Vietnam, Cuba Join Hands To Produce Construction Materials

HANOI, July 4 (Bernama) -- The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) and Cuba's Geicons Group are set to establish a joint venture producing ceramics sanitary wares and tiles in October, Vietnam News Agency (VNA) reported.

According to Viglacera, the two sides signed an agreement on the joint venture in April.

Once established, the joint venture, will contribute to Cuba's demand for construction materials as well as the Latin American market.

Vietnam is the second biggest trade partner of Cuba in Asia, with bilateral trade value exceeding US$207 million in 2014, according to the General Department of Vietnam Customs.

Vietnam's major exports to Cuba include rice, coal, chemicals, textiles and computers; while Cuba exports pharmaceuticals to Vietnam, worth nearly US$1.3 million.

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 us$6.6 million. Vietnam also has one oil project in Cuba.

Source-- BERNAMA