Cuba highly welcomes Vietnamese enterprises investing in agriculture, clean energy

Esteban Lazo Hernández, President of the National Assembly of the Republic of Cuba, delivered this message during a meeting with Vietnamese enterprises in Ho Chi Minh City.

Cuba hopes to see a wave of Vietnamese investors

At the meeting, Mr. Esteban Lazo Hernández emphasized that Cuba is offering Vietnam a range of special mechanisms and unprecedented incentives under its current laws to create the most favorable conditions for Vietnamese enterprises to invest in Cuba. He expressed his hope that "Cuba will be filled with Vietnamese businesses investing throughout the country, especially in the Mariel Special Economic Zone."

According to Mr. Esteban Lazo Hernández, given the special nature of the relationship between the two nations, the Cuban Government has approved a series of tailored investment promotion measures specifically for Vietnam. The goal is for businesses from Ho Chi Minh City in particular, and from Vietnam in general, to become Cuba’s steadfast and trusted allies and partners in carrying out the country’s socio-economic development plan through 2030.

These measures are designed to address major challenges related to finance, capital access, foreign currency liquidity, and administrative procedures, which have often posed obstacles for foreign investors in the past.

Mr. Esteban Lazo Hernández affirmed that Cuba’s top leadership, including the President and the First Secretary of the Communist Party, holds regular meetings every 15 days to monitor the operations of Vietnamese enterprises in Cuba closely. This system allows the Cuban Government to respond promptly to any issues that arise, particularly those concerning payment processes, outstanding debts, and plans for business expansion.

In the agricultural sector, Mr. Esteban Lazo Hernández shared that Cuba and Vietnam are currently piloting three cooperative rice production models. One of these, located in Calimete District, Matanzas Province, has already cultivated more than 1,000 hectares of rice. The project uses Vietnamese rice varieties, cultivation techniques, materials, and fertilizers with all supported by Vietnam and has achieved an average yield of around 7.3 tons per hectare, significantly higher than Cuba’s current national average.

"We are ready to allocate idle agricultural land for Vietnamese enterprises to research and invest in," said President of the Cuban National Assembly Esteban Lazo Hernández.

Beyond rice production, Vietnamese businesses are also encouraged to invest in cultivating other grains and crops for animal feed processing, as well as developing poultry, cattle, and pig farming, alongside fertilizer and feed production. These efforts aim to form closed agricultural value chains that serve both domestic demand and exports to the Caribbean and Latin America, taking advantage of preferential trade agreements in which Cuba participates.

Another area of strong interest for Cuba is clean energy. According to Mr. Esteban Lazo Hernández, Cuba aims to increase the share of solar power in its national electricity production to 25–26% by 2030.

"Cuba can only expand its production base if we secure energy security. This presents a major opportunity for Vietnamese enterprises to participate in renewable energy," he emphasized.

In addition to agriculture and energy, Cuba is also opening its doors to Vietnamese investment in other sectors such as food processing, pharmaceuticals, biotechnology, medical services, energy infrastructure, telecommunications, tourism, construction, transport, high technology, digital transformation, and artificial intelligence. Notably, the Mariel Special Development Zone, with its advanced infrastructure and exceptional investment incentives, is being positioned as a strategic destination for Vietnamese businesses.

Addressing the country’s ongoing difficulties, Mr. Esteban Lazo Hernández acknowledged that Cuba continues to suffer from the prolonged economic blockade, which has caused significant losses. Nevertheless, Cuba is making steady efforts to stabilize its economy, prioritize debt payments to Vietnamese enterprises within available resources, and explore debt-swap mechanisms using assets measures designed to support the long-term presence of Vietnamese investors in the country.

The Cuban government is also reviewing and amending its legal framework to attract foreign investment better and strengthen the role of private enterprises - a component increasingly recognized as indispensable to the nation’s economic growth.

