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Nation aims to improve links with business ally Luxembourg

Update: June, 15/2013 - 09:26
Dong Nai Garment Co workers make clothing for export mainly to the EU, US and Japan. Luxembourg is considered as one of Viet Nam's most important economic, trade and investment partners in Europe. — VNA/VNS Photo Van Khanh

HA NOI (VNS)— Luxembourg has been hailed as one of Viet Nam's most important economic, trade and investment partners by the Foreign Investment Agency (FIA) ahead of a major finance forum between the two countries next Tuesday.

The Ministry of Finance has jointly organised the forum with the embassy of Luxembourg to mark the 40th anniversary of diplomatic relations between the two countries and a 20-year milestone of their co-operation partnership.

The forum is being billed as an excellent opportunity for the two governments and other development partners to reflect on past and present achievement as well as looking to their future co-operation.

The FIA, a subsidiary of the Ministry of Planning and Investment, has said that more investment inflows from developed countries like Luxembourg could help Viet Nam accelerate its industrialisation process, capitalising on their remarkable technological and experiential advantages.

Viet Nam and Luxembourg are currently midway into a co-operation programme for the 2011-15 period, but both sides believe that their partnership could be enhanced further.

In order to attract more investment from Luxembourg, experts are expected to advise the forum that Viet Nam must improve its investment environment, perfect its economic legislation, extend and diversify opportunities for investment, improve industry self-promotion and support businesses in minimising their production costs.

Luxembourg now ranks 20th among the 100 countries and territories investing in Viet Nam. Most of its money is aiding the communication, house and office construction, light industry and food processing sectors.

General Department of Customs statistics show that the two-way trade reached US$32 million last year. Of the total, $29 million came from Vietnamese exports, up 7 per cent year-on-year. — VNS

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