Vietnam - Cuba: Opening the door to business cooperation

Leather and footwear are one of the export items to Cuba. Illustration photo: VNA

On the occasion of the Cuban business delegation, led by President of the Cuban Chamber of Commerce Antonio Luis Carricarte Corona, visiting and working in Vietnam, and attending the Vietnam International Trade Fair VIETNAMEXPO 2025 from April 2-5, Vietnam News Agency had an exclusive interview with Mr. Antonio Luis Carricarte Corona to learn more about the economic and trade cooperation between the two countries, as well as the investment opportunities opening up for businesses on both sides.

How do you evaluate the overall picture of trade relations between Vietnam and Cuba in recent years? In your opinion, what are the outstanding achievements in economic cooperation between the two countries?

I think that, in the context of the world currently facing many complex fluctuations, including the situation in Cuba, the economic and trade relations between the two countries have been increasingly strengthened. Although we have not yet reached the level of trade as before the COVID-19 pandemic, when the main export was rice. Previously, Vietnam exported about 500,000 tons of rice to Cuba in different forms.

Why do I say that this relationship is strengthening? Because the presence of Vietnamese products in Cuba has increasingly diversified, not limited to rice. Although the scale is still modest, the expansion of the product portfolio and the participation of many different enterprises have created innovation, demonstrating the development and expansion of trade cooperation between the two countries. This is, in part, thanks to the strong growth of the Vietnamese economy, a great potential for the Cuban economy.

Previously, only a small number of companies were involved in trade relations with Cuba. However, today, participation has expanded with the appearance of state-owned enterprises, private enterprises and large corporations. This reflects the development of the relationship, not only in the field of trade, but also in important investment projects and priority sectors in Cuba.

Currently, Vietnamese companies, including joint ventures and 100% Vietnamese-owned companies, not only export products but also carry out production projects in Cuba in areas such as light industry, diaper production, hygiene products, construction, and many others. These products are not only imported from Vietnam but also produced in Cuba, ensuring quality and competitiveness. In addition, Vietnamese companies have begun to participate in areas essential to Cuba's agricultural development, such as fertilizer and animal feed production. This is especially important as Cuba is stepping up its efforts to strengthen domestic food production, aiming to increase the output of chicken, pork, and eggs.

Another area in which Vietnam is participating and has great prospects is the production of electricity from renewable energy. Currently, a number of Vietnamese companies have participated in this area, contributing to Cuba's future energy development. Although the number is still modest, Vietnam has been and is participating in an essential area for Cuba's development in the coming years.

I can say that, although trade is still not at a high level, Vietnam's presence in Cuba has been firmly established and is a result of the development of the Vietnamese economy as well as the opportunities that Cuba offers. Vietnam is currently Cuba's second largest trading partner in Asia and its largest investment partner. Vietnam even has a representative in the Mariel Special Development Zone, Viglacera, with a project that has strong development prospects. We hope that this will become an important area for the development of Vietnamese investments in Cuba in the coming years.

As President of the Cuban Chamber of Commerce, could you share your assessment of the potential and opportunities for economic cooperation between Vietnam and Cuba in the coming period, especially as the two countries celebrate 65 years of diplomatic relations this year?

I believe that the prospects for cooperation between Vietnam and Cuba in the future are very promising. First of all, Vietnam's strong and comprehensive development in the socio-economic fields is a clear demonstration of the great potential that your country can bring, especially in the sectors that Cuba is prioritizing for development. In addition, Cuba is also implementing many major reforms, based on the National Development Plan and the Economic Adjustment Program. This is an opportunity for Vietnamese enterprises to participate in this process.

The visit of General Secretary of the Communist Party of Vietnam To Lam in 2024 marked an important milestone in the bilateral relationship, contributing to strengthening the deep understanding of the pivotal role of Vietnam's presence in Cuba. The expansion of Vietnam's presence in Cuba not only creates favorable opportunities for sharing experiences, but also helps Cuba receive advanced technologies. This visit also opens up great opportunities for Vietnamese enterprises to promote bilateral cooperation projects.

