Politics

Vietnam seeks stronger green finance cooperation with Luxembourg

The trip aims to study Luxembourg’s experience in developing an international financial centre and to explore opportunities for bilateral cooperation with the local government, financial institutions, investment funds, and banks. These discussions are expected to contribute to Vietnam’s plans to establish international and regional financial centres in Ho Chi Minh City and Da Nang.

Nguyen Van Thao, Vietnamese Ambassador to Belgium and Luxembourg, and Head of the Vietnam Mission to the European Union. (Photo: VNA)
Nguyen Van Thao, Vietnamese Ambassador to Belgium and Luxembourg, and Head of the Vietnam Mission to the European Union. (Photo: VNA)

Brussels (VNA) – Standing Deputy Prime Minister Nguyen Hoa Binh is set to pay a visit to the Grand Duchy of Luxembourg, a trip expected to open new avenues for cooperation, particularly in green finance and sustainable development, given flourishing bilateral relations.

Speaking with the Vietnam News Agency (VNA)'s reporter on the threshold of the visit, Nguyen Van Thao, Vietnamese Ambassador to Belgium and Luxembourg, as well as Head of the Vietnam Mission to the European Union, outlined key objectives of the visit and prospects for the bilateral cooperation in the coming time.

According to the ambassador, the trip aims to study Luxembourg’s experience in developing an international financial centre and to explore opportunities for bilateral cooperation with the local government, financial institutions, investment funds, and banks. These discussions are expected to contribute to Vietnam’s plans to establish international and regional financial centres in Ho Chi Minh City and Da Nang.

Vietnam and Luxembourg have enjoyed a steadily growing partnership over the past five decades, establishing a strategic partnership on green finance in 2023. Thao noted that the visit would provide fresh impetus for the bilateral relations as the two countries look to deepen collaboration in areas where Luxembourg has strengths and Vietnam has needs, including finance, banking, digitalisation, and sustainable development.

Luxembourg, a country with 50 years of experience in financial services, has successfully transitioned from an economy based on agriculture and steel production to a global centtre for green finance, Thao noted. He said the Vietnamese delegation could draw on the country’s expertise in this sector while fostering cooperation in fintech, green and sustainable finance, innovation, startups, and digital transformation – areas that align with Vietnam’s development requirements.

According to the diplomat, during his visit, Binh is expected to hold meetings with Luxembourg’s Government officials, financial management agencies, and financial institutions. He will also meet with Vietnamese professionals working in the European nation’s finance and banking sector.

Thao stressed that there remains significant untapped potential for bilateral cooperation in financial and banking, particularly in green finance and fintech, and that both countries should work together to maximise the benefits of the strategic partnership on green finance./.

VNA
#Nguyen Hoa Binh visit to Grand Duchy of Luxembourg #Vietnam Luxembourg green finance partnership Luxemburg Vietnam
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