries. Along with that, the Bilateral Economic Agenda for the 2020-2025 period facilitated the two sides to maintain cooperation for many years to come.

On investment, Vietnam is currently the largest Asian investor in Cuba, with five projects involved in energy, agriculture and consumer goods. These projects not only meet the demand for goods in the Cuban market but also help reduce foreign currency import costs and create more jobs for Cuban workers. Notable projects include a support project for the ViMariel Special Zone to attract investment funds, the solar energy project of Thai Binh Green Power, the diaper factory expansion project of Thai Binh Global Investment Corporation, the agricultural development project of Thai Binh and the animal feed production project of Agri-VMA Company Limited. For its part, Cuba also has investment projects in Vietnam such as the medical service contract at the Vietnam-Cuba Friendship Hospital and exporting medical services through CSMC S.A. In addition, Cuba also opened a representative office of BioCubaFarma Group in Vietnam to promote cooperation in the pharmaceutical sector.

During the meeting, VCCI President Cong showed sympathy with Cuba’s existing difficulties, such as the economic downturn in 2023, natural disasters as well as economic, trade and financial embargo. These have seriously affected Cuban people’s livelihoods and the country's economic activities. He asserted that Vietnam has always stood side by side with Cuba, as demonstrated through high-level visits and close cooperation activities between the two Parties and the two countries. At the same time, he also welcomed the Cuban side for considering and encouraging additional preferential policies for Vietnamese investors to attract investment in new business projects in Cuba, including better conditions for land use rights, tax incentives and improved customs procedures.

In response, Mr. Antonio Luis Carricarte Corona, President of the Cuban Chamber of Commerce, expressed his deep gratitude for the warm welcome from Vietnam and affirmed the strong relationship between the two countries, especially in the year of celebrating the 65th anniversary of diplomatic relations. He emphasized Cuba's commitment to working closely with Vietnam to promote economic development of the two countries and implement cooperation projects. He also expressed a desire to learn from Vietnamese businesses, especially SMEs and the private sector.

Cuba is focusing on tourism development projects to attract foreign currency while building a solid foundation for bilateral economic cooperation. He hoped that the Vietnam Chamber of Commerce and Industry (VCCI) and the Cuban Chamber of Commerce will support promoting new projects and expanding trade cooperation, especially in export and investment.

At the 10th Vietnam-Cuba Joint Council meeting, the 2025-2026 Action Program was signed, marking a key step in strengthening cooperation and sustainable development between the two business communities

Fostering sustainable economic cooperation

At the 10th meeting of the Vietnam-Cuba Joint Council, VCCI President Cong emphasized that the Vietnam-Cuba Joint Business Council, established in 2005, has become an effective bridge for Vietnamese and Cuban businesses. Over the years, the council has supported market expansion, sought investment opportunities and carried out transportation, healthcare, biotechnology and agriculture cooperation projects. He believed that this meeting would offer more opportunities for deeper cooperation and foster sustainable economic and trade relations between the two countries.

Regarding the activities of the Vietnam Subcommittee, the Vietnam-Cuba Joint Business Council has closely coordinated with government agencies and business communities of the two countries to support trade, promote international fairs, spur investment in ViMariel Industrial Zone and bolster cooperation in many fields. During the 2025-2026 period, the Vietnam Subcommittee will continue to promote investment opportunities in the ViMariel Special Zone, support businesses in market surveys, organize online and offline meetings, and participate in international trade fairs. At the same time, it will continue to bridge local cooperation and disseminate the Vietnam-Cuba Trade Agreement to promote trade.

Mr. Ariel Lazaro Perez Ruiz, Director of DINVAI Constructions Representative Office in Vietnam, said: Despite difficulties caused by embargos, Cuba still grew 1.4% in 2024. The Cuban government is currently promoting economic reforms, macroeconomic stability and export of traditional products such as honey, cigars and rum. Cuba is also partially dollarizing its economy and supporting private enterprises, with the number of small and medium-sized enterprises (SMEs) now reaching 15,000.

He emphasized that Vietnam-Cuba cooperation is vital, especially in taking advantage of each country's strengths. The Cuban Subcommittee also carries out many business support activities in the two countries, including organizing business meetings, providing legal support for Vietnamese businesses in Cuba and seeking incentives from the trade agreement. In the 2025-2026 period, Cuba will continue to coordinate with Vietnam to implement potential projects, participate in international trade fairs and expand cooperation in many fields.

At the end of the meeting, the two sides signed the 2025-2026 Action Program, marking an important milestone in bolstering cooperation and sustainable development between the Vietnamese and Cuban business communities. This Action Program will act as a foundation for Vietnamese and Cuban businesses to further cooperate, develop potential projects and expand cooperation opportunities in the future.