The Intergovernmental Commission will hold its 41st Session until April 15, under the leadership of Vietnamese Minister of Construction Nguyen Thanh Nghi, and Cuban Deputy Prime Minister and MINCEX Minister Ricardo Cabrisas. According to organizers, the closing session of the meeting will be attended by Vietnamese Deputy Prime Minister Tran Luu Quang, who will be visiting Havana on that date.
In April 2023, business people from both nations held a business forum here, which led to the signing of four memorandums of understanding, in the context of an official visit by the president of the National Assembly (Parliament) of Vietnam, Vuong Dinh Hue.
The subscribed agreements deal about cooperation in civil aviation, energy, oil activity and construction, including the manufacturing and marketing of construction materials.
The memorandums of understanding were penned by Vietnam Airlines and Cubana de Aviación; the Electrical Union of Cuba (UNE) and Power Engineering Consulting Join Stock Company 2 (EVN-PECC2); the Cuba Petroleum Union (Cupet) and the Petrovietnam LTD Production and Exploration Corporation, and Dinvai Construcciones SA and Hoa Binh SAA.
Chaired by Prime Minister Manuel Marrero, the business event distinguished Vietnam’s position as Cuba’s second trading partner in Asia and the main investor of capital from this region.
Vietnamese companies have an active participation in the Mariel Special Development Zone, where in 2023 they inaugurated two projects linked to photovoltaic solar energy and the production of detergents for the domestic market and export.
In addition, the 40th Session of the Intergovernmental Commission ratified the importance of this mechanism, which for more than four decades has demonstrated its effectiveness and contribution to strengthening relations in the economic, commercial and scientific-technical spheres.
According to the Cuban prime minister, there is potential to increase cooperation on issues such as the control of inflation, new economic actors, rice production, polyculture, corn planting and the presence of Vietnamese companies in Cuba for trade, wholesale and retail, with the aim of guaranteeing greater offers to the population.
The two States have a trade agreement, which came into effect in April 2024 and offers tariff preferences to both parties.
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