Forum Opens Up Opportunities for Vietnam-Luxembourg Trade Links

Prime Minister Xavier Bettel spoke on the morning of May 5. Photo: Thanh Long

Vietnam and Luxembourg have the conditions to support each other to promote development in many fields, especially finance, logistics and sustainable development to adapt to climate change.

This is the content emphasized by the delegates at the Vietnam-Luxembourg Business Forum organized by the Ministry of Industry and Trade, the Luxembourg Chamber of Commerce and the Belgian-Luxembourg Business Association in Ho Chi Minh City on May 5.

Luxembourg Prime Minister Xavier Bettel said that Vietnam is an important partner of Luxembourg and a country where Luxembourg spends a lot of resources to promote cooperation. Luxembourg is a gateway and is also an important partner of Vietnam in the EU.

The Prime Minister of Luxembourg assessed that Vietnam is becoming one of the most dynamic economies in the region and the world. He said that economy, trade and investment are always potential areas, prioritized in the relationship between the two countries.

According to Xavier Bettel, there are now many Luxembourg businesses investing and operating in Vietnam, including finance and logistics businesses. Cooperation and mutual support will help countries develop faster.

Prime Minister Xavier Bettel. Photo: Thanh Long

The Vietnam-Luxembourg Business Forum is an opportunity for the business communities of both sides to share and exchange information, creating a new beginning for effective economic cooperation between the two countries.

Nguyen Hong Dien, minister of Industry and Trade, emphasized the 50-year journey of friendly cooperation between Vietnam and Luxembourg. Vietnam is currently Luxembourg's 8th largest foreign trade partner and Luxembourg is the 3rd largest investor from the EU in Vietnam.

In the last 5 years, the scale of two-way trade between the two countries tripled. In the first quarter of 2023, trade continued to grow strongly (up 8.2% over the same period last year) even in the context of the global economic and trade slowdown.

Meanwhile, Luxembourg has been asserting its position and influence in the region and in the world. From an agricultural country with limited resources, Luxembourg has risen to become one of the most important economic and financial centers of Europe. Luxembourg is also one of the few countries with the highest economic growth rate and per capita GDP in the world.

Minister of Industry and Trade Nguyen Hong Dien. Photo: Thanh Long

Minister Nguyen Hong Dien said the achievements of Vietnam and Luxembourg are remarkable. However, global difficulties and challenges require open and deeply integrated economies like Vietnam and Luxembourg to cooperate more closely and effectively, especially in the field of trade and investment to increase the resilience of each economy.

The strengthening of economic and trade cooperation bilaterally and within the multilateral framework between the two blocs ASEAN and the EU will bring great benefits to both Vietnam and Luxembourg.

Sharing the cooperation and investment opportunities of Luxembourg enterprises in Vietnam, Vo Tan Thanh, vice president of Vietnam Chamber of Commerce and Industry (VCCI) said that as of March 2023, Luxembourg has 61 investment projects in Vietnam with a total capital of US$2.6 billion.

Luxembourg ranks 3rd out of 24 member states of the European Union and 17th out of 139 countries and territories investing in Vietnam.

Signing ceremony of Memorandum of Understanding between Vietnamese and Luxembourg businesses. Photo: Xuan Khu/VNA

Luxembourg is a developed country in the fields of services, finance, banking and is currently developing green finance, green economy, digital economy, circular economy, climate change adaptation and logistics connectivity.

These are the areas where Vietnam wishes Luxembourg could share experiences and cooperate with Vietnam in the near future.

The signing ceremony of a Memorandum of Understanding between the Vietnam Chamber of Commerce and Industry and the Luxembourg Chamber of Commerce. Photo: Thanh Long

At the forum, the Vietnam Chamber of Commerce and Industry (VCCI), the Luxembourg Chamber of Commerce and enterprises of the two sides signed a memorandum of cooperation. This is considered an important basis for promoting the economic, trade relationship between Vietnam and Luxembourg.

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