Vietnam defines Luxemburg as an important partner in economics, trade and investment under the Vietnam-Luxemburg Oriented Cooperation Strategy in the 2011-2015 period, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

The strategy is built on three main pillars of Luxemburg’s advantages, including state-of-the-art technology, capital potential, and excellence and experience in management. For Vietnam , luring more foreign capital flows from industrialised countries like Luxemburg is considered key to accelerating industrialisation.

The European nation currently stands 19 th out of 101 countries and territories with investment in Vietnam . Its investment interest is in mobile information, construction, foodstuff and light industry . However, Luxemburg’s companies have yet to explore investment opportunities outside of Hanoi .

According to the General Department of Vietnam Customs, bilateral trade between the two countries in 2012 reached 32 million USD. Of which, Vietnam exported goods to Luxemburg worth 29 million USD (up seven percent from the year before).

To facilitate investment flows from Luxemburg, domestic businesses suggested Vietnam perfect its investment environment, legal documents, foreign investment policies, open more areas to foreign investment and investment forms, and remove barriers in terms of planning.

In addition, domestic firms are encouraged to step up investment promotion activities in Luxemburg to help their counterparts get up-to-date information on Vietnam ’s advantages and opportunities.

On the other hand, the Foreign Investment Agency should encourage Luxemburg firms to invest in the realms of finance-banking and the building of economic and monetary policies.-VNA