Vietnam and Cuba have agreed to strive to increase bilateral trade value between the two countries to US$500 million by 2022.

The agreement was reached during a discussion between General Secretary of the Communist Party of Vietnam and President Nguyen Phu Trong and visiting Council of State and Council of Ministers of Cuba Miguel Mario Diaz-Canel Bermudez in Hanoi on Friday.

The event took place after talks between the two leaders, following a welcome ceremony held for the Cuban guest in the capital the same day, according to the official Vietnam News Agency.

At the talks, the two leaders discussed several measures to foster economic, trade, and investment partnerships, as well as to strengthen ties in defense, security, external relations, agriculture, biotechnology, pharmaceutical, healthcare, education, and science-technology, and boost people-to-people exchange.

The leaders spoke highly of and emphasized the importance of the two governments’ signing of a new trade agreement and a protocol on capital disbursement and financial management of the Vietnam-Cuba project on cooperation in rice production development for 2019-2023.

Party General Secretary and President Trong shared the Cuban President’s view that the current bilateral trade total at $240 million each year does not reflect the two countries’ trade potential, demand, and supply capacity.

They agreed to give relevant direction to actively promote the implementation of the bilateral trade cooperation agreement, seek ways to facilitate businesses’ access to each other’s markets, and strive to raise trade to $500 million by 2022.

During the talks, the leaders also briefed each other on the situation in their respective countries and discussed orientations and measures to deepen the special relationship between the two sides in an effective and pragmatic fashion.

They also exchanged viewpoints on regional and international issues of shared concern.

Party General Secretary and President Trong said the Cuban President’s visit will generate momentum for the bilateral relationship.

Before the talks, on behalf of the Vietnamese state, Party General Secretary and President Trong bestowed the Ho Chi Minh Order upon the Cuban leader in recognition of the latter’s contributions to bilateral friendship and cooperation.

Party General Secretary and State President of Vietnam Nguyen Phu Trong (R) decorates Cuban President Miguel Diaz-Canel with the Order of Ho Chi Minh City inside the Presidential Palace in Hanoi on November 9, 2018. Photo: Tuoi Tre

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