Vietnamese Deputy Minister of Industry and Trade Phan Thị Thang and Cuban Vice Minister of International Trade and Foreign Investment Deborah Rivas Saavedra sign the meeting's minutes (Photo: VNA)
Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and Cuban Vice Minister Deborah Rivas Saavedra have agreed to raise two-way trade to USD 500 million as they co-chaired the first session of the Vietnam-Cuba trade agreement committee in Havana on December 1.
The meeting launched the first formal mechanism for both nations to monitor the 2020 bilateral trade agreement, remove bottlenecks, and identify priority areas for implementation. It was expected to advance economic, trade, and investment ties as the two countries mark the 65th anniversary of diplomatic relations this year.
Both sides reviewed economic, trade, and investment cooperation since the agreement took effect on April 1, 2020.
Thang, chair of the Vietnamese sub-committee, said that despite challenges posed by the COVID-19 pandemic, the global economic downturn, and Cuba’s economic difficulties, two-way trade has remained steady at around USD 200 million, reflecting joint efforts to sustain momentum.
Cuba remains one of Vietnam’s 10 key markets in Latin America, while Vietnam is Cuba’s second-largest partner in the Asia-Pacific. Vietnam is also Cuba’s largest Asian investor, with seven active projects spanning construction materials, consumer goods, industrial park infrastructure, and energy.
Vietnam plans further investment in wholesale and retail, rice cultivation, instant noodle and animal feed production, fertilisers, and joint ventures in agricultural and biomedical biotechnology research and production.
Rivas, chair of the Cuban sub-committee, highlighted Cuba’s strengths in biotechnology and its potential for deeper cooperation. She pointed to opportunities in joint research and development of vaccines, pharmaceuticals, natural biological products, and potential local production of biomedical products in Vietnam.
An overview of the meeting (Photo: VNA)
The committee reviewed progress on tariff reductions, rules of origin, institutional frameworks, and public-awareness work under the five-year-old agreement.
Rivas said she hoped more Cuban enterprises would gain concrete benefits from the deal, helping lift overall trade flows.
Both sides agreed to adopt supportive policies to address current challenges, particularly payment issues affecting Vietnamese firms operating in Cuba.
The session concluded with the signing of its minutes outlining next steps to boost the agreement’s impact and deliver benefits for businesses and citizens in both countries.
