Vietnam, Cuba to Strengthen Investment Cooperation in Construction

During the talks, Minister Nguyen Thanh Nghi and Vietnamese businesses investing in Cuba also mentioned some difficulties they were experiencing, specifically the SanVig Joint Venture, which, despite the two sides' joint efforts to implement, has yet to yield the desired results. Due to a lack of electricity and raw supplies, tile and sanitary ware industries are functioning at less than full capacity.

In addition, the Vietnamese Minister hopes that the two sides will continue to pay attention to and support enterprises on both sides to foster and strengthen close, practical, and successful collaboration in the construction sector. Regarding the problems of the SanVig Joint Venture, the Vietnamese official suggested that his counterpart prioritize supplying enough electricity, fuel, and materials for industries to ensure consistent production.

Hoang Anh Tuan, Director of the Department of Construction Management under the Ministry of Construction, also shared the responsibility of advising on policy.  Cuba's construction industry specializes in construction design, consulting, and supervision of planning and construction, thus it is intended that  Cuba will send professionals to increase collaboration in design, supervision, construction licensing management, and planning consulting. Under the guidance of the two Ministries, the Department of Construction Management will analyze and remove barriers to the construction capacity of  Cuban firms in Vietnam, allowing  Cuban businesses to engage in various projects in Vietnam.
As  Cuba prioritizes fuel supplies for its people, manufacturing plants face fuel shortages, which impact the production and transportation of commodities. Cuba has strived to implement cooperative agreements and develop projects into viable ventures, but both sides' expectations have not been reached. Cuba will soon get rid of fuel shortages and reach agreements with numerous countries on gasoline supply to recommence production activity. Furthermore,  Cuba has proposed a solution to create accounts in countries where Cuba exports items to earn foreign currency; and to promote cooperation in bringing Viglacera products manufactured in Cuba and Vietnam to Caribbean countries.
 

In terms of cooperation with functional units, the two countries can hold discussions to come up with ideas and suggest areas in which they can cooperate. The  Cuban Ministry of Construction will provide profiles of potential development projects such as refurbishment, repair, factory construction, hotel maintenance, and construction projects. The  Cuban Minister said that he would always accompany and be willing to engage with Vietnamese enterprises during the investment process in  Cuba.

Responding to the Cuban Minister of Construction's proposals, Minister Nguyen Thanh Nghi said the potential for cooperation between Vietnam and  Cuba remains large, particularly in the construction sector. The Vietnamese Ministry of Construction is eager to encourage Vietnamese enterprises to participate in investment cooperation with Cuba, as well as Cuban businesses to invest in Vietnam. If Vietnamese businesses and projects investing in Cuba overcome obstacles and operate effectively, they will be able to promote the cooperative relationship between Vietnam and Cuba, increasing motivation to continue expanding production and investment in Cuba and attracting a large number of Vietnamese investors.

He agreed to  Cuba's new cooperation proposals, which focused on the refurbishment, repair, and construction of cement factory projects, as well as tourism and real estate development. The results of the cooperation between the two Ministries will contribute to strengthening the traditional relations between  Cuba and Vietnam, and will increasingly affirm the special solidarity and friendship between Vietnam and  Cuba, which were established by President Ho Chi Minh and President Fidel Castro and are being diligently nurtured by generations of leaders and people from both countries.
Minister Nguyen Thanh Nghi expects that the  Cuban Minister of Construction will soon visit Vietnam to conduct a survey and exchange experiences with Dong Nai Province. In the near future, functional units and enterprises from the two ministries will meet to discuss particular issues and implement the material agreed upon by the two sides.