During the visit to Vietnam from September 30 to October 5, Mr. Esteban Lazo Hernández, President of the National Assembly of Cuba, held a meeting with the Ho Chi Minh City Business Association on October 3.
During the meeting, Cuban leaders emphasized that Vietnam is a key partner in Asia and a major investor in Cuba. As part of Cuba’s strategy to restore production and develop its socio-economic agenda from 2025 to 2030, the nation invites Vietnamese businesses to invest in sectors with mutual potential, such as agriculture, pharmaceuticals, food processing, tourism, and technology.
What Special Privileges Does Cuba Offer Vietnamese Businesses?
President of the Cuban National Assembly meets with Vietnamese businesses. Photo: NN&MT
According to Cuban leaders, the success of existing Vietnamese businesses in Cuba is crucial for attracting further investment. The Cuban government is actively addressing business challenges, particularly financial issues, and streamlining administrative procedures to expedite investment processes.
President of the Cuban National Assembly, Esteban Lazo Hernández, highlighted a pilot rice production project covering over 1,000 hectares, utilizing Vietnamese seeds, materials, and cultivation techniques. This initiative has achieved a yield of 7.3 tons per hectare, significantly higher than Cuba’s current average.
Cuba aims to expand this model nationwide to enhance rice productivity and ensure food security. Notably, Cuba offers free agricultural land use, with vast areas available for Vietnamese businesses to develop.
Beyond rice production, Cuban leaders encourage Vietnamese enterprises to invest in grain cultivation, animal feed, and fertilizer production. This will establish integrated agricultural chains, serving both local needs and export opportunities to the Caribbean and Latin America, leveraging Cuba’s trade agreements.
Significant Investment Opportunities for Vietnamese Businesses in Cuba
Vice Chairman of Ho Chi Minh City People’s Committee, Nguyen Van Dung, speaks at the meeting. Photo: SGGP
President Hernández emphasized renewable energy as another key sector, with Cuba aiming for 25-26% of its electricity from solar power by 2030. Energy security is vital for Cuba’s development, offering Vietnamese businesses opportunities in sustainable energy projects.
Cuba also welcomes investment in food processing, pharmaceuticals, biotechnology, healthcare, energy infrastructure, telecommunications, tourism, construction, transportation, high technology, digital transformation, and artificial intelligence.
Nguyen Van Dung, Vice Chairman of Ho Chi Minh City People’s Committee, praised Cuba’s investment policies and expressed optimism for strengthened economic ties. He affirmed Ho Chi Minh City’s commitment to facilitating business connections and cooperation.
With strong political will, dynamic business communities, and enduring friendship, economic and trade relations between the two nations are poised for significant growth.
During the meeting, President Hernández candidly discussed Cuba’s challenges, including the impact of long-standing embargoes. Despite these difficulties, Cuba is stabilizing its economy and prioritizing debt repayment to Vietnamese businesses, exploring debt-for-assets mechanisms to support long-term investment.
Additionally, Cuba is reforming its legal framework to attract foreign investment and enhance the role of private enterprises, now integral to its economy.
