Vietnam-Cuba
Strengthening Trade & Investment Cooperation
http://vibforum.vcci.com.vn/the_news.asp?idnews=405
(9/17/2004)
A
seminar on trade and investment between
Vietnam
and
Cuba
was
organised by VCCI and the Chamber of Commerce of the Republic of Cuba (CCRC)
presenting investment and business opportunities in
Cuba
. According
to the American Department (Trade Ministry), the trade value between
Vietnam
and
Cuba
was
US$45.6 million in 2001, and US$48 million in 2002. The main transaction
is
Vietnam
’s rice
export to
Cuba
for
delayed payment.
Vietnam
is
committed to a stable supply of rice to
Cuba
: 200,000
tonnes in 2000, 225,000 tonnes in 2001, 250,000 tonnes in 2002 and 300,000
tonnes in 2003.
Cuba
also
imported from
Vietnam
20,500
tonnes of anthracite coal and a footwear production line capable of 1.5
million pairs of shoes. Cooperation in the production of medicines between
Pharmaceutical Plant 25 (
Vietnam
) and
MediCuba is valued at US$4 million.
According
to a CCRC representative,
Cuba
has been a
WTO member since 1995. Foreign firms doing business with
Cuba
do not
need to have branches or representative offices in
Cuba
and no
quotas or import licenses are required. Therefore it is most favourable
for Vietnamese enterprises to do business in
Cuba
.
At
the seminar, representatives of VCCI and CCRC signed an agreement to
establish the Cuba-Vietnam Joint Business Committee (CVJBC). Some 40
Vietnamese businesses have so far registered to join the committee.
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