Vietnam has strengths in areas that Cuba is particularly interested in, such as food production. Currently, Cuba still has to import most of its food to meet its people's needs. Therefore, cooperation with Vietnamese enterprises in food production will help Cuba increase domestic output, thereby ensuring food security, a top priority for the country.

Along with that, Vietnam's support in the production of pork, chicken and eggs will make an important contribution, similar to the valuable experience that Vietnam has shared with Cuba in the field of aquaculture. In addition, Cuba can also learn from Vietnam in the production of coffee and especially rice. The two countries have started a small project on rice cultivation, with the potential to expand to many other areas of Cuba. This project is very promising because rice productivity in Vietnam can reach 10 tons/ha, much higher than in Cuba, thereby bringing great opportunities for Cuba to improve agricultural productivity.

In the industrial sector, there are also many opportunities for cooperation, from steel production, mechanical engineering to the development of electric vehicles. As I mentioned, Vietnam is already present in the fertilizer and animal feed industries, but the potential for cooperation can also be expanded to the renewable energy sector. A typical example is Cuba's recent decision to increase its renewable energy storage capacity by 200 MW, showing a positive outlook for the bilateral relationship, with the diversification of cooperation in many areas.

Not only does Cuba benefit from this cooperation, but Vietnam can also exploit many opportunities. Cuba’s experiences in the fields of medicine, pharmaceuticals and biotechnology can bring great value to Vietnam. With a strong orientation for development in the fields of science, innovation and digital transformation, the governments of Vietnam and Cuba have agreed to promote research and development of advanced products.

Although Cuba is small in size, it possesses a scientific and technological foundation that can serve as a foundation for the development of industries that not only serve domestic needs but also expand to other markets. An important point to emphasize is that Cuba has long wanted to become a bridge to help Vietnamese products access the Latin American market.

Exports are an important element in Vietnam’s development strategy, and Cuba has great potential for cooperation in production, facilitating the entry of Vietnamese goods into this region. Through bilateral trade agreements, goods produced in Cuba with the participation of Vietnam can be recognized as products of Cuban origin, thereby enjoying preferential tariffs when exported to more than 20 countries under trade agreements signed by Cuba. This brings significant benefits to Vietnamese goods.

With all these favorable factors, we have high expectations and confidence in the strong development of cooperation projects between Vietnam and Cuba, and at the same time wish to promote the increasingly strong presence of businesses of the two countries in each other's markets.

Sir, what are your expectations for the results of the VIETNAMEXPO Fair and the meeting of the Vietnam - Cuba Joint Business Council and the Vietnam - Cuba Business Forum this time in promoting bilateral trade?

I think the most important thing, especially in the context of the two governments agreeing to cooperate closely, is that the Chambers of Commerce must act as a driving force and bridge to promote business projects. In addition, it is necessary to promote the potential for cooperation between the two countries, because despite many efforts, mutual understanding of the two markets is still limited. In this context, the Chambers of Commerce need to take on the responsibility of providing complete and accurate information to help businesses make effective decisions.

Our visit to Vietnam this time, especially in the framework of important events, is of great significance. It has been a decade since the last visit of a Cuban Chamber of Commerce President, and leading this business delegation will not only help us to learn about new economic partners, expand cooperation, but also strengthen the connection between the Cuban Chamber of Commerce and organizations in Vietnam. In addition to the existing strong relationship with the Vietnam Federation of Commerce and Industry, we look forward to expanding cooperation with other diverse business associations in your country.

We have planned to meet with Business Associations in the fields of agriculture, mechanical engineering and many other sectors to build direct relationships. Through this, we hope to promote the presence of Vietnamese businesses in Cuba and vice versa. The larger goal is to restore and promote the effectiveness of the Joint Commission between the two countries, ensuring that this commission fully reflects the government-level agreements, while creating incentives for businesses from both sides to understand each other better and make better use of business opportunities.

Therefore, we have high expectations for positive results from this business trip to Vietnam.

Thank you!

According to VNA

Source: https://doanhnghiepvn.vn/doanh-nhan/viet-nam-cuba-mo-rong-canh-cua-hop-tac-doanh-nghiep/20250402094108562