Cuba's Landmark Farmland Lease to Vietnam

Cuba has leased 3,000 hectares of farmland to a Vietnamese company for rice cultivation, marking a significant shift since the 1959 revolution. This agreement is part of efforts to boost local rice production amidst economic difficulties and is seen as an example of encouraging foreign investment in Cuba.

In a historic move, Cuba has leased 3,000 hectares of farmland to a Vietnamese company for rice cultivation. This marks the first such arrangement since the 1959 revolution, when foreign landowners were expelled from Cuban soil.

The deal, reported by the Communist Party's daily, Granma, highlights a partnership between a Cuban state agricultural entity and the unnamed Vietnamese firm to grow rice in Pinar del Rio province. The agreement includes a foreseeable extension of both acreage and the lease period.

Amidst economic challenges, Cuba consumes up to 700,000 metric tons of rice annually, yet local production has plummeted. This venture signifies a new strategy by hiring labor directly, bypassing state-run hiring halls, and aims to counterbalance diminished foreign investment due to U.S. sanctions.

(With inputs from agencies.)