Vietnam, Cuba to boost balanced trade development

Vietnamese Minister of Construction Pham Hong Ha and Cuban Minister of Foreign Trade and Foreign Investment Rodrigo Malmierca Diaz, the co-chairmen of the two countries' Intergovernmental Committee, exchange the signed minutes of the committee's 37th session on September 12th (Photo: VNA)

At the closing ceremony, Vietnamese Minister of Construction Pham Hong Ha said during the four-day session, the two sides reviewed the implementation of the 36th session’s minutes.

They shared the view that most of cooperation agreements have been carried out, helping fuel bilateral trade in 2018 by 25 percent year on year and turning Vietnam into the second biggest Asian trade partner of Cuba. Some investment projects of Vietnamese businesses in Cuba have been implemented actively. Additionally, connections in agriculture, health care, science-technique, culture-education, and information-communications have been improved.

However, Ha noted, both sides also pointed out that there remain many difficulties in trade and investment partnerships, including those relevant to payment, collateral, labourers’ salary, and material supply. They agreed to make efforts to resolve those problems as soon as possible.

During the meeting, officials agreed that for the time ahead, bilateral cooperation will focus on raising trade revenue, including boosting Cuba’s export to Vietnam, so as to achieve balanced trade while facilitating the implementation of Vietnamese firms’ investment projects in Cuba.

The countries will also effectively carry out the signed cooperation projects on agriculture and encourage the two business circles to partner in seed plant production and aquaculture. Collaboration in information-communications, health care, and other fields will also continue to be expanded.

Minister Ha said the co-chairpersons of the Intergovernmental Committee were unanimous in the need to further improve the committee’s operations in a practical and substantive manner. They also agreed on some new points in the cooperation agreements in various areas.

During their stay, the Cuban delegation met with Prime Minister Nguyen Xuan Phuc and had working sessions with key officials of the Vietnamese ministries of health, industry and trade, and planning and investment, and Quang Tri province, and executives of some businesses.

At those events, the two sides showed the determination to further enhance multi-faceted cooperation between the countries’ ministries, sectors and enterprises, thus bringing bilateral economic ties on par with the political and diplomatic relations between Vietnam and Cuba.

Highlighting the 37th session’s success, Cuban Minister of Foreign Trade and Foreign Investment Rodrigo Malmierca Diaz said both sides agreed to make utmost efforts to carry out the new trade cooperation deal soon, especially the bilateral economic agenda for 2020-2025, and together seek solutions to issues emerging during the implementation of Vietnamese-invested projects in Cuba.

The countries will continue promoting ties in agriculture, food industry, and science-technique. They will also keep fostering the export of Cuban goods and services, especially medical services, to Vietnam, he noted.

The minister affirmed the commitment to strongly and effectively realising the agreements reached at the 37th session so as to reinforce economic-trade links between the two nations./.