Green finance a new pillar in Việt Nam-Luxembourg cooperation ties

May 04, 2023 - 15:49
Vietnamese Prime Minister Phạm Minh Chính stressed the importance that Việt Nam attaches to friendly relations and multi-faceted cooperation with Luxembourg, a founding member with an important role in the European Union.


Vietnamese Prime Minister Phạm Minh Chính and Luxembourg Prime Minister Xavier Bettel in Hà Nội on Thursday. — VNA/VNS Photos Dương Giang

HÀ NỘI — Vietnamese Prime Minister Phạm Minh Chính and his Luxembourg counterpart Xavier Bettel held talks in Hà Nội on Thursday as part of the latter's official visit to Việt Nam during May 3-5.

At the talks, PM Chính stressed the importance that Việt Nam attaches to friendly relations and multi-faceted cooperation with Luxembourg, a founding member with an important role in the European Union.

He noted the significance of the visit to Việt Nam by PM Bettel, especially as the two countries were celebrating the 50th anniversary of diplomatic relations, and that this was the first trip to Việt Nam by a Luxembourg Government leader in over 20 years.

PM Chính emphasised the desire and determination of both sides to bring the bilateral relationship to a new stage of development, depth, effectiveness and substance.

The Luxembourg guest said he was glad to meet PM Chính again five months after Chính's official visit to his country last December and thanked the Vietnamese Government and people for the warm welcome.

The two PMs agreed on measures to enhance political trