President Truong Tan Sang attends a Viet Nam-Cuba business forum in Havana yesterday. — VNA/VNS Photo Nguyen Khang

HAVANA (Biz Hub) — President Truong Tan Sang said that economic collaboration between Viet Nam and Cuba has yet to match the sound political relations between the two countries, as bilateral trade reached only US$200 million last year.

Addressing a Viet Nam-Cuba business forum in Havana yesterday, the president called on both sides to make cooperation breakthroughs in sectors such as construction material, infrastructure, telecommunications, oil and gas exploration and exploitation and technology to optimise their potential.

Sang expected that more Vietnamese investors will explore trade and investment partnerships with Cuban partners, contributing to fostering the traditional friendship between the two peoples.

The President lauded Cuba's recent achievements with its dynamic and proper external policies, which have helped the Caribbean country raise its international position, enjoy numerous economic growth prospects and improve local living conditions.

Potential and prospects are being generated by updates to Cuba's economic model, first launched in 2009, he stated, adding that the inauguration of the Mariel special economic zone together with preferential policies in investment and administrative procedures will boost foreign investment to Cuba.

Visiting the Calimete rice development project in Matanzas province, President Sang highlighted the significance of the project to Cuba's targets on food independence. He described it as an effective model that should be expanded upon in the future.

He vowed that both governments stand ready to create favourable conditions for the project's development to contribute to food security in Cuba. — VNS