Cuba was among the top five countries attracting Vietnamese investment in the first 10 months of this year, according to the Foreign Investment Agency.

The agency, under the Ministry of Planning and Investment (MPI), reported that Vietnamese firms registered investments of US$20 million in Cuba in the first 10 months of 2018.

Although the figure was modest, it demonstrates that Vietnamese companies have begun to pay attention to Cuba, which is in the first stages of opening its market, promising more opportunities for investment and business cooperation in the future.

Forecasts once stated that after Laos, Cambodia and Myanmar, Cuba would emerge as a top investment destination because of its significant potential. The Cuban government has called on Vietnamese businesses to invest in the country, according to the agency.

Viet Nam’s existing projects in Cuba include PetroVietnam Exploration and Production Corporation (PVEP)’s petroleum exploration project and Thai Binh Investment and Trade JSC’s diaper and detergent production project in the Mariel Special Development Zone.

Meanwhile, Hanel and its Cuban partner plan to build a five-star hotel and office for rent and Vico is scheduled to develop a detergent production project. Viglacera is eyeing a joint pottery venture and Hung Thang Company plans to produce bottled water.

Viet Nam and Cuba are negotiating a new bilateral trade agreement to open more opportunities in investment and business, marking Cuba’s first deal with an Asian partner. This agreement is expected to boost trade between the two countries to $500 million a year by 2022, doubling the average for the past five years.

According to the agency, in the first 10 months of this year, Viet Nam’s companies invested a total of $344 million abroad. Meanwhile, they registered an increase of $47.1 million in total for 26 existing projects in foreign countries. So far this year, Viet Nam’s total investment capital abroad reached over $22 billion. — VNS