Cuba strengthens economic ties with Vietnamese businesses

Cuba strengthens economic ties with Vietnamese businesses

In a bid to diversify its economic partnerships, Cuban President Miguel Díaz-Canel held a meeting on May 16 with a delegation of Vietnamese businesses led by the Thái Bình Group.

Cuban President Miguel Díaz-Canel at a meeting with a delegation of Vietnamese businesses led by the Thái Bình Group. — VNA/VNS Photo

In a bid to diversify its economic partnerships, Cuban President Miguel Díaz-Canel on Friday met a delegation of Vietnamese businesses led by the Thái Bình Group.

The meeting marked a new step forward in the bilateral economic relationship, which has been nurtured for over 25 years.

Both sides discussed opportunities to expand cooperation in Cuba’s priority development sectors. The Vietnamese delegation reaffirmed its commitment to sustaining and expanding its operations in the Mariel Special Development Zone (ZEDM), a key driver of Cuba’s economic growth.

The Thái Bình Group is one of the first Asian investors in ZEDM, currently operating a global supply network of 300 suppliers and 12 multi-sector production lines.

The group has successfully invested in two factories in the zone: a diaper and sanitary pad manufacturing plant inaugurated in November 2019, and a wet wipes production line launched in June 2021. In addition, the company runs a 20 MW solar power park, helping address Cuba’s energy challenges.

The strong presence of Vietnamese enterprises in Cuba has significantly contributed to strengthening bilateral trade ties, with two-way trade reaching US$250 million in 2024.

Việt Nam – Cuba economic cooperation has seen significant achievements in recent years, playing an important role in Cuba’s socio-economic development.

The meeting took place amid Cuba’s ongoing efforts to attract foreign investment in consumer goods production, aiming to meet essential domestic needs and reduce reliance on imports. The successful partnership between Cuba and the Thái Bình Group is seen as a model for other foreign enterprises seeking opportunities in the Caribbean market. 

Bizhub