Vietnam, Luxembourg Establish Strategic Partnership on Green Finance

At the signing ceremony. Photo: tapchitaichinh.vn

Vietnamese Prime Minister Pham Minh Chinh and his Luxembourg counterpart Xavier Bettel, who is in Hanoi for an official visit to Vietnam from May 3-5, witness the signing in Hanoi on May 4, VOV reported.

Both Chinh and Bettel hailed the establishment of the strategic partnership on green finance, which they said is a new pillar of cooperation that contributes to deepening the Vietnam-Luxembourg relations.

During their talks in Hanoi the same day, the PMs agreed that Vietnam and Luxembourg will work closely to effectively implement existing cooperation mechanisms and initiate new cooperation mechanisms suitable to their potential and needs of cooperation and development.

Vietnamese Prime Minister Pham Minh Chinh (R) and his Luxembourg counterpart Xavier Bettel. Photo: VGP

They agreed to fully and effectively implement the EU-Vietnam Free Trade Agreement (EVFTA) and promote the construction of logistics centers and bonded warehouse systems in each country.

The two sides also consented to strengthen cooperation in other fields such as culture, science-technology, information and communication technology, people-to-people exchanges, tourism, and climate change response.

Bolstering trade, investment partnership

Vietnam and Luxembourg boast the high potential to collaborate in many areas, especially finance, logistics, and sustainable development in adaptation to climate change, heard the Vietnam-Luxembourg Business Forum held in Ho Chi Minh City on May 5, VietnamPlus said.

In his remarks, Bettel underlined that Vietnam is an important partner of Luxembourg in many aspects and one of the countries in which his country invests great resources to promote partnership.

Meanwhile, Luxembourg is an important partner and a gateway for Vietnam to the EU, he said.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said Vietnam is the eighth largest trade partner of Luxembourg outside the EU, while Luxembourg is Vietnam’s third largest EU investor.

Luxembourg Prime Minister Xavier Bettel (standing, second from left) and delegates witness the signing of a memorandum of understanding between the VCCI and the Luxembourg Chamber of Commerce. Photo: VNA

Two-way trade has tripled over the recent five years. In the first three months of this year, the figure increased 8.2% year on year even amid the global economic downturn, he said, stressing that in the face of difficulties and challenges ahead, Vietnam and Luxembourg should work more closely together, especially in trade and investment, thus enhancing the resilience of each economy.

The two sides also boast high potential in beefing up their trade ties as the export product structures of the two countries can supplement each other, which is a good condition for businesses of the two countries to build and reinforce their partnership, especially in trading of products of each other’s strengths and demands, said the minister.

At the forum, the VCCI and the Luxembourg Chamber of Commerce, and a number of businesses of the two countries signed their memorandum of understanding on their cooperation, paving the way for the expansion of the economic, trade, and investment partnership between Vietnam and Luxembourg in the future./.

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