Deputy Minister Phan Thi Thang co-chairs the first meeting of the Vietnam-Cuba Joint Committee on the Implementation of the Bilateral Trade Agreement

This inaugural session marked a significant step as both sides established a regular dialogue mechanism to review progress in implementing the bilateral trade agreement, address existing obstacles, and identify priority areas for effective execution. The meeting took place as Vietnam and Cuba celebrate the 65th anniversary of their diplomatic relations (1960-2025), underlining the commitment of both countries to further strengthen economic, trade, and investment cooperation.

The Vietnamese delegation included Ambassador Le Quang Long and representatives from the Ministries of Industry and Trade, Finance, Foreign Affairs, Agriculture, and Science and Technology, alongside Vietnamese enterprises operating in Cuba. The Cuban side comprised senior officials from relevant ministries and agencies.

During the meeting, the two sides conducted a comprehensive review of economic, trade, and investment relations five years after the agreement took effect on 1 April 2020. Deputy Minister Phan Thi Thang noted that bilateral trade has remained stable at around USD 200 million despite the challenges posed by the Covid-19 pandemic, global economic instability, and Cuba’s difficult economic conditions, a testament to the joint efforts of both countries. Cuba remains one of Vietnam’s ten key markets in Latin America, while Vietnam is Cuba’s second-largest partner in the Asia-Pacific region.

Vietnam is currently the largest Asian investor in Cuba and among the country’s top foreign investors, with seven active projects in areas such as construction materials, consumer goods, industrial zone infrastructure, and energy. Future investment is expected to expand into wholesale and retail trade, rice cultivation, instant noodle and animal feed production, fertilizers, and joint ventures in research, manufacturing, and commercialization of biotechnology products for agriculture and healthcare.

The Chair of the Vietnamese Subcommittee emphasized that ample room remains for bilateral cooperation and urged both sides to work towards raising trade turnover to USD 500 million in the coming years. Cuba’s Deputy Minister agreed and highlighted Cuba’s strengths in biotechnology, particularly the potential for joint ventures in vaccine and pharmaceutical research and production, as well as developing high-quality biomedical products for manufacturing in Vietnam.

Regarding implementation of the trade agreement, both sides reviewed progress in communication efforts, institutional development, tariff commitments, and rules of origin. Vietnam’s utilization rate of preferential origin under the agreement has continued to increase, reflecting the growing adaptability of Vietnamese enterprises. The Cuban Subcommittee Chair expressed hope that more Cuban businesses would benefit from the agreement, thereby facilitating bilateral trade. The two sides also agreed to adopt favourable mechanisms to address challenges, particularly payment issues, to ease the operations of Vietnamese investors in Cuba.

The meeting concluded in a constructive and friendly atmosphere. Both sides signed the minutes of the first session of the Joint Committee, reaffirming commitments to key tasks that will enhance implementation efficiency and deliver practical benefits for businesses and citizens of both countries.

During the working visit, the Vietnamese Deputy Minister also held bilateral meetings with Cuba’s Deputy Ministers of Energy and Mines and of Industry to discuss future cooperation in renewable energy and industrial production aligned with the needs and potential of both sides.

Through the meeting and bilateral exchanges, both countries reaffirmed their determination to strengthen cooperation, fully leverage the signed trade agreement, and elevate economic and trade relations to match their longstanding political ties.

In 2024, bilateral trade saw a slight recovery, reaching USD 199.3 million, up 28.1% from 2023. Vietnam exported USD 193.7 million worth of goods to Cuba (up 24.5%) and imported USD 5.6 million. In the first ten months of 2025, bilateral trade reached USD 68.97 million, including USD 65.52 million in Vietnamese exports and USD 3.45 million in imports from Cuba.

Vietnam’s main exports to Cuba include rice, coffee, chemicals, textiles and garments, footwear, computers and components, construction materials, ceramics, machinery, equipment, and spare parts, with rice accounting for the largest share. Vietnam mainly imports vaccines and pharmaceuticals from Cuba. Vietnam remains Cuba’s second-largest trading partner and the largest Asian investor in the country.