Vietnamese and Cuban senior officials have agreed to enhance economic links between the two countries through experience sharing in promoting economic development models and attracting FDI.
Havana (VNA) – Vietnamese and Cuban senior officials have agreed to enhance economic links betw💦een the two countries through experience sharing in promoting economic development models, attracting foreign direct investmen෴t (FDI) and developing tourism.
The agreement was reached at meetings between Vietnamese Minister of Planning and Investment Nguyen Chi Dung and the Cuban ministers of economics, planning and tourism during his visit to the country from September 13-15.
Minister Dung praised Cuba’s effort in integration and administrative reform, drawing FDI and creating policies for growth.
The two sides said that the agreement on investment protection in 1995 and the agreement on avoidance of double taxation and prevention of fiscal evasion in 2002 are a solid foundation for the two countries to deepen economic ties.
During his stay, Minister Dung visited Cuba’s Mariel Special Development Zone and attended a conference on investment connection between Vietnamese and Cuban businesses.
At the conference, the Cuban side called for investment in various fields, including ago-forestry, sugar, health, pharmacy and biotechnology, metallurgy mechanics and the light industry among others.
On the occasion, representatives from the Vietnamese Foreign Investment Agency and the Mariel Special Development Zone signed an agreement on investment promotion, aiming to facilitate investment flow between the two countries.
Vietnam has only one investment project worth 9.5 billion VND in Cuba, while Cuba has two projects in Vietnam.
Last year, two-way trade was 235 million USD.
Vietnam exported foodstuffs, footwear, ceramics, construction material, coal, apparel and chemicals, while importing medicines and foods from the Caribbean country.-VNA
The Vietnamese transport minister and the Cuban construction minister had talks in Hanoi on June 13 to review transport cooperation and map out collaboration directions for the time ahead.
President Tran Dai Quang has suggested Vietnam and Cuba expand economic and investment cooperation, especially in the fields of agriculture, tourism, health, education, and pharmaceuticals.
The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) and Cuba’s Geicons Group are set to establish a joint venture producing ceramics sanitary wares and tiles in October.
Vietnam and Cuba made significant progress in their second negotiation round on a new trade deal after the four days of sitting in Hanoi, the Ministry of Industry and Trade (MoIT) said on September 1.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Illustrative image (Source: cadenagramonte.cu)
