Delegates participating at a trade promotion forum between the two countries held in HCM City on Friday. — VNA/VNS Photo

HCM CITY — There is lots of room available for Việt Nam and Cuba to step up commerce and investment cooperation, especially in farming and food processing, heard a forum promoting trade between the two countries held in HCM City on Friday.

Việt Nam is currently Cuba’s second biggest trade partner and biggest foreign investor in Asia. Bilateral trade value of US$250-350 million in the 2015-2020 period, with Việt Nam running five projects in Cuba. Meanwhile, the Caribbean country has conducted a project on producing bio-products in Việt Nam.

Dương Anh Đức, Vice Chairman of the HCM City People’s Committee, said boosting the economic relationship to be on par with the political and diplomatic ties is a key mission agreed by leaders.

Regular trade-investment promotion programmes and exchanges of business delegations will enhance mutual trust and connectivity and help Vietnamese firms seek investment opportunities in the Cuban market, he noted.

Deputy Minister of Agriculture Maury Hechavarria Bermudez said Vietnamese and Cuban leaders’ agreement on increasing economic cooperation has so far been translated into specific actions, particularly the promotion of new investment projects in Cuba’s farm produce and food production sectors.

Cuba wishes to strengthen joint work with Vietnam in producing rice and coffee products, manufacturing machinery for agricultural production, expanding export markets, attracting financial investment, and promoting research and development of new energy, the official stated.

He affirmed that Cuba is committed to assisting investors with special tax incentives, human resources, infrastructure, and technology.

At the forum, the Cuban Ministry of Agriculture introduced 54 priority projects to attract investment, with Cuban businesses calling on able investors to supply seed materials, fertilisers, pesticides, and agricultural machinery serving cooperation in production and productivity improvement. — VNS