The scene of the conference. (Photo: SGGP)
The Ho Chi Minh City Investment and Trade Promotion Center (ITPC), in collaboration with the Representative Office of Universales Almacenes S.A (Cuba), held an Investment Promotion Conference in Mariel Special Development Zone (ZED Mariel) on April 19.
The conference aims to promote cooperation in economy, investment, trade, tourism, and health between HCMC and Cuban localities, and at the same time, create opportunities for enterprises of the two countries to increase trade activities, grasp opportunities from changes in the policy and the benefits of the Vietnam-Cuba Trade Agreement signed on November 9, 2018.
Ms. Cao Thi Phi Van, Deputy Director of ITPC, said that trade and investment relations between Vietnam and Cuba are respectful and constantly developing. In terms of trade, Vietnam is the second-largest Asian trading partner in Cuba. In 2020, the two-way trade between Vietnam and Cuba reached US$102 million. The bilateral trade agreement between Vietnam and Cuba officially took effect in early 2020, contributing to promoting trade exchange and ensuring the presence of Vietnamese enterprises in investment projects in Cuba. The two countries have cooperated effectively in many fields, such as agriculture, oil and gas, telecommunications, education, and health.
Regarding investment, currently, Cuba and Vietnam both have investment projects. Specifically, Cuba has four investment projects in Vietnam, with a total capital of more than $7 million, ranking 81st out of 140 countries and territories investing in Vietnam. Meanwhile, Vietnam also has four projects in Cuba, with a capital of more than $44 million. Two typical projects of Vietnam in Cuba are the SAVIG floor tile factory, a joint venture between Viglacera Corporation and Prodimat Company of Cuba, and Thai Binh Group specializing in trade, serving as a trade bridge between Vietnam and Cuba.
“The HCMC government hopes that through this conference, Vietnamese enterprises will find more investment opportunities in Cuba, a traditional friend who always stands by the Vietnamese people,” Ms. Cao Thi Phi Van emphasized.
Ms. Ariadne Feo Labrada, Consul General of the Republic of Cuba to HCMC, said that Mariel Special Development Zone (ZED Mariel) has a special geographical location in the heart of the Caribbean Sea, which is the intersection of main shipping routes in the Western Hemisphere.
The conference aims to promote cooperation in economy, investment, trade, tourism, and health between HCMC and Cuban localities, and at the same time, create opportunities for enterprises of the two countries to increase trade activities, grasp opportunities from changes in the policy and the benefits of the Vietnam-Cuba Trade Agreement signed on November 9, 2018.
Ms. Cao Thi Phi Van, Deputy Director of ITPC, said that trade and investment relations between Vietnam and Cuba are respectful and constantly developing. In terms of trade, Vietnam is the second-largest Asian trading partner in Cuba. In 2020, the two-way trade between Vietnam and Cuba reached US$102 million. The bilateral trade agreement between Vietnam and Cuba officially took effect in early 2020, contributing to promoting trade exchange and ensuring the presence of Vietnamese enterprises in investment projects in Cuba. The two countries have cooperated effectively in many fields, such as agriculture, oil and gas, telecommunications, education, and health.
Regarding investment, currently, Cuba and Vietnam both have investment projects. Specifically, Cuba has four investment projects in Vietnam, with a total capital of more than $7 million, ranking 81st out of 140 countries and territories investing in Vietnam. Meanwhile, Vietnam also has four projects in Cuba, with a capital of more than $44 million. Two typical projects of Vietnam in Cuba are the SAVIG floor tile factory, a joint venture between Viglacera Corporation and Prodimat Company of Cuba, and Thai Binh Group specializing in trade, serving as a trade bridge between Vietnam and Cuba.
“The HCMC government hopes that through this conference, Vietnamese enterprises will find more investment opportunities in Cuba, a traditional friend who always stands by the Vietnamese people,” Ms. Cao Thi Phi Van emphasized.
Ms. Ariadne Feo Labrada, Consul General of the Republic of Cuba to HCMC, said that Mariel Special Development Zone (ZED Mariel) has a special geographical location in the heart of the Caribbean Sea, which is the intersection of main shipping routes in the Western Hemisphere.
The Investment Promotion Conference in Mariel Special Development Zone (ZED Mariel). (Photo: SGGP)
Especially, in the special zone, the preferential tax rate of zero percent is applied to the return of capital, employment tax, contribution to local development, imports during the investment period, and tax on wholesale activities of goods and services. Besides, the zero-percent tax rate is also applied to profits within ten years, then the tax rate of 12 percent will be applied. Other incentives include a one-stop-shop system for handling all certificates, permits, and authorizations; a team of experts to advise and support investors; allocation of land plots with seven high standard infrastructures funded by the Cuban State; incentives for the production of roof-top solar energy of industrial facilities. When investing in the Mariel Special Development Zone, investors are guaranteed that their investments cannot be appropriated, except for reasons of public interest or social requirements; the authorization period can be extended by the issuing authority itself; protect investors against third-party lawsuits, under Cuban law and the national courts; remit dividends, profits, or other income related to the investment without paying taxes. Foreigners who are not permanent residents of Cuba may transfer the assets they receive abroad following the regulations of the National Banking System.
