Vietnam, Luxembourg eye stronger cooperation in commerce, funding

Talking on the Việt Nam-Luxembourg Enterprise Discussion board held in HCM Metropolis on Friday, Minister Nguyễn Hồng Diên stated, “with the nice bilateral relationship, particularly in commerce and funding, and numerous small and medium-sized enterprises in each nations, the 2 nations have beneficial circumstances to spice up their cooperation.”

Vietnam, Luxembourg eye stronger cooperation in trade, investment
Prime Minister of Luxembourg Xavier Bettel witnessed the signing ceremony of the Memorandum of Understanding between the Việt Nam Chamber of Commerce and Trade (VCCI) and the Luxembourg Chamber of Commerce — VNA/VNS Picture

Việt Nam sees Luxembourg as a bridge to the EU and Việt Nam will likely be a bridge for Luxembourg to penetrate into the ASEAN market, he added.

He assured buyers from Europe on the whole and Luxembourg specifically that Việt Nam would proceed to enhance its enterprise local weather to guard any overseas buyers.

“Việt Nam will proceed creating probably the most beneficial circumstances and secure and clear funding local weather for overseas buyers, particularly these from Luxembourg,” he stated.

It will choose funding primarily based on standards reminiscent of high quality, effectivity, know-how and environmental safety with precedence given to initiatives within the fields of excessive know-how, innovation, analysis and improvement, and inexperienced and round financial system, amongst others, he stated.

Vietnam, Luxembourg eye stronger cooperation in trade, investment
Prime Minister of Luxembourg Xavier Bettel speaks on the Việt Nam – Luxembourg Enterprise Discussion board

It will additionally want sources to develop its capital, inventory, bond and credit score markets, Diên stated, expressing his hope to obtain expertise in these fields from Luxembourg.

Finance, inexperienced finance and banking have been the important thing pillars within the partnership between the 2 nations, in accordance with Diên.

He stated it was very important to mobilise sources to advertise inexperienced finance, aiming for sustainable and inclusive improvement in direction of inexperienced development to reply to local weather change and defend the surroundings.

Việt Nam has signed a quantity free commerce agreements (FTAs), reminiscent of EU-Việt Nam Free Commerce Settlement (EVFTA), Funding Safety Settlement (EVIPA) and an settlement on the strategic partnership in inexperienced finance signed by each nations.

These commerce pacts create beneficial circumstances for buyers from Luxembourg and the EU to broaden funding in Việt Nam, particularly in areas reminiscent of engineering, manufacturing, electronics, chemical compounds, supporting industries, inexperienced monetary providers, banking and logistics, amongst others.

Talking on the occasion, Luxembourg Prime Minister Xavier Bettel stated: “Việt Nam has turn out to be one of the crucial dynamic economies within the area and the world.”

Việt Nam is at present the eighth-largest overseas commerce associate of Luxembourg whereas Luxembourg can also be the third-largest European investor in Việt Nam.

Luxembourg companies strongly imagine that the connection between the 2 nations will develop additional within the time forward, he added.

Within the final 5 years, two-way commerce between the 2 nations has tripled.

Within the first quarter of 2023, bilateral commerce grew 8.2 per cent year-on-year even within the context of the worldwide financial slowdown.

The discussion board additionally noticed the signing of cooperation agreements to strengthen commerce relations between the Việt Nam Chamber of Commerce and Trade (VCCI) and the Luxembourg Chamber of Commerce.

The discussion board was organised as a part of the three-day go to to Việt Nam by Prime Minister of Luxembourg Xavier Bettel to mark the fiftieth anniversary of bilateral diplomatic relations.

Throughout the framework of the go to, the Luxembourg PM yesterday additionally visited the Hồ Chí Minh Metropolis Inventory Change (HOSE).

Talking on the ceremony, the Luxembourg PM stated Luxembourg has supported the event of Việt Nam’s inventory market over the previous 22 years, together with coaching specialists for the market.

The Luxembourg Authorities has additionally supported the Vietnamese Ministry of Finance’s State Securities Fee by a undertaking to develop capital markets in Việt Nam, which was the primary bilateral improvement cooperation undertaking between Việt Nam and Luxembourg.

The 2 nations are additionally working collectively in direction of the institution of a bilateral strategic partnership in inexperienced finance, aiming for sustainable and inclusive improvement, and implementing round financial system in direction of inexperienced development.

As of March, Luxembourg had invested in 64 initiatives price US$2.6 billion in Việt Nam, rating third amongst 24 EU nations and seventeenth out of 139 nations and territories investing in Việt Nam.

Two-way commerce reached $96 million in 2019, $110.7 million in 2020 and $181.6 million in 2021, up 64 per cent, after the Việt Nam-EU Free Commerce Settlement took impact.

Final yr, the determine reached $187.1 million, a surge of 69 per cent over 2020, with Việt Nam’s exports totaling $130.14 million.

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