Huge potential for Luxembourg, Vietnan to cooperate in new areas: Official

Prime Minister Pham Minh Chinh meets with Grand Duke of Luxembourg Henri. (Photo: VNA)

Luxembourg and Vietnam can expand their cooperation in new areas based on the solid foundation of the bilateral relations, the European country's Minister of Foreign and European Affairs Jean Asselborn has said.

In an interview granted to the Vietnam News Agency on the occasion of the 50th anniversary of the Vietnam – Luxembourg diplomatic relations (November 15, 1973-2023), he said that the EU-Vietnam Free Trade Agreement (EVFTA) has created bright prospects for Luxembourg enterprises who have shown their interest in the Vietnamese market.

At the Vietnam – Luxembourg Business Forum in Ho Chi Minh City on May 5, Luxembourg Prime Minister Zavier Bettel expressed his wish for cooperation across the fields of green transition and digital transformation.

In his visit to the Ho Chi Minh Stock Exchange, Bettel also highlighted collaboration strengths in green and sustainable finance between the two countries, the Luxembourg diplomat underscored.

Jean Asselborn said he believes that current efforts to bolster cooperation in air transport, banking-finance, Fintech as well as science-technology will be accelerated in the coming time.

Minister of Foreign and European Affairs Jean Asselborn (Photo: VNA)

He elaborated that the EU and its member states have seen the necessity to sharpen focus on promoting investment and growth in green and digital transition, adding Luxembourg has for years stepped up the implementation of green and sustainable measures while developing the Environmental, Social and Governance (ESG) criteria and circular economy.

Although several enterprises of both nations have worked together to provide green and clean solutions that help Vietnam deliver on its net-zero target by 2050, Luxembourg believes that further efforts should be put in place to respond to climate change, including sea level rise and floods which have damaging impact on many countries, the official stressed.

He also said that fruitful cooperation in multi-faceted fields, from transport, logistics and medical technology to digital service and banking, is a vivid illustration for the persity of business opportunities that Vietnam has brought to Luxembourg firms.

The diplomat expressed his delight at the enhanced development assistance and economic exchange between the two nations over the past decade, stating Luxembourg has contributed to the impressive socio-economic development in Vietnam, while the Southeast Asian country has an important role to play in the global value chain which helps the nation draw a large amount of foreign investment, including those from Luxembourg.

Vietnam and Luxembourg boast huge trade opportunities, he stressed, saying Vietnam is an important partner of Luxembourg, and Luxembourg was the third largest European investor in Vietnam in 2022.

Recalling the visits to Luxembourg by Prime Minister Pham Minh Chinh last December, Minister of Finance Ho Duc Phoc in July, and a delegation from the Ministry of Science and Technology also in July, he stressed that the Vietnam is interested in cooperating with Luxembourg in economy, Fintech, and sustainable finance.

There is a community of hundreds of Luxembourg people in Vietnam, many of whom came to study and decided to stay there to work and contribute to the renovation and development of enterprises in the host nation, he said, adding they have given a helping hand in consolidating the friendship between Vietnam and Luxembourg.

He expressed his hope for further exchanges between the two peoples, universities and businesses, helping enhance the bilateral relations./.