Prime Minister Le Minh Hung hosts Luxembourg’s Minister of Finance

Prime Minister Le Minh Hung welcomed Luxembourg's growing interest in Southeast Asia and spoke highly of the positive progress in Viet Nam-Luxembourg relations. He also expressed Viet Nam's sincere appreciation for Luxembourg's support and assistance to the Southeast Asian country over the years.

The Prime Minister acknowledged the investment activities of Luxembourg businesses in Viet Nam, noting that although their number remains modest, their projects are relatively large in scale and focus on sectors in which Viet Nam seeks to promote development, including information and communications, processing and manufacturing.

To further advance bilateral cooperation, Le called on both sides to effectively implement the 2023 Strategic Partnership on green finance, the newly signed Memorandum of Understanding on cooperation between the two Ministries of Finance, and the 2020 Protocol on cooperation in finance and banking.

He suggested the two countries translate these frameworks into concrete action programs, with priority given to sustainable finance, capital markets, fund management, financial technology (fintech), human resource training and capacity building, as well as financial and banking management and supervision.

The two sides should also strengthen connections between European capital flows and Viet Nam, he said, encouraging Luxembourg to facilitate greater long-term investment by its funds, financial institutions and businesses in Viet Nam, particularly in strategic infrastructure, renewable energy, technology, logistics, fintech, digital assets, innovation, the green economy and green urban development.

The Prime Minister welcomed Luxembourg's support for Viet Nam in developing green financial instruments and mobilizing resources for the green transition and sustainable finance through the Luxembourg Financial Technology Transfer Agency.

He also proposed enhanced cooperation and support for the establishment and development of Viet Nam's International Financial Center.

In this regard, Luxembourg was encouraged to share its experience in institutional development, fund and asset management, green finance, and financial supervision; support human resource training; and connect Luxembourg's financial institutions with the ecosystem of Viet Nam's International Financial Center. 

The two sides should continue strengthening business connectivity and investment promotion, the Prime Minister said.

He further called on Luxembourg to continue supporting and encouraging the remaining EU member states to complete the ratification of the EU-Viet Nam Investment Protection Agreement (EVIPA), while working to concretize the contents of the Viet Nam-EU Comprehensive Strategic Partnership.

Le said Viet Nam looks forward to expanding cooperation with Luxembourg and European partners in strategic infrastructure, minerals and other areas of mutual interest, including cooperation with the European Investment Bank./.