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Viglacera to invest in hotel services in Cuba

04:46 | 28/11/2016

To become multinational, Viglacera Corporation JSC continuously pushes up its international cooperation in many areas. In particular, basing on intimate relationship between Vietnam - Cuba, Viglacera quickly promotes cooperation with the Cuban Ministry of Construction as well as other gaint corporations in this country.

Cuba is changing and opening to the world and becoming an attractive destination for international investors. The island has population of 11 million people and located in Central America near to the United States, so goods from Cuba can be easily exported to the United States and the Caribbean countries in the future.

The agreement signing ceremony between VIGLACERA and GEICON about the next steps to establish a joint venture producing sanitary ware and ceramic tiles

Appreciating the Cuba’s development potential , recently in the framework of the 34th Inter-governmental meeting between Vietnam - Cuba held in Havana, the Viglacera delegation led by the Viglacera General Director Nguyen Anh Tuan visited Cuba from the 8th - to 23th of November 2016 to continue promoting establishment of the joint venture between Viglacera Corporation and GEICON Group, implemented cooperation with ISLAZU hotel Group and worked with several real estate incorporations and attended 34th Intergovernmental session Vietnam - Cuba

General Director of Viglacera Corporation JSC Nguyen Anh Tuan attended the 34th Vietnam – Cuba inter-governmental meeting

During the trip, Viglacera delegation visited and worked with GEICON Group and investigated Santa Cruz tile factory with capacity of 3,000,000m2/year and San Jose sanitary ware factory with capacity of 150,000 products/year. Especially, the delegation met and worked with Islazul Hotel Group and visited their 4 hotels; worked with Granancaribe Group and visited their 2 hotels while visiting Mariel industrial park which has a total area of 465,4km2 and located 50km to the west of Havana capital.

Delegation of the Ministry of Construction visited Viglacera’s showroom in Havana where displayed Viglacera products

Then from 18-23 of November, Viglacera worked with the Cuban Ministry of Industry, Ministry of Construction, Ministry of Tourism on topics that Viglacera has strengths and experience to be able to cooperate such as production of building materials, investment and trading to export their products to Cuba market, and looking for partners in Cuba to cooperate in sales of Viglacera products in this country.

On this occasion, on 23 of November, Viglacera and Geicon Group signed an agreement to push up the process of establishment of a joint venture to produce sanitary ware and ceramic tiles.

Besides, one great success of the trip was the Viglacera Corporation and Islazul Hotel Group (the medium and small-hotel Group under Ministry of Tourism of Cuba who currently owns 106 hotels with 10,000 standard rooms throughout the country) have reached an initial agreement by signing of a letter of Intent on cooperation in hotel investment in Cuba. This opened up a huge opportunity for Viglacera to invest in the field of tourist services, which is sure to boom in the future in this beautiful island.

Signing ceremony of Letter of Intent on hotel investment cooperation in Cuba between Viglacera Corporation and – Islazul Hotel Group

With the success of this business trip to Cuba, once again we see the determination of Viglacera Corporation’s leaders to expand Viglacera influence to the international arena. In Vietnam, Viglacera has been known as the leading enterprise in the field of construction materials production, a reputable investor in industrial park infrastructure and real estate with many commercial and social housing projects. Nowadays Viglacera has exported its products to over 40 countries and territories around the world.

Other photos of this trip:

Viglacera Corperation and CHAO Consulting JSC had a meeting in ISLAZUL Hotel Group

Viglacera Corporation worked with GRANCARIBE Group (the large-hotel Group under Cuban Ministry of Tourism, who owns more than 50 hotels in big cities in Cuba with more than 2500 rooms of 3-4 star standard)

Viglacera Corporation discussed Mariel industrial zone information with its partner

Delegation of the Ministry of Construction visited several building architecture in Cuba

Leadership of Viglacera’s partners visited Viglacera showrooms in Cuba

The delegation visited Viglacera’s showroom where displays Viglacera products

Some information about the joint venture between Viglacera and Geicon to produce building materials: The charter capital is $ 39,860,000; the ratio of the capital contribution is 50 - 50. Viglacera’s capital contribution schedule will follow the investment progress approved by the joint venture's Board of Directors from time to time. The two sides continue to complete the feasibility study report to submit to the competent agencies in Vietnam and Cuba for approval. In details:

GEICON is responsible for developing a plan of exploitation and transportation of raw materials of sufficient quantity and good quality for two factories ; making plans of sales of products in the local (around 70% of out put) and plans of export (around 30% of out put); completing documents to establish PRODIMAT trading company; owning property and land use rights of two factories to sign the joint venture contract.

Viglacera shall designate or set up a new company to sign the joint venture contract with PRODIMAT and shall renovate its two current ceramic tiles and sanitary ware factories to make them operate at full designed capacity before investing in two new plants of ceramic tiles and sanitary ware (this investment is expected to start from the 4th year since the joint venture is establish)
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