Vietnamese Prime Minister Pham Minh Chinh expressed his admiration for Luxembourg’s growth process and said that Vietnam would learn from the development model of the European country during a press conference co-chaired with Luxembourg Prime Minister Xavier Bettel in Hanoi on Thursday.

Luxembourg has transformed to an advanced economy and Europe’s financial center from an agricultural country.

New pillar of Vietnam - Luxembourg cooperation

The two prime ministers of Vietnam and Luxembourg announced that they had witnessed the signing of some agreements for financial cooperation.

The two nations reached a consensus on the establishment of a strategic partnership in green finance.

This will be a new pillar of the bilateral cooperation to deepen the two-way ties and fuel their sustainable economic development.

The two nations will enhance the efficiency in the collaboration between the Vietnam Stock Exchange and the Luxembourg Stock Exchange.

This deal was made during Vietnamese Prime Minister Chinh’s visit to Luxembourg in December 2022.

In addition, Vietnam and Luxembourg will beef up their cooperation in the banking sector by connecting the latter’s financial sources to help Vietnam start a green growth strategy in the 2021-30 period, with a vision toward 2050.

The two agreed to further join hands in the settlement of global issues, mainly climate change.

Vietnam proposed Luxembourg support the former with technology, experts, and funding to carry out some projects of adaptation to climate change in Vietnam, especially in the Mekong Delta region, said Prime Minister Chinh.

Speaking of the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) by Luxembourg, the top Vietnamese official proposed the country call on other members of the European Union to make the agreement valid as soon as possible.

The Vietnamese government is willing to smooth the path for Luxembourg enterprises to do business in the Southeast Asian nation in various fields such as infrastructure, digitalization, renewable energy, and pharmaceutical technology.

The Vietnamese representative expected Luxembourg to ask the European Commission to soon remove the ‘yellow card’ against Vietnamese seafood exports.

The ‘yellow card’ is a kind of warning issued by the European Commission to countries involved in illegal, unreported and unregulated (IUU) fishing.

Luxembourg will stand alongside Vietnam

Prime Minister of Luxembourg Bettel expressed his gratitude to Vietnam and his Vietnamese counterpart Chinh for such greetings and hospitality.

He said that the beauty of the nation, the landscapes of Ha Long Bay, a famous destination of Quang Ninh Province in northern Vietnam, the Vietnamese people, and tasty food impressed him a lot.

His Vietnam visit, scheduled to last from Wednesday to Friday, has produced positive achievements.

Typically, the two nations removed obstacles facing investment and business, and agreed to boost the adaptation to climate change, advance cultural cooperation, and facilitate visa issuance.

The prime minister of Luxembourg affirmed that he would urge the European Commission to lift the yellow card on Vietnamese seafood exports.

In the past, Luxembourg provided Vietnam with official development assistance, Bettel said, adding that Vietnam has grown strongly and become one of the former’s key trade partners. 

The 50-year-old leader of Luxembourg stated that 25 enterprises accompanying him during the trip eyed cooperation with Vietnamese firms.

Bettel hoped that the Vietnamese minister of finance would visit Luxembourg to expand the two nations’ partnership.

“We always stand with Vietnam, even during the hardships,” the leader of Luxembourg underlined.

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