Việt Nam, Luxembourg eye stronger cooperation in trade, investment
There remains ample room for expanding bilateral cooperation between Việt Nam and Luxembourg in trade and investment amid the global financial turmoil, said the Minister of Industry and Trade.
Speaking at the Việt Nam-Luxembourg Business Forum held in HCM City on Friday, Minister Nguyễn Hồng Diên said, “with the good bilateral relationship, especially in trade and investment, and a large number of small and medium-sized enterprises in both countries, the two nations have favourable conditions to boost their cooperation.”
Việt Nam sees Luxembourg as a bridge to the EU and Việt Nam will be a bridge for Luxembourg to penetrate into the ASEAN market, he added.
He assured investors from Europe in general and Luxembourg in particular that Việt Nam would continue to improve its business climate to protect any foreign investors.
It would select investment based on criteria such as quality, efficiency, technology and environmental protection with priority given to projects in the fields of high technology, innovation, research and development, and green and circular economy, among others, he said.
He said it was vital to mobilise resources to promote green finance, aiming for sustainable and inclusive development towards green growth to respond to climate change and protect the environment.
Việt Nam has signed a number free trade agreements (FTAs), such as EU-Việt Nam Free Trade Agreement (EVFTA), Investment Protection Agreement (EVIPA) and an agreement on the strategic partnership in green finance signed by both countries.
Speaking at the event, Luxembourg Prime Minister Xavier Bettel said: “Việt Nam has become one of the most dynamic economies in the region and the world.”
Việt Nam is currently the eighth-largest foreign trade partner of Luxembourg while Luxembourg is also the third-largest European investor in Việt Nam.
Luxembourg businesses strongly believe that the relationship between the two countries will grow further in the time ahead, he added.
In the last five years, two-way trade between the two countries has tripled.
In the first quarter of 2023, bilateral trade grew 8.2 per cent year-on-year even in the context of the global economic slowdown.
The forum also saw the signing of cooperation agreements to strengthen trade relations between the Việt Nam Chamber of Commerce and Industry (VCCI) and the Luxembourg Chamber of Commerce.
The forum was organised as part of the three-day visit to Việt Nam by Prime Minister of Luxembourg Xavier Bettel to mark the 50th anniversary of bilateral diplomatic relations.
Two-way trade reached $96 million in 2019, $110.7 million in 2020 and $181.6 million in 2021, up 64 per cent, after the Việt Nam-EU Free Trade Agreement took effect.
