The Investment and Trade Promotion Centre (ITPC) of HCM City will send a delegation to study the market and promote trade and investment in Cuba from April 15-24.

The delegation will include representatives of local producers and exporters in food processing, consumer goods, construction and services.

Cuba is pursuing more open economic policies while amending many old ones to integrate with the global economy. The country has been boosting trade and calling for investment to improve the competitiveness of its economy.

It has particularly focused on constructing new sea ports and railways, developing information technology infrastructure and reforming metallurgy and mining industries while giving priority to food processing and beverages.

Cuba wants to export goods such as pharmaceutical and biological products and services in tourism and healthcare.

Meanwhile, Viet Nam holds the advantage in exporting textiles and garments, footwear, handicraft, agriculture and aquaculture. The country has been looking for investments in construction, energy, industry, hi-tech agriculture, education, healthcare and tourism.

These factors leave enormous potential for enterprises of both sides to satisfy the needs of the Cuban market and to cooperate in trade and investment.

The Vietnamese delegation’s visit to Cuba aims to seek a market for building material, handicraft products, textile-garments, footwear, food, mechanical and electronic products, and plastics.

The delegation will introduce to Cuban investors HCM City’s business climate and some key projects in transportation, infrastructure development, education, healthcare and hi-tech agriculture.

According to Pham Thiet Hoa, ITPC director, trade between Viet Nam and Cuba has increased significantly in recent years but remains modest compared to the potential. Bilateral trade amounted to US$250 million in 2016, with Viet Nam’s exports to Cuba accounting for $240 million. — VNS