Vietnamese PM Pham Minh Chinh (second from right) and his Luxembourg counterpart Xavier Bettel (centre) witness the signing of the agreement on the strategic partnership in green finance in Hanoi on May 4, 2023. (Photo: VNA) Ata press meeting during his official visit to Vietnam from May 3 to 5 this year,Luxembourg Prime Minister Xavier Bettel said his country has always stood sideby side with Vietnam, even during trying times, and the two sides aredetermined to elevate their relations to a new height, especially amid the 50th anniversary of the diplomatic relations.
During the visit, the two countries signed an agreement on the strategicpartnership in green finance.
Since1973, Vietnam and Luxembourg have travelled a long path of cooperation in suchareas as development cooperation, finance, transport, connectivity, logistics,technique, medical technology, digital technical services, and banking.
Asof March 2023, Luxembourg had 64 investment projects worth 2.6 billion USD inVietnam, ranking third among the 24 EU members and 17th among the 139countries and territories investing in the Southeast Asian nation. The projectsconcentrated on communications, construction, and real estate in Hanoi, Ho ChiMinh City, and Ba Ria - Vung Tau province, among others.
TheEU - Vietnam Free Trade Agreement (EVFTA), coming into force in 2020, hashelped create bright prospects for the countries’ trade links. Bilateral tradereached 144.57 million USD during the first 10 months of 2023, equivalent to77.3% of that in 2022.
DuringVietnamese PM Pham Minh Chinh’s official visit in December 2022, the TradePromotion Agency under the Vietnamese Ministry of Industry and Trade and theLuxembourg Chamber of Commerce inked a memorandum of understanding oncooperation in promoting trade ties and business dialogue.
DuringPM Bettel’s trip this year, the two sides agreed to step up the effectiveimplementation of the cooperation deal between the Vietnam Stock Exchange andthe Luxembourg Stock Exchange. They also agreed to enhance collaboration inbanking and attracting the European country’s resources to help Vietnam carryout the green growth strategy for 2021 - 2030, with a vision to 2050.
About bilateral cooperation, Ambassador to Belgium andLuxembourg Nguyen Van Thao stressed that the two countries do not cooperate forthe sake of formality but have selected the areas matching their demand toboost partnerships in.
Luxembourgis a global centre of green finance while Vietnam is highly vulnerable toclimate change and needs to develop a green and sustainable economy – a targetrequiring green finance to reach, he noted.
Thao emphasised that the 50th anniversary of the bilateral diplomaticrelations will herald a new chapter of their ties that will be much brighter,and Vietnam should maximise it in the time ahead.
Luxembourg Minister for Foreign and European Affairs Jean Asselborn expressedhis belief that both sides’ current efforts in air transportation, finance -banking, fintech, or research, science, and technology will continue and evenaccelerate in the coming time. They will also bolster cooperation to cope withmultifaceted impact of climate change, particularly the sea level rise andflooding that are seriously affecting many countries, including Vietnam.
Developingbased on the shared interests, cooperation achievements, and friendship nurturedover the last 50 years, the Vietnam - Luxembourg relations are assessed as highlydynamic, productive, and increasingly substantive./.
VNA
