Vietnam’s Agri VMA Company opens its branch in Cuba
Friday, 24/02/2023 11:22 (GMT+7)
Agri VMA, a company of Vietnam, has opened a branch at the Mariel Special Economic Development Zone (ZEDM) of Cuba, becoming the fifth with Vietnamese capital established at the zone, which is about 45km west of Havana capital.
The Vietnam News Agency quoted the information of the zone’s office.
According to a statement posted on ZEDM's website, a representative of the special zone emphasized that Agri VMA’s new investment, estimated at US$21 million, contributes to strengthening the position of the Asian country with the largest presence here.
The company will manufacture and market animal feed and raw materials, breed pigs and other animals as well as import agricultural inputs and technology.
Agri VMA production is expected to have a positive effect on food production and import substitution, contributing to the achievement of food sovereignty in Cuba.
Established in November 2013, ZEDM was the first and only of its kind in the country.
Covering 465.4sq.m, ZEDM enjoys a privileged geographic location as it locates in the centre of the Caribbean Sea and at the crossroads of the main maritime commercial traffic routes in the Western Hemisphere.
Once investing in ZEDM, foreign investors are entitled to benefit from a 0% tax rate for repatriated earnings and duty-free treatment of importing raw materials during the investment phase as well as 10-year exemption on taxes on profits.
Other incentives include a one-stop-shop system that provides information to investors and facilitates companies' set up, registration and licensing./.