Viet Nam, Luxembourg to sign MoU on cooperation in establishing international financial centers

The agreement was reached by Standing Deputy Prime Minister Nguyen Hoa Binh and Luxembourg's Minister of Finance Gilles Roth during their working session in Luxembourg on March 21.

Roth affirmed his strong desire to strengthen and deepen Viet Nam–Luxembourg relations, pledging to make utmost efforts and take concrete steps to support Viet Nam in establishing international financial centers.

Viet Nam has a reliable financial infrastructure and a solid foundation for establishing international financial centers, he noted, adding that a financial center should be built on three key pillars, including the banking and insurance system; investment funds; and technology, including fintech, AI, digital assets, and tokenized assets.

Nguyen, for his side, said the plan to establish international financial centers in Ho Chi Minh City and Da Nang is a crucial step that will create a significant boost in attracting resources and driving economic growth. Therefore, he expressed his hope that Luxembourg would share information and expertise on developing the legal infrastructure and regulatory framework for financial centers.

The guest called on Luxembourg to support training and capacity-building for Viet Nam's workforce, help design policies to attract foreign investors to Viet Nam's financial centers, and encourage Luxembourg investors to do business in the Southeast Asian country and participate in its financial market.

The same day, Nguyen had a meeting with Vice President of the Chamber of Deputies Fernand Etgen, during which the latter said Viet Nam is a remarkable success story with an attractive investment environment, a strong voice in multilateral forums, and a continuously improving quality of life for its people.

Etgen expressed his confidence in the success of Viet Nam's international financial markets.

Nguyen asserted that Viet Nam values and seeks to strengthen its comprehensive partnership and cooperation with the European Union (EU), including Luxembourg, a strategic partner in green finance.

He underscored the importance of enhancing bilateral trade, as well as cooperation in science and technology, education and training, tourism, and people-to-people exchanges.

The guest called on Luxembourg Parliament to support the Luxembourg government and businesses in sharing their experience with Viet Nam in establishing and operating financial centers, including key areas such as developing green, sustainable finance, and managing digital assets.

Both sides also discussed regional and international issues of mutual concern. They shared the view that disputes should be resolved peacefully via diplomatic means and with respect for international law, while calling for de-escalation of tensions and an end to the use of force./.