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In October 2014, the two sides signed a memorandum of understanding (MOU) to set up a joint venture that would invest in two factories producing bathroom fixtures and tiles in San Jose and Santa Cruz.
Once the joint venture is established, it is expected to meet the demand for construction material in Cuba and Latin America.
The Cuban market has a high demand for construction materials, as the country is encouraging investment in housing and tourism infrastructure. Since early 2014, Viglacera has sent two groups of technology specialists to work with construction material factories in Cuba.
Viglacera general director Nguyen Anh Tuan stated at the MOU signing ceremony that the company’s products are present all over the world and its co-operation with Geicon would help deepen its presence in the Cuban market and consequently raise its export revenue.
Geicon, under the Cuban Ministry of Construction, is comprised of 24 companies with a combined workforce of 16,000 people and annual sales revenue of more than 220 million pesos ($8.3 million).
Viglacera focuses on producing and selling construction materials and developing industrial parks, infrastructure, and real estate. In the first quarter of this year, the company earned VND1.923 trillion ($86.3 million) in revenue and VND434.1 billion ($19.5 million) in profit.