Alongside Cuba, the country is keen to fully utilise incentives as a means of elevating two-way trade turnover to US$500 million by 2025, according to information released during the 38th session of the Vietnam-Cuba Intergovernmental Committee which was held virtually on December 30 in Hanoi.

A series of cooperation documents are signed during the 38th session of the Vietnam-Cuba Intergovernmental Committee

The meeting was co-hosted by Minister of Construction Pham Hong Ha and Cuban Minister of Foreign Trade an Investment Rodrigo Malmierca Diaz.

This year has been of special significance as both countries are celebrating their 60th anniversary of diplomatic ties, an important milestone in the history of friendship, solidarity, fraternity and comprehensive co-operation between both sides.

Upon addressing the meeting, Minister Ha affirmed that joint co-operative relations over recent years have been increasingly developed and expanded across a variety of fields, with bilateral trade turnover during the past 10 months of the year reaching a figure of US$102 million.

Vietnam has exerted efforts to maintain rice exports to the Caribbean island as a means of ensuring both quantity and a consistent delivery schedule. Indeed, the signing of the minutes during the 38th session, in addition to many other specific agreements and memoranda of understanding, will serve to facilitate the maintenance, promotion, and expansion of comprehensive and effective co-operation efforts between the two nations.

"Both sides have redoubled efforts in boosting closer co-operation in order to yield many positive results in the implementation of commitments set out in the minutes of the previous meeting. They have continued to maintain the enforcement of the signed minutes and work out new areas of co-operation in finance, banking, trade, investment, construction, transportation, social affairs, culture, sports, tourism and science and technology,” said Minister Ha.

Next year both sides are poised to intensify closer co-ordination in an effort to implement the Vietnam - Cuba Trade Agreement in a practical and effective manner.