What is the current nature of trade between Cuba and Vietnam?
Cuban-Vietnamese relations are the interstate relations between the Republic of Cuba & the Socialist Republic of Vietnam.While Vietnam decided to introduce a market-oriented economic system as early as 1986,Cuba has continued a highly centralized economy even after the disintegration of the Soviet Union in 1991.Two countries were in diplomatic relations since December 1960. After that, Vietnam has become Cuba’s second-largest trading partner in Asia, with Vietnam trailing behind China.
Vietnam is a political & economic partner of Cuba.Bilateral trade in between two countries consists of rice,textiles,computers,electronics etc.Trade between two countries exceeds $500 million. In October 2012, Marino Murillo expressed hope that Vietnam would support Cuba in further developing agricultural development laying emphasis on the cultivation of food & industrial crops.
In recent years,under the rule of Raul Castro,the communist party of Cuba has tried to renew the Cuban socialist model by introducing private ownership & entrepreneurship.