Mr. Esteban Lazo Hernández noted that following General Secretary To Lam's historic visit to Cuba in September 2024, the cooperative relationship between the two countries has entered a new era marked by greater substance and effectiveness.

The two sides have signed multiple cooperation agreements in the fields of economy, trade, and science and technology, including joint programs on biotechnology development and high-tech agriculture. These projects, he said, reflect the firm political trust and enduring solidarity between Cuba and Vietnam, two nations that once shared hardship and now move forward together toward sustainable development.

"We are deeply grateful for Vietnam’s long-standing support. In the past, when Vietnam was still struggling, Cuba was ready to send breeding cattle and help build hotels and research institutes. Today, we look forward to welcoming the courage, innovation, and intelligence of Vietnamese enterprises as we work together to overcome challenges," said Mr. Esteban Lazo Hernández. He affirmed that the Cuban Government is always willing to listen to and consider all proposals from Vietnamese businesses and is committed to opening its doors to cooperation based on transparency, trust, and mutual benefit.

Ho Chi Minh City as a bridge for Vietnam-Cuba investment cooperation

As Vietnam and Cuba’s relationship grows ever closer, Ho Chi Minh City continues to serve as a vital bridge promoting trade and investment between the two nations.

According to Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee, though geographically distant, Vietnam and Cuba remain close in sentiment, ideals, and historical ties. Over the past 65 years, their steadfast friendship has become a model of international solidarity. Today, both sides have a valuable opportunity to nurture this special relationship further and elevate it to new heights through economic, trade, and investment cooperation.

Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People’s Committee, stated that the meeting was an important opportunity for the city’s business community to gain deeper insight into Cuba’s investment potential. Many enterprises, especially young entrepreneurs, expressed a strong interest in expanding cooperation with this promising market.

Mr. Dung highly appreciated the remarks of Esteban Lazo Hernández, President of the National Assembly of Cuba, regarding Cuba’s development orientation and investment attraction policies, considering them a great source of encouragement for businesses in Ho Chi Minh City in particular, and in Vietnam in general.

He affirmed that Ho Chi Minh City will continue to work closely with the Cuban Consulate General in Ho Chi Minh City and relevant trade promotion agencies to strengthen exchanges, share information, and support enterprises in exploring and pursuing cooperation opportunities. The city believes that the outcomes of this meeting will lay an important foundation for deepening the long-standing and faithful friendship between the peoples of Vietnam and Cuba.

“Ho Chi Minh City stands ready to act as a bridge, facilitating connections between enterprises from both sides helping them access information, exchange experiences, seek opportunities, and gradually realize their cooperation and investment plans. With the strong political will of both countries’ leadership, the dynamism of the business community, and the enduring bonds of friendship, economic, trade, and investment relations between Vietnam and Cuba will undoubtedly grow even stronger in the near future,” emphasized Mr. Nguyen Van Dung.

Earlier, the delegation led by President of the National Assembly of Cuba, Esteban Lazo Hernández, paid courtesy visits to the Secretary of the Ho Chi Minh City Party Committee and the Chairman of the City People’s Committee. The delegation also visited and met with members of the Ho Chi Minh City Vietnam–Cuba Friendship Association and students and faculty of the Ho Chi Minh City University of Education.

Mr. Nguyen Van Loi, Head of the Ho Chi Minh City National Assembly Delegation, shared that the city has organized various activities to strengthen its friendship with Cuba, such as the “Sun Without Borders” campaign to install solar power systems for Cuban schools. On September 26, the city also hosted a friendly football match between teams of government officials and artists to raise funds in support of the Cuban people.

“We always stand shoulder to shoulder with our Cuban friends, sharing both joy and hardship, and walking together through difficult times. We are delighted to see Vietnamese rice flourishing in Cuban fields. In the near future, the solar energy from the ‘Sun Without Borders’ project will light up Cuban schools and pose as a symbol of the deep, loyal, and boundless solidarity between our two peoples,” affirmed Mr. Nguyen Van Loi.