Flags of Việt Nam and Cuba. — Photo kinhtevadubao.vn

HÀ NỘI — Deputy Prime Minister Bùi Thanh Sơn on Thursday signed a decision establishing the Vietnam Sub-Committee under the Joint Committee of the Việt Nam–Cuba Trade Agreement.

The sub-committee will be chaired by a Vice Minister of Industry and Trade, with a division-level official from the Government Office serving as Secretary.

Standing members include department-level representatives from the ministries of industry and trade, foreign affairs, construction, finance, agriculture and environment, science and technology and the State Bank of Vietnam.

The Ministry of Industry and Trade (MoIT) will act as the standing body, with the sub-committee headquartered at the ministry. Specific working groups and sub-groups may be formed based on the needs of the Joint Committee.

Members will juggle their roles alongside existing duties, taking personal responsibility for tasks assigned under the Prime Minister’s decision on the establishment and operation of Vietnam sub-committees within intergovernmental committees.

The sub-committee chair is authorised to use the MoIT’s official seal for administrative purposes.

Việt Nam and Cuba share a decades-long relationship that has gained momentum in trade. Bilateral trade has hovered above US$100 million annually, with Việt Nam ranking as Cuba’s second largest Asian trading partner.

In 2024, two-way trade reached $134.7 million, with Việt Nam’s exports soaring 184.3 per cent to $133.36 million, while imports totaled $1.33 million.

Key Vietnamese exports include rice, electronics, apparel, footwear, cosmetics, construction materials, household goods, stationery, fertilisers and medical equipment. Rice, a linchpin of Cuba’s food security, remains a strategic export, while demand for cement, steel, and apparel is growing.

Cuba, meanwhile, exports pharmaceuticals, vaccines, activated carbon, and rum to Việt Nam. The Caribbean nation’s advanced biotechnology and pharmaceutical sectors have gained traction, with products widely adopted in Việt Nam.

Việt Nam is also Cuba’s largest Asian investor, with five major projects, including the first time-bound concession granted to a wholly Vietnamese-owned enterprise in Cuba.

The two nations have inked several trade agreements, notably the 2018 bilateral trade pact, which has facilitated smoother export, import and investment flows. — VNA/VNS