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The meeting between Permanent Deputy PM Nguyen Hoa Binh and Luxembourg Minister of Finance Gilles Roth on March 21 (Photo: VNA)

Vietnam, Luxembourg step up cooperation for development of int’l financial centers

Permanent Deputy Prime Minister Nguyen Hoa Binh has expressed Vietnam's wish for collaboration with Luxembourg in the development of financial centers in Ho Chi Minh City and Da Nang city while paying a working visit to the Grand Duchy from March 20 to 22.

At a meeting with Minister of Finance Gilles Roth on March 21, Binh emphasized that the primary objective of his visit was to learn from Luxembourg's experience to build financial centers in the two cities, hoping that Luxembourg, as Vietnam's strategic partner in green finance development, will share expertise and support the Southeast Asian country in such areas as financial market, green finance, fintech management, and crypto assets.

The Deputy PM described the development of the centers as a strategic move, creating motives to lure resources and bolster the economy. He asked for Luxembourg's assistance in legal framework making, human resources training, investment policy development, and facilitation of Luxembourg investors’ participation in Vietnam's financial market.

Roth, for his part, affirmed that Luxembourg wants to further strengthen the relations with Vietnam. He committed himself to providing maximum support and taking concrete steps to support Vietnam’s efforts to build the financial centers.

He praised Vietnam's potential and reliable financial infrastructure while noting four critical factors for an efficient financial center, namely a strong and flexible legal system, supervisory bodies, high-quality human resources, and investment from both public and private sectors. The minister also recommended the financial centers focus on the pillars of banking system, insurance, investment funds, and technologies like fintech, AI and crypto assets.

Both sides concurred in carrying out cooperation measures and working towards the signing of a memorandum of understanding on developing international financial centers in Vietnam.

The same day, Binh had a meeting with Luxembourg Deputy PM and Minister for Foreign Affairs and Foreign Trade Xavier Bettel, who laid stress on the close Vietnam – Luxembourg relations, consolidated by high-level visits, and affirmed the desire to elevate the ties to a new level.

Deputy PM Binh highlighted the progress of bilateral cooperation across various fields, especially through regular delegation exchanges and impressive bilateral trade growth. Trade revenue between the two countries reached 26 million USD in 2024, a year-on-year increase of 44%.

Vietnam wishes to further enhance partnerships with Luxembourg, particularly in priority areas like building international financial centers, green finance, green energy, and high technology.

He recommended the two countries continue promoting mutual visits at all levels and capitalizing on the EU – Vietnam Free Trade Agreement (EVFTA) to facilitate exports. He also called for Luxembourg’s support for the European Commission’s early removal of the “yellow card” on Vietnamese seafood.

Meanwhile, Bettel proposed Vietnam consider providing more favourable entry conditions for Luxembourg citizens.

Binh underscored that the development of the financial centers in Vietnam will create a new impetus for the country’s socio-economic development, helping deliver on the goal of becoming a developed country by 2045.

Bettel spoke highly of Vietnam’s decision and pledged to support by sending experts to help with training as well as enhancing cooperation in the fields of green finance and green energy.

The two officials also discussed some international and regional issues of mutual concern, including conflicts in global hotspots, the East Sea issue, and free trade, cited VNA.

On this occasion, Deputy PM Binh extended an invitation to his host to visit Vietnam, and Bettel gladly accepted.

Also on March 21, Binh toured the Luxembourg Stock Exchange (LuxSE) and met with its board of directors to discuss financial cooperation.

LuxSE CEO Julie Becker emphasized the sustainable relationship between the two countries' stock markets and pledged continued support for Vietnam's financial market development, particularly in helping Vietnamese enterprises access international capital sources.

Binh praised LuxSE's cooperation in bond issuance, market upgrade, and human resources training. He expressed his hope for Luxembourg to provide stronger assistance to help Vietnamese enterprises list and raise capital in international financial markets.

The two sides also discussed the establishment of the international financial centers in Ho Chi Minh City and Da Nang city. Becker perceived that Vietnam holds the potential to become an important regional financial center, affirming LuxSE is ready to support human resources training, share experience, and provide policy advice to promote the development of Vietnam's financial market.

During his stay, Binh also met with President of the Chamber of Deputies Fernand Etgen to discuss collaboration in legislation and many other fields.

Besides, he had working sessions with the Luxembourg Financial Sector Supervisory Commission (CSSF), the Luxembourg for Finance (LFF), along with financial corporations of the country.

The Deputy PM expressed his hope that the Luxembourg sides will share experience and cooperate with Vietnam to develop modern financial centers meeting international standards.

He also called on more than 1,400 members of the LFF, including prestigious investors, banks, investment funds, and insurance companies, to come and seek cooperation and investment opportunities in Vietnam. He affirmed that the Vietnamese Government will create the best possible conditions for Luxembourg enterprises to do business in Vietnam.

Director General of the CSSF Claude Marx affirmed support for Vietnam in building the international financial centers through sharing experience in financial supervision and management.

Meanwhile, LFF CEO Tom Theobald expressed strong support for Vietnam in the work, saying the LFF and financial firms of Luxembourg stand ready to share expertise in building and operating international financial centers.

Vietnam sees surge in tourism demand from Indonesia

Vietnam has become a top travel destination for Indonesia tourists, driven by social media trends and affordable travel options, according travel website TTG Asia citing reports from Indonesian travel agencies.

While the recent economic downturn has affected Indonesian consumer purchasing power, outbound travel continues to thrive, with demand shifting rather than declining.

Industry experts interviewed by TTG Asia say travellers are adjusting their spending habits by seeking out better deals, choosing destinations more carefully, and prioritising value over spending on extra luxuries.

A key factor sustaining travel demand is the rise of new competitively priced destinations, driven by increased flight availability coupled with aggressive tourism campaigns, such as those in China and Vietnam, according to VOV.

Phu Quoc is one of the most sought-after destinations in the world.

“Many Indonesian tourists are drawn to Vietnam after seeing it on their feeds. It’s affordable, visually stunning, and perfect for short getaways,” TX Travel owner Anton Tedhy shared.

For many years, Indonesia has always been rated as a top potential tourist market in Southeast Asia thanks to its population as the fourth largest in the world. The total number of air passengers traveling between Vietnam and Indonesia has reached more than 800,000 in 2024, up 61% compared to 2019.

Recently, a new direct air route between Ho Chi Minh City and Bali was launched, thereby meeting the travel demand and opening up many cooperation opportunities between the two countries in various fields.

The Bali Sun website wrote that the new Ho Chi Minh City-Bali air route is a great choice for many travelers as the southern Vietnamese city represents a perfect stopover before tourists travel to other tourist destinations. International tourists can fly from Bali to Ho Chi Minh City, spending a few days exploring the city, then choosing a short and affordable flight to Phu Quoc which is one of the most sought-after destinations in the world.

Mexican state seeks twinning ties with Binh Duong province

Mexico’s San Luis Potosí state wants to establish twinning relations with Vietnam’s southern province of Binh Duong, opening up stronger cooperation space between the two countries on the occasion of the 50th anniversary of the Vietnam – Mexico diplomatic relations (May 19).

The information was heard at meeting between Chairman of the provincial People’s Committee Vo Van Minh and Governor of San Luis Potosí state Ricardo Gallardo Cardona as part of the former’s working trip to the state on March 20-21 aimed at carrying out the policy to bring the Vietnam – Mexico ties to a new high.

While there, Minh also had working sessions with the state’s Ministry of Economic Development, attended a trade and investment promotion forum, met with the local business community, and toured several key industrial parks.

At the events, Minh highlighted Binh Duong's strategic advantages and potential as one of Vietnam's three most dynamic economic hubs, particularly in industrial development and foreign investment attraction, VNA reported.

From the left: Vietnamese Ambassador Nguyen Van Hai, Governor of San Luis Potosí state Ricardo Gallardo Cardona, and Chairman of the Binh Duong provincial People’s Committee Vo Van Minh (Photo: VNA)

Boasting modern industrial infrastructure conducive to both domestic and foreign investors, Binh Duong is among the localities with the largest number of industrial parks in the country with more than 30 currently operating, Minh said, stressing the facilities play crucial roles in manufacturing supply chains for electronics, textiles, wood processing, engineering, and food production sectors.

The host Governor, for his part, pointed out similarities between San Luis Potosí, one of Mexico's largest recipients of foreign direct investment, and Binh Duong province. Both share similar economic development and foreign investment policies, particularly regarding industrial infrastructure development, business support initiatives, and the creation of a favorable investment climate.

Building on these commonalities, he suggested the two sides strengthen collaboration across multiple domains to capitalize on their advantages and resources, delivering tangible benefits to communities, businesses, and workers alike.

Attending the meetings, Vietnamese Ambassador to Mexico Nguyen Van Hai outlined broader bilateral cooperation potential between the two nations. He noted recent Vietnamese investments in Mexico, including FPT Corporation's new representative office in Guadalajara, Jalisto state, Formula Air's presence in Puebla state, and VinFast's Memorandum of Understanding to supply electric buses to Durango state.

Recognising Mexico as one of Vietnam's key markets in Latin America, Hai called on businesses to strengthen connections and leverage free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Northern Vietnam gets warm before turning cold next weekend

The Northern and North-central regions are anticipated to enjoy warm, dry days and cold nights over the next 24 to 48 hours, according to the National Center for Hydro-meteorological Forecasting.

The temperature difference between day and night remains significant, around 10°C, with lows ranging from 14-18°C and highs between 24-28°C. Daytime temperatures in some localities in the north-western region will even exceed 30°C.

Northern Vietnam is experiencing warm and sunny days, with temperatures exceeding 30°C.

The warm and dry weather in the North, with humidity ranging between 58-68%, is expected to persist until around March 24. At that point, as the cold air mass weakens, humid and damp conditions will return to the region and last till March 28 before a new cold air mass arrives.

During this cold air spell, temperatures in Northern Vietnam will drop by 9-10°C to 13-14°C in the highlands and 17-18°C in the lowlands, cited VOV.

Meteorologists say cold air fronts will be stronger than average in the next two weeks, then gradually weaken. Heatwaves are likely to hit the North-western region, North-central and central regions, as well as the Southern, Central Highland and South-western regions.

Strengthening economic and strategic ties: Singapore PM visits Vietnam

Prime Minister Lawrence Wong’s first official visit marks a pivotal moment in Vietnam-Singapore relations, following the recent upgrade to a Comprehensive Strategic Partnership.

At the invitation of Prime Minister Pham Minh Chinh and his spouse, Singaporean Prime Minister Lawrence Wong and his spouse will pay an official visit to Vietnam from March 25 to 26. This marks Prime Minister Wong’s first visit to Vietnam in his capacity as the leader of Singapore.

Significantly, this visit comes shortly after the highly successful trip by General Secretary To Lam to Singapore from March 11 to 13, which marked a historic milestone as the two countries upgraded their relationship to a Comprehensive Strategic Partnership.

This development opens a new chapter with a more comprehensive and long-term vision for bilateral relations.

This is also the first Comprehensive Strategic Partnership that Singapore has established with an ASEAN country.

Strengthening bilateral ties

Over the past 50 years since the establishment of diplomatic relations in 1973, Vietnam-Singapore relations have grown robustly in both breadth and depth, with a high level of political trust.

Singapore, as the economic leader of the region, is one of Vietnam’s most important economic partners. Its open, export-oriented, and high-tech economic model, coupled with its position as a regional innovation hub, makes Singapore a crucial partner in Vietnam's development journey, VNN reported.

Prime Minister Pham Minh Chinh and Singaporean Prime Minister Lawrence Wong. Photo: Nhat Bac

Singapore leads ASEAN and ranks second globally in terms of investment capital in Vietnam. One of the most notable successes is the Singapore-Vietnam Industrial Parks (VSIP), which now number 18 across 13 provinces and cities, attracting over $18.7 billion in investment and creating jobs for more than 300,000 workers.

Vietnam, in turn, has invested in 153 projects in Singapore, with a total registered capital of more than $690 million. Bilateral trade in 2024 is estimated to reach $10.3 billion.

Expanding economic cooperation

The Green Economy - Digital Economy Partnership between the two countries is opening up promising new prospects.

In the realm of security and defense, the two nations have been cooperating effectively in cybersecurity and combating transnational crime.

Vietnam and Singapore share common stances on various regional and international issues, working together to build an international order based on international law and global standards.

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