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News > Cuba

Cuba: Vietnam's President Praises Mariel, Investment Deals Signed

  • Rodrigo Malmierca Díaz, Cuban Minister of Foreign Trade and Investment, and the President of Vietnam, Nguyen Xuan Phuc.

    Rodrigo Malmierca Díaz, Cuban Minister of Foreign Trade and Investment, and the President of Vietnam, Nguyen Xuan Phuc. | Photo: Cubadebate

Published 20 September 2021

As part of his official visit to Cuba, the Socialist Republic of Vietnam, Nguyen Xuan Phuc, learned first-hand on Monday about the business opportunities existing in the Mariel Special Development Zone (ZEDM).

After learning about the platform's potential located in Artemisa, the president praised the Cuban government for its willingness to create the space, a critical investment to boost the country's economic development while highlighting the investment opportunities offered by the largest of the Antilles.

Nguyen, a member of the Political Bureau of the Central Committee of the Communist Party of Vietnam, urged his country's ministers and business people accompanying him to find key areas of investment that are effective and bring practical benefits to the Cuban people, especially in goods for daily use, as well as cutting-edge technologies such as clean energy.


Vietnamese President To Pay Official Visit to Cuba on Saturday

The Vietnamese president thanked the presentation, which took place at the National Hotel, and stressed that his three-day visit to this Caribbean nation would contribute to strengthening and expanding ties of friendship and cooperation.

Vietnam is the second leading country with investments in the ZEDM, a productive and logistic area for establishing companies whose products and services are destined for the domestic market or export.

"Our goal is for Vietnam to become the first country in investments within the ZEDM, we have embarked on that road and Cuba is an investment destination for our Vietnamese brothers," said Ana Teresa Igarza, general director of the Zone Office with 59 approved businesses (34 in operation) and the presence of 21 countries.

It was reported that Thai Binh Global, the first company with Vietnamese capital to set up in the ZEDM, is currently reinvesting for 14 million dollars and a production capacity to guarantee Cuba feminine products, sanitary pads and wet wipes.

Igarza updated on the status of the ViMariel Industrial Park, which is being taken over by Viglacera S.A.'s company for US$37 million, which plans to attract businesses from Vietnam and Asia especially, and already has two in its portfolio.

ViMariel is Cuba's first concessionaire, with 156 hectares, and was approved in 2018; it is currently working to create infrastructure for its first sector.

Another Vietnamese business awaiting approval by the Council of Ministers is an area for photovoltaic solar generation, which will contribute 20 megawatts using bifacial panels, a state-of-the-art technology.

"We are continuing negotiations with the Asian businessmen in order to establish areas for the development of real estate for golf courses and aquatic activities, as well as in branches of industry for the production of metal containers and cables," Igarza pointed out.

Rodrigo Malmierca Díaz, Minister of Foreign Trade and Investment, was present on the Cuban side.

Vietnam has consolidated its position as Cuba's second-largest trading partner in the Asia-Oceania region and the leading investor in the area and the largest supplier of rice.

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