Vietnamese Businesses Increasingly Interested in Cuban Market

VCCI Vice President Hoang Quang Phong addresses the gathering between the Vietnamese and Cuban business communities

At the meeting, Cuban Ambassador to Vietnam Rogelio Polanco Fuentes emphasized, "In 2025, marking the 65th anniversary of diplomatic relations between our two countries, we can confidently affirm that we have built a bond of solidarity, tested over time and passed down through generations." He said that economic and trade cooperation between the two countries is experiencing positive growth, driven by the dynamism of the business communities on both sides.

Speaking at the event, VCCI Vice President Hoang Quang Phong said that Vietnam is currently Cuba's second-largest trading partner in Asia. In 2024, bilateral trade reached US$199.3 million, with Vietnam exporting US$193.7 million to Cuba and importing US$5.6 million from Cuba. Vietnamese exports to Cuba include electronics, textiles, footwear, cosmetics, construction materials, and industrial products, all of which are highly valued by Cuban consumers for their quality and design. Regarding investment, Vietnam is the largest Asian investor in Cuba, with five projects already implemented and completed. These projects help meet consumer needs, reduce foreign currency spending on imports, create jobs, and support Cuba’s industrial development.

VCCI Vice President Hoang Quang Phong said that, in light of changes in Cuba's economic policy and investment environment, Vietnamese businesses are increasingly interested in investing in the country. He noted that the business community values the Cuban government's ongoing efforts to create favorable conditions for Vietnam’s investment projects.

However, VCCI Vice President Hoang Quang Phong also emphasized that trade and investment cooperation between the two sides still have significant potential for growth. He added that Vietnam, with its highly open economy and 17 free trade agreements (FTAs), including the Vietnam-Cuba Trade Agreement, which has been in effect since 2020, offers new incentives and opportunities for businesses from both countries. This FTA has created favorable conditions for the import and export of goods between Vietnam and Cuba.

President of the Cuban Chamber of Commerce (CCC) Antonio Luis Carricarte Corona said that the potential for trade and investment cooperation between the two sides is vast. He added that Cuba is currently implementing policies and economic recovery programs, which present significant opportunities for foreign businesses to invest and operate in the country. Cuba is facilitating foreign enterprises to participate in wholesale trade and bring goods to Cuba for sale to local partners.

Each year, Cuba's tourism industry spends over half a billion dollars importing essential materials and items to serve tourists, such as food and infrastructure construction equipment. Cuba imports around US$2 billion worth of food products annually to meet the needs of its population. With the growth of private enterprises in Cuba, this sector has played an important role in importing food, household items, and other necessities. In 2024, the private business sector spent more than US$1.8 billion on essential goods, helping to reduce shortages and better meet the needs of the population.

The overview of the Vietnam-Cuba Business Forum

According to Antonio Luis Carricarte Corona, foreign businesses can also participate in the construction of warehouses in Cuba and the development of e-commerce platforms. Cuba is increasingly focusing on attracting foreign investment in sectors such as light industry, food, footwear, and more. Furthermore, Cuba has signed trade agreements with over 20 countries, allowing many goods from Cuba to be exempt from tariffs. These conditions provide an attractive opportunity for businesses investing in Cuba, as it not only allows for consumption within the country but also promotes exports to regional markets.

Mr. Javier Romero Calero, from a rum company in Cuba, said that Vietnam holds great potential due to its population of 100 million, making it a gateway market for businesses to access other countries in the region. Cuba's rum products are well-known and popular among Vietnamese consumers, which presents an advantage for businesses looking to enter the market and expand their presence.

"I hope to find a rum distributor in Vietnam and investors to help develop the rum industry in Cuba," expressed Javier Romero Calero.

Meanwhile, Mr. Edelio Rodríguez Ordúez, Chairman of Ilimpex, a company specializing in imports, marketing, e-commerce, and logistics, shared that in 2024, Ilimpex generated nearly €20 million in sales from raw materials, primarily leather and textile goods. He noted that if the two parties cooperate, Vietnamese partners could utilize raw materials, factories, and human resources to produce products for export to Latin American countries. Ilimpex currently operates an e-commerce platform where businesses can showcase products from both Cuba and Vietnam. The platform currently features Cuban products as well as goods from Spain.

"I believe one of the major difficulties in trade is the transportation gap. Goods from Cuba to Vietnam and vice versa take 60 to 90 days. Vietnam is an important trading partner, and with the potential we have, we can turn these opportunities into reality in a short time. We can certainly achieve the goals we have set," said Edelio Rodríguez Ordúez.