Vietnam Wants to Strengthen Cooperation with Luxembourg: PM

Prime Minister Pham Minh Chinh (L) and the Grand Duke of Luxembourg, Henri. Photo: VGP

During their meeting in Luxembourg, PM Chinh conveyed an invitation from Party General Secretary Nguyen Phu Trong and President Nguyen Xuan Phuc to the Grand Duke of Luxembourg to visit Vietnam in 2023 on the occasion of the 50th anniversary of diplomatic ties between the two countries, according to VietnamPlus.

The Grand Duke expressed his wish to early visit Vietnam again to witness the Southeast Asian country’s socio-economic achievements and further deepen the Luxembourg-Vietnam cooperation, first of all in green finance and education-training.

The Vietnamese government leader shared with the Grand Duke the resolve of the two governments to promote cooperation in potential fields such as green finance, renewable energy, logistics connectivity and the early formation of a strategic partnership on green finance, with the aim of optimizing Luxembourg’s strengths and helping Vietnam implement its green growth strategy in 20021-2030 with a vision to 2050, and deliver on its commitments on climate change at the 26th United Nations Climate Change conference (COP26).

Regarding economy-trade, the two leaders agreed on the need to effectively implement the EU-Vietnam Free Trade Agreement (EVFTA). PM Chinh asked the Luxembourg side to push for the early ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) by other EU members.

At the meeting between Prime Minister Pham Minh Chinh (L) and the Grand Duke of Luxembourg, Henri. Photo: VGP

Vietnam also hoped to receive Luxembourg’s support in finance and technology during the transition to and development of renewable energy, and in the establishment of a just energy transition partnership (JETP) with G7 and international partners on the basis of ensuring harmonious interests of all parties so as to together respond to global issues, Chinh said.

Grand Duke Henri spoke highly of Vietnam’s role in the region and the Association of Southeast Asian Nations (ASEAN). He noted his concern about climate change in the Mekong Delta, which he considered a key issue in the bilateral relations between the two countries. He also pledged to support Vietnam in realising green growth targets.

The Grand Duke said he supports and encourages Luxembourg firms to increase investment in Vietnam in such fields as digital transformation, renewable energy, strategic infrastructure. He also advocated stronger cooperation in education-training, culture, sports and tourism, people-to-people exchanges, and especially the provision of more scholarships for Vietnamese students to receive education in Luxembourg.

While in Luxembourg, PM Chinh attended a business forum as part of his visit to Luxembourg on December 9 (local time), Nhan dan (People) newspaper reported.

PM Chinh said Vietnam is building three pillars of society –socialist democracy, a law-governed socialist State and a socialist-oriented market economy, while working on three strategic breakthroughs – institutions, human resources and infrastructure.

In the process, Vietnam needs resources and external support to develop its capital, stock, bond and credit markets, the PM stressed, expressing his hope that Luxembourg will share its experience in these fields.

He also met leaders of several large economic groups of Luxembourg and Europe the same day, during which he affirmed that Vietnam always create all favourable conditions and safe and transparent investment environment for foreign investors.

The leader visited the European Investment Bank (EIB) on December 10, during which he said Vietnam wishes to foster cooperation with the EIB, in a more effective fashion and with a larger scale, in such spheres as green development, climate change response, digital economy and circular economy.

Prime Minister Pham Minh Chinh visits the European Investment Bank in Luxembourg. Photo: VNA

Chinh suggested the two sides re-sign the framework agreement on finance, which was signed in 1997, making it match the current situation, and review and remove limitations in cooperation to make the best us of EIB capital in Vietnam.

He also urged the bank to closely coordinate with the Vietnamese Ministry of Finance and relevant sides to facilitate the construction of Metro Line No. 3 in Hanoi and Metro Line No. 2 in Ho Chi Minh City, VOV reported./.

Luxembourg is running 58 projects worth over 2.6 billion USD in Vietnam, ranking 17th out of 141 countries and territories investing in the Southeast Asian nation. Luxembourg is also the third largest European investor in Vietnam, with capital mainly poured into information-communications, and real estate. The two-way trade reached 96 million USD in 2019, 110.7 million USD in 2020 and 181.6 million USD last year, a rise of 64%.

Rosy Huong

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