Friday, October 15, 2010

VN firms eager to invest in Cuba

VN firms eager to invest in Cuba
October, 15 2010 10:12:15

HA NOI — Cuba has become increasingly attractive to Vietnamese investors
following changes to the country's trade policies that are designed to
attract foreign firms in the service and production sectors, according
to the Ministry of Industry and Trade's American Department.

Nguyen Xuan Khien, the department's head, said Cuba was particularly
looking for real estate investors.

He said Cuba had begun actively looking for foreign investment at the
beginning of this year, mostly in the fields of tourism, plastic
packaging, paper processing, mining and foodstuffs.

Khien said investors in golf courses would be permitted to rent land for
99 years.

Dang Xuan Cuong, from the Viet Nam Food Industries Company, said his
company was looking into Cuba, which was a new market for his firm.

Last month, the Viet Nam Northern Food Corporation signed a contract to
sell 200,000 tonnes of rice to Cuba.

Every year, Cuba imports about 400,000 tonnes of rice from Viet Nam.

Despite the latest trade incentives, exporters were still facing
difficulties, such as late payment, Cuong said.

He said his firm often received payment 300-500 days after the goods
were delivered.

Because of continued late payment, Cuong said his company had to export
goods to Cuba through a firm in a third country that paid more promptly.

However, he said Cuba had an attractive investment climate and that
Vietnamese firms should closely study this new market.

To boost trade relations between the two countries, the Ministry of
Industry and Trade plans to hold an investment forum in Havana, the
country's capital. Particular emphasis will be on sectors such as
information and technology, rice, footwear, garments and
pharmaceuticals. — VNS

http://vietnamnews.vnagency.com.vn/Economy/Business/204706/VN-firms-eager-to-invest-in-Cuba.html

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