Luxembourg (VNA) – Permanent Deputy Prime Minister Nguyen Hoa Binh has expressed Vietnam's wish for collaboration with Luxembourg in the development of financial centres 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 emphasised that the primary objective of his visit was to learn from Luxembourg's experience to build financial centres 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 centres 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 centres.
He praised Vietnam's potential and reliable financial infrastructure while noting four critical factors for an efficient financial centre, 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 centres 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 centres 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 centres, green finance, green energy, and high technology.
He recommended the two countries continue promoting mutual visits at all levels and capitalising 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 centres in Vietnam will creative 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.
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 emphasised 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 centres in Ho Chi Minh City and Da Nang city. Becker perceived that Vietnam holds the potential to become an important regional financial centre, 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 centres 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 centres 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 centres./.
