Vietnamese firms tap Cuban market potential

Hanel is one of the first businesses setting foot in the Cuban market. Besides computers and electronic components, Hanel is now investing in real estate in the country. The company believes in Cuba’s potential.

"Cuba currently has the Mariel special economic development zone, with over 200 projects in biology technology, chemicals, packaging and IT. These are the fields that receive many tax incentives from the government", said Bui Thi Hai Yen, Deputy General Director of Hanel.

As with the US loosening its embargo on Cuba, difficulties in international payments will be the first issue to be resolved. This will encourage more foreign investors to seek business opportunities in the country.

In 2014, trade turnover between Vietnam and Cuba reached approximately 205 million USD. However, the figure is considered modest compared with the potential of trade and economic co-operation between the two countries. In the coming time, the Ministry of Industry and Trade will launch more trade promotion programmes targeting Cuba, including international fairs, economic forums and business exchanges.