Cuba open to investment from businesses in the Vietnamese rice industry

On December 12, a delegation from the Cuban Ministry of Agriculture, led by Minister Ydael Jesús Pérez Brito, visited several rice production and trading businesses in Can Tho City. The delegation was received by Vietnam's Deputy Minister of Agriculture and Rural Development, Nguyen Hoang Hiep, along with Nguyen Ngoc He, Vice Chairman of Can Tho City People's Committee, and relevant agencies.

The official visit is part of the cooperation agreement between Vietnam and Cuba, following General Secretary To Lam's recent high-level visit  to Cuba. Accordingly, the agreement outlines Vietnam's commitment to support Cuba in developing rice and other crops with the aim of promoting the country's food security in the near future.

During this visit, the Cuban Ministry of Agriculture expressed its desire to learn from Vietnam’s rice production experience as well as invited Vietnamese rice businesses to invest in and promote food production in Cuba.

According to Deputy Minister Nguyen Hoang Hiep, Cuba possesses significant potential to develop expansive rice fields. Furthermore, its existing infrastructure are ready for large-scale production. As planned, Vietnam will assist Cuba in cultivating 15,000 to 20,000 hectares of rice between 2025 and 2027. Notably, both countries aim to cultivate the first 500 hectares in 2024, with the aim of reaching approximately 5,000 hectares by the end of 2025.

Deputy Minister Nguyen Hoang Hiep urges Vietnamese rice businesses to consider opportunities for development in Cuba. In addition, the Ministry of Agriculture and Rural Development will organize a delegation to explore investment opportunities, inviting businesses to assess the production conditions, market, and growth potential in Cuba.

During the visit, the delegation toured Trung An High-Tech Agriculture Joint Stock Company and Hoang Minh Nhat Joint Stock Company. They are leading businesses in terms of rice production and export, with many years of experience in the Vietnamese rice industry.

Pham Thai Binh, Chairman of Trung An High-Tech Agriculture Joint Stock Company, provided insight into the company’s achievements after nearly thirty years the rice sector. Accordingly, the company has gradually established a rice export value chain since 1996 by partnering with local farmers and cooperatives in the Mekong Delta to develop large-scale rice fields. Subsequently, Trung An also invested in advanced technology for processing and export.

Chairman Binh noted that the cooperation between the Vietnamese and Cuban governments will foster a favorable environment for investment. Consequently, his company is ready to assist Cuba in developing its rice production.

Minister Ydael Jesús Pérez Brito praised Vietnam's exemplary collaborative model between businesses, cooperatives, and local farmers, which encompasses input supply, technical production guidance, and product consumption. Additionally, this process has contributed to promoting the quality of Vietnamese rice supplied to the international market.

Cuba currently boasts 200,000 hectares of rice acreage, with approximately 20,000 participating households. Notably, the country features highly favorable conditions in terms of labor, land, infrastructure, irrigation systems, and transportation. However, the annual rice planting area is currently limited to 20,000 to 30,000 hectares. The Cuban government aims to increase this figure by 100,000 hectares per year to meet domestic food security needs.

The Cuban government recently issued several priority policies for foreign investors, including those from Vietnam, to develop the rice production industry in Cuba.

With a focus on promoting mutual benefits, Minister Ydael Jesús Pérez Brito encouraged businesses that have succeeded in rice production and trading in Vietnam to explore and consider the new investment environment in Cuba.

On the afternoon of September 27 (local time), General Secretary and President To Lam and his wife, along with a high-level Vietnamese delegation, departed from Havana, successfully concluding their state visit to the Republic of Cuba at the invitation of First Secretary of the Central Committee of the Communist Party of Cuba, President of the Republic of Cuba Miguel Díaz-Canel Bermúdez, and his wife.

During the visit, President To Lam hosted high-level talks, meetings, and discussions with the leadership of the Party, State, and National Assembly of Cuba. The visit also included various activities aimed at strengthening solidarity, friendship, and cooperation between the two parties, states, and their peoples.