May 10, 2021

A Vietnamese firm starts the first industrial park in Cuba with foreign capital

A Vietnamese firm starts the first industrial park in Cuba with foreign capital



The works of the first industrial park in Cuba with exclusively foreign capital began today by a Vietnamese company, which will build, manage and manage infrastructures in a land of more than 150 hectares west of Havana.

The start of construction of the industrial estate, which seeks to house companies from various countries and sectors, was proclaimed by a ceremony attended by high authorities of both countries, including the Minister of Construction of Vietnam, Pham Hong Ha, and the Minister of Commerce of Cuba, Rodrigo Malmierca.

He expressed his wish that the industrial estate be successful when it comes to incorporating Vietnamese companies and "attract other potential foreign investors" that manufacture products both for commercialization in Cuba and for export to third countries, which would help to alleviate the chronic shortage of foreign currency of the island.

The future polygon that is located in the Mariel Special Zone (ZEDM), the Cuban government's flagship project to attract investment, will belong to the ViMariel firm, established last July as a subsidiary of the Vietnamese trading company Viglacera, a leading industrial parks company. .

This company has obtained an administrative concession from the Cuban Government for a term of 50 years to project, invest, build, manage and exploit the infrastructures in the new industrial park located in the ZEDM, some 45 kilometers west of Havana.

"In 2019, we will provide investors with the first infrastructure area," said Tran Anh Tuan, chairman of the board of directors of Viglacera.

The declaration of the Vietnamese suggests the intention to develop the work quickly, since at the moment only a wooded area is observed in the area that will occupy the future industrial estate located in the so-called "Sector A" of the ZEDM.

The authorities praised today the strong historical and friendship ties between Cuba and Vietnam, which were further narrowed by the visit to Havana this month by Cuban President Miguel Diaz-Canel.

The Special Zone of Mariel, the most ambitious economic project of Cuba officially presented in 2013, is the business center and merchant port where the country wants to locate a large part of these projects, which already has 41 clients from 28 nations, among which stands out Spain with the largest number of companies.

According to official figures, the Mariel Special Zone has secured more than 1,191 million dollars for the island with more than 30 approved projects.

Cuba and Vietnam maintain a close political and economic relationship, in which the Asian country is listed as the second trading partner of the island in Asia, with a bilateral exchange that in 2017 reached 224.3 million dollars and could reach 500 million in the year 2020, according to official projections.

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