“Vietnam, Always Welcome in Cuba: A Business Haven”

18 December, 2024

Cuban President Miguel Díaz-Canel Meets with Representatives of Vietnamese Enterprises. (Photo: Mai Phương/VNA)

Cuban President Miguel Díaz-Canel pledged to always welcome and accompany Vietnamese investors during his recent meeting with Nguyễn Văn Tuấn, CEO of GELEX Group and Chairman of the Board of Directors of Viglacera Corporation, at the Palace of the Revolution in Havana.

According to VNA’s reporter in Havana, the Cuban leader affirmed that the Caribbean nation would strive to find mechanisms and solutions to facilitate the activities of Vietnamese businesses investing in Cuba. Mr. Díaz-Canel also emphasized the sincere friendship between Cuba and Vietnam and the strong support of both governments for investment and business cooperation between enterprises of the two countries.

After listening to the GELEX Chairman’s presentation on some information about production and business activities in the ViMariel Industrial Park, invested by Viglacera (a member company of GELEX Group) in the Mariel Special Economic Zone of Cuba, President Díaz-Canel expressed his satisfaction with the achieved results. He believed that these outcomes have contributed to promoting economic development, meeting the market demand for goods in Cuba, and creating more local jobs. The Cuban President welcomed GELEX, Viglacera, and other Vietnamese enterprises to the fraternal island to explore business, investment, and cooperation opportunities.

For his part, the GELEX Group CEO thanked the Cuban Government for its consistent support for the activities of Vietnamese enterprises and expressed his confidence in the prospects of the “Island of Freedom” taking off.

On this occasion, Mr. Nguyễn Văn Tuấn also made several proposals to promote cooperation between the two countries’ enterprises. According to him, since the visit and working trip of the General Secretary of the Communist Party of Vietnam, Tô Lâm, to Cuba in October, GELEX Group and Viglacera Corporation have actively promoted investment and cooperation with this country in various fields, including industrial parks, building materials, pharmaceuticals, and biotechnology products. Mr. Tuấn affirmed that GELEX, together with Viglacera, is committed to supporting Cuba in agriculture, energy, and technology.

In addition to the ViMariel Industrial Park, Viglacera has contributed capital to establish Sanvig Joint Venture Company since November 2019, specializing in construction material production. The Sanvig Joint Venture not only supplies goods to the domestic market but also boosts the construction industry in Cuba.

ViMariel is the first time-limited concession project of Cuba granted to a 100% foreign-owned enterprise. With a scale of 156 hectares, this economic zone is located in the Mariel Special Development Zone, just under 50km from the capital city of Havana, and is being developed to become Cuba’s largest industrial zone.

So far, the Special Zone has approved 64 investment projects with a total investment of 3.3 billion USD, including 44 projects already in operation. Vietnam ranks second in the number of investment projects in the Mariel Special Development Zone.

Along with existing policies, the Zone is developing more attractive mechanisms to lure foreign investors and addressing challenges related to raw materials, production supplies, transportation, and payment. Notably, the Mariel Special Development Zone also benefits from exchanges and support in trade and investment promotion activities from Vietnam’s Ministry of Planning and Investment.

Established in November 2013, the Mariel Special Development Zone is Cuba’s “star” project in attracting foreign investment. This strategic economic area currently has the presence of enterprises from 21 countries, notably Mexico, Spain, Brazil, Belgium, the Netherlands, Italy, and Vietnam.

The Zone’s pillar sectors include logistics services, biotechnology, biopharmaceutical industry, and advanced manufacturing. The project has a long-term vision and is part of the process of updating Cuba’s economic model. It is also the first and only special economic zone in the island nation as of now.

By Mai Phương