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| Cuba and Viet Nam are seeking to boost investments, which are still at a modest level despite the two countries' long-standing friendship. — Photo kinhtevadubao.vn |
HA NOI (Biz Hub) — Cuba and Viet Nam are seeking to boost investments, which are still at a modest level despite the two countries' long-standing friendship.
Speaking at the investment forum held yesterday in Ha Noi, Dang Xuang Quang, deputy director of the Foreign Investment Agency under the Ministry of Planning and Investment, said Viet Nam had only one project worth VND9.5 billion (US$424,000) in Cuba, while the Caribbean island nation had two investment projects in Viet Nam, till date.
"There is large untapped potential," Quang said.
The modest investments are due to the limited access to market information and investment policies of enterprises from both sides.
Quang said he hoped the investment cooperation between Viet Nam and Cuba would be leveraged to a new high.
At the conference, Cuban Ambassador to Vietnam Herminio Lopez Diaz called for investments from Viet Nam. Although firms would encounter initial difficulties when investing in Cuba, as the country was embarking on the implementation of a privatisation model, the long-standing relationship between Viet Nam and Cuba would help overcomes difficulties, he said.
A representative from the Special Economic Development Zone of Mariel said the zone was seeking investments in high and clean technologies from major industries, such as logistics, biotechnology, pharmaceutical and food industry.
He said tax incentives were provided for wholly foreign-invested firms in the zone.
Vu Quoc Huy from the ministry's Economic Zone Management Department shared the opportunities to invest in Viet Nam with Cuban firms.
Huy said Viet Nam was striving to improve the investment climate by simplifying administrative measures and introducing tax incentives and land fee reductions to promote investments.
Viet Nam's economic zones have attracted 329 foreign direct investment projects, so far, worth $40 billion and another VND784 trillion from local investors has been put into nearly 1,000 projects.
Cuba and Viet Nam celebrated the 55th anniversary of their diplomatic relationship last year. — VNS