Cuba”s financial progress to be boosted by joint ventures with Vietnam

Cuba’s first Deputy Minister of Development Angel Vilaragot Montes de Oca mentioned Cuba and Vietnam would profit from joint ventures, whereas visiting Sanvig JVC with Vietnamese Minister of Development Nguyen Thanh Nghi in Santa Cruz on April 20.

Cuba's economic growth to be boosted by joint ventures with Vietnam

The Cuban deputy minister mentioned that the cooperative enterprise between Sanvig and Vietnam would contribute to Cuba’s financial progress.

Presently, Sanvig JVC, a Vietnamese firm working in Cuba, manufactures quite a lot of merchandise together with these which might be exported to generate international forex for the federal government.

Sanvig is a part of the spine of the development trade, considerably bolstering Cuba’s development trade.

Angel Vilaragot Montes de Oca emphasised that Cuba would set up all of the circumstances for the event of the plant, and he anticipated that along with this challenge, the Ministry of Development and Vietnamese development corporations would put money into quite a few different tasks in Cuba.

Along with stories on the corporate’s manufacturing and enterprise scenario, Pham Ngoc San, president of Sanvig, additionally mentioned the challenges that companies are confronting in the course of the assembly. As well as, he proposed options that might require the Cuban Ministry of Development and related businesses to focus on fostering higher circumstances.

Opening up monetary flows between enterprise companions and joint ventures, particularly the three way partnership’s opening of international accounts, requires the assist of the Central Financial institution of Cuba, and a singular mechanism is required for the three way partnership to function repeatedly.

Minister Nghi mentioned that he would get along with Cuba’s Minister of International Commerce and International Funding and Cuba’s Ministry of Development to debate eradicating difficulties, in addition to discovering extra improvement paths for the three way partnership.

Concurrently, it’s proposed that Sanvig proceed to take care of manufacturing, guaranteeing the present capability of two.1 million sq. metres of brick manufacturing; assure safe manufacturing unit operation and product high quality; and provides higher consideration to employee welfare.

Sanvig was based and commenced manufacturing in November 2019; the Vietnamese capital contributor is Viglacera Company.

The three way partnership has provided the Cuban market with 4.574 million sq.m of ceramic tiles and roughly 210,000 sanitary ware merchandise, using 330 folks.

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By Quynh Trang

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