Vietnam Treasures Partnership with Luxembourg: PM

Vietnam always attaches importance to comprehensive cooperation and partnership with Luxembourg, a founding and important member of the European Union, Prime Minister Pham Minh Chinh has said.
December 10, 2022 | 08:45
Vietnam Treasures Partnership with Luxembourg: PM
At the talks between Prime Minister Pham Minh Chinh and his Luxembourg counterpart Xavier Bettel. Photo: VGP

The PM made the affirmation during talks with his Luxembourg counterpart Xavier Bettel on December 9 (local time), VietnamPlus reported.

The leaders vowed to establish a strategic partnership framework for green finance to make the best use of the European country’s strength in investment capital, especially green finance.

They suggested the two countries’ agencies and businesses continue fully and effectively implementing the EU-Vietnam Free Trade Agreement (EVFTA), accelerate logistics connectivity and open a system of warehouses in each country to boost trade and serve as a gateway to the EU and ASEAN while stepping up the signing of the Double Taxation Avoidance Agreement.

PM Chinh sought the Luxembourg Government’s support for Vietnam’s exports to the country and EU, especially agro-forestry-fisheries, as well as Luxembourg investment in Vietnam in strategic infrastructure, digital transformation, renewable energy, and pharmaceutical technology.

Vietnam Treasures Partnership with Luxembourg: PM
PM Chinh sought the Luxembourg Government’s support for Vietnam’s exports to the country and EU. Photo: VGP

He suggested Luxembourg help Vietnam build an international financial centre in Ho Chi Minh City; urge other EU countries to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) and back the European Commission (EC)’s early removal of "yellow card" warning against Vietnamese aquatic products.

Bettel, for his part, expressed his support for the EU’s ratification of the EVIPA and spoke highly of Vietnam’s efforts to switch to sustainable fishing practices.

Luxembourg corporations and businesses are increasingly interested in Vietnam with political stability and pro-business environment. They are ready to cooperate with and assist Vietnam in the fields of circular economy, banking, securities, climate finance and especially to turn green finance, which is a strength of Luxembourg, into a pillar of cooperation between the two countries, he said.

On climate change response, the Vietnamese PM proposed Luxembourg help Vietnam with finance and technology to develop renewable energy industry and climate change adaptation projects, especially in the Mekong Delta, as well as enhance support for the Mekong River Commission, especially in the sustainable use and management of water resources.

Host and guest promised to expand coordination in national defence-security, fight against transnational crimes, cyber security, digital transformation, culture, tourism, education-training, and transport.

PM Bettel supported the increase of scholarships to Vietnamese students to pursue study in Luxembourg, establishment of a close cooperation mechanism between the two countries’ education ministries and universities, and linkage of small and medium-sized enterprises, particularly start-ups.

Vietnam Treasures Partnership with Luxembourg: PM
PM Bettel spoke highly of Vietnam’s efforts to switch to sustainable fishing practices. Photo: VGP

On regional and global issues of shared concern, they vowed to continue working closely together at multilateral forums and international organisations such as the ASEAN-EU cooperation framework, the Asia-Europe Meeting (ASEM) and the United Nations (UN), especially during the time when the two countries are members of the United Nations Human Rights Council.

On the South China Sea (Bien Dong Sea) issue, they reaffirmed the importance of ensuring peace, stability, security, safety and freedom of navigation and overflight in the waters, refraining from the use or threat to use force, settling disputes by peaceful means in line with international law, especially the 1982 UN Convention on the Law of the Sea (UNCLOS).

Chinh took the occasion to invite Bettel to visit Vietnam next year. The Luxembourg PM accepted the invitation with pleasure and suggested joint work to arrange the visit via diplomatic channel.

PM visits Luxembourg Stock Exchange

Prime Minister Pham Minh Chinh (L) and LuxSE Chairman Alain Kinsch (Photo: VNA)
Prime Minister Pham Minh Chinh (L) and LuxSE Chairman Alain Kinsch. Photo: VNA

The same day, the PM toured the Luxembourg Stock Exchange (LuxSE), the first in the world to have a platform dedicated to green securities and currently listing half of the world's green bonds, according to VOV.

This is the second time Chinh has visited a stock exchange during his overseas business trips. Previously, he visited the New York Stock Exchange in his working trip to the US in May 2022.

LuxSE Chairman Alain Kinsch said that the PM's choosing LuxSE as a destination during his visit shows recognition for the exchange's efforts in developing green finance and sustainability.

He said he believes that Vietnam will soon become a developed country, thereby promoting mutually beneficial cooperation between the two nations.

PM Chinh said Vietnam wants to foster cooperation with Luxembourg to develop its frontier stock market into an emerging one, including in building institutions, technology, digital transformation, market management and human resources training.

On the occasion, the Luxembourg Stock Exchange and Vietnam Stock Exchange signed a cooperation agreement.

The Vietnamese leader wished for the European nation’s support in green and sustainable development and climate change adaptation./.

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