Vietnam and Cuba sought measures to increase two-way trade to 500 million USD in 2025 during the 38th meeting of the Vietnam-Cuba Inter-Governmental Committee, held online on December 30.
Minister Pham Hong Ha - Co-Chairman of the Vietnam-Cuba Intergovernmental Committee, co-chaired the meeting.
The meeting was co-chaired by Vietnamese Minister of Construction Pham Hong Ha and Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz.
Two countries have organized many cooperation programs to celebrate the 60th anniversary of the official establishment of diplomatic relations - an important milestone in the history of friendship, solidarity and comprehensive cooperation.
The FTA became effective on April 1, 2020. Vietnam will continue to supply rice to Cuba and implement investment projects in the country, while a number of agreements in agriculture were also signed.
Minister Rodrigo Malmierca Diaz - Co-Chairman of the Vietnam-Cuba Intergovernmental Committee, speaking online at La Habana.
Cuba has faced numerous challenges due to the increasingly tightening embargo policy and the impact of COVID-19, the country will also reform and complete economic models and control COVID-19, Minister Rodrigo Malmierca Diaz said.
Meanwhile, Vietnam is estimated to post GDP growth of 3% percent in 2020, among the highest in the world. The country has attracted 28.5 billion USD in foreign investment while maintaining economic balance and macro-economic stability. Vietnam also successfully performed the role of ASEAN Chair and non-permanent member of the UN Security Council in 2020.
Two-way trade stood at 262 million USD in 2019 and 102 million USD in the first 10 months of 2020. Vietnam has maintained stable rice supply to Cuba. Both sides have also effectively carried out a coffee tree development plan in the 2016-2020 period and a rice production project in Cuba in the 2019-2023 period.
However, Ha held that two-way trade has yet to match potential and suffered a sharp downturn in 2020. He emphasized the need to deal with problems in the implementation of investment projects in both countries as well as in Vietnam’s rice exports to Cuba.
In 2021, the two sides closely coordinate and implement specific solutions to effectively implement the Vietnam - Cuba Trade Agreement; to take full advantage of incentives to raise two-way trade, striving to reach USD 500 million by 2025; actively negotiate agreements on restructuring debts of Cuban enterprises with Vietnamese enterprises to ensure expanding commercial relations and maintain stable rice supply for Cuba.
The Vietnamese side continues to encourage and create favorable conditions for businesses of both sides to cooperate in developing new investment projects in Cuba as well as Vietnam.
Vietnam and Cuba plan to continue the efficient implementation of a food development project in the 2019-2023 period while strengthening cooperation in healthcare, pharmaceuticals, and bio-technology.
Along with maintaining the implementation of reached agreements, the two sides will also seek new cooperation opportunities in the fields of finance-banking, trade, investment, construction, transport, labor, culture, sports and tourism, and science-technology.
Minister Pham Hong Ha and Minister Rodrigo Malmierca Diaz signed the Minutes of the 38th Meeting of the Vietnam-Cuba Inter-Governmental Committee in the form of online
At the end of the meeting, the two sides signed the minutes and a number of cooperation deals.
The next meeting of the Vietnam-Cuba Inter-Governmental Committee is scheduled for 2021 in Vietnam.
Written by: Tran Dinh Ha
Translated by: Mai Anh