The Vietnamese company Agri VMA has reportedly expressed concerns to the Cuban government about difficulties accessing its financial resources within the country. According to reports from 14 y Medio, Agri VMA addressed a letter to three Cuban ministers, highlighting the urgent need to access its frozen assets in an account held at the Banco Financiero Internacional.
14 y Medio, which obtained the document, states that Agri VMA attempted to transfer $300,000 to its headquarters in Vietnam. The letter, dated May 28, 2024, was sent to the Minister of Economy and Planning, Joaquín Alonso Vásquez, as well as the Ministers of Agriculture and Foreign Trade, Ydael Pérez Brito and Oscar Pérez-Oliva Fraga.
The company emphasized the necessity of these funds to "purchase raw materials and ensure the seamless continuation of our services." The letter also noted, "As you are aware, due to logistical issues, we had to reduce our production activities to 10% in recent months due to a lack of raw materials. Maintaining stable and efficient production for both parties is our top priority. However, we recognize that unforeseen circumstances or oversights can sometimes cause delays. We kindly request your support and assistance in this matter."
Agri VMA reminded the ministers that they have been actively operating in Cuba since 2022 as an animal feed manufacturer, with future plans to establish a factory capable of producing 30,000 tons of feed annually in the Mariel Special Development Zone. "The transfer is crucial as it allows us to maintain the high level of service we strive to provide. We highly value the benefits we bring to this collaboration and hope for your aid and support in resolving this issue," they added.
14 y Medio could not verify if the transfer was eventually processed. Last Wednesday, Vietnam's Foreign Minister Bui Thanh Son urged Cuba to continue efforts to remove barriers and create favorable conditions for Vietnamese companies to invest and conduct business on the island. These comments were made in Hanoi during a meeting with Cuba's Deputy Foreign Minister Gerardo Peñalver, according to Vietnam's official news agency.
In April, it was disclosed that Agri VMA became involved in an agricultural project in the Los Palacios municipality of Pinar del Río province, aiming to cultivate 1,000 hectares of rice. Along with its Cuban partners, the Vietnamese company seeks to transform the region into a high-tech rice-growing area, marking yet another attempt by the regime to boost food production in a country already engulfed in extreme poverty.
The project began to take shape in 2023, when Agri VMA assessed Cuba's climate, soil, and agricultural infrastructure. Although the selected lands face challenges like erosion and nutrient deficiency, factors such as water availability, mechanized planning, and the technical skills of local farmers made Cubanacán an ideal site for cultivation. To date, 871 hectares have been planted, with the goal of reaching 1,000 by the end of May. In an initial phase, 16 hectares were harvested out of season, yielding 6.5 tons per hectare, a result deemed promising by the Vietnamese side.
Understanding Agri VMA's Financial Challenges in Cuba
Why is Agri VMA unable to access its funds in Cuba?
Agri VMA is reportedly facing obstacles due to its funds being frozen in an account at the Banco Financiero Internacional, preventing them from transferring money back to their headquarters in Vietnam.
What is the significance of the $300,000 transfer for Agri VMA?
The transfer is vital for Agri VMA to purchase raw materials necessary for their operations and to maintain a high level of service, ensuring the continuity of their business activities in Cuba.
What are the goals of Agri VMA’s agricultural project in Pinar del Río?
Agri VMA aims to cultivate 1,000 hectares of rice and transform the region into a high-tech rice-growing area, contributing to food production efforts in Cuba.