Vietnam exporters urged to tap into Cuban market
A customer selects food at a supermarket in HCMC. Cuba has high demand for imported food, fertilizer, carton cardboard, plastics, tires and agricultural machinery and tools. |
Cuban Ambassador to Vietnam Herminio López Diaz showed the opportunity for Vietnamese firms at a recent business conference in HCMC. The event was organized for Vietnamese enterprises to meet leaders of Cuba-based Foreign Trade Business Group (Gecomex), which consists of 18 companies active in import and export operations.
Last year, Cuba spent US$6.7 billion on imports, but shipments from Vietnam made up only US$214.6 million. Therefore, there is an opportunity in the Latin American market for Vietnamese firms to bank on, said Tran Ngoc Thuan, deputy general director of Thai Binh Investment Trading Corporation (Thai Binh Corp).
Gecomex director Aurelio Mollineda said Cuba has high demand for imported food, pesticide, fertilizer, carton cardboard, plastics, tires and agricultural machinery and tools.
Thuan, who has more than 20 years of experience in trade and investment in Cuba, said the country has high demand for apparel, building materials, chemicals and cosmetics.
He gave positive figures on economic performance in Cuba, saying the country achieved gross domestic product (GDP) growth of 4% last year, the highest in seven years, thanks to improved diplomatic relations with the U.S.
Cuba’s GDP is forecast to grow 4-5% in the following years, mainly driven by tourism.
Thuan called for Vietnamese firms to consider forming joint ventures with Cuban companies to implement real estate, restaurant and tourism projects.
Meanwhile, Mollineda advised Vietnamese exporters that seek to export products to Cuba to work with Thai Binh Corp, Gecomex companies and other Cuban companies to survey the market and cut business deals with Cuban counterparts.
In March this year, Cuba allowed the use of the U.S. dollar to settle payments for international deals, but such payments have yet to go smoothly as Cuban banks need more time to process them and improve procedures, Mollineda said.
Same topic: Investment Environment
Related News
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Opportunity for a high open economy like Vietnam
15:56 | 19/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Latest News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
More News
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Vietnam becomes biggest rice supplier for Singapore
17:49 | 20/04/2024 Import-Export
Vietnam an attractive destination for electronics, semiconductor investors: Official
17:41 | 20/04/2024 Import-Export
Wood exports started well
13:26 | 20/04/2024 Import-Export
Your care
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export