According to Viglacera, the two sides signed an agreement on the joint venture in April, 2016. The joint venture, once established, will contribute to meeting the demand on construction materials in Cuba as well as the Latin American market.
The statistics of General Department of Vietnam Customs, Vietnam is the second biggest trade partner of Cuba in Asia with bilateral trade value exceeding 207 million USD in 2014.
The major Vietnamese commodities export to Cuba include rice, coal, chemicals, textiles and computers; while Cuba exports pharmaceuticals to Vietnam, worth nearly 1.3 million USD.
According to the Ministry of Planning and Investment, as of December 2015, there was one Cuban project operating in Vietnam with a registered capital of 6.6 million USD. Vietnam also had one oil project in Cuba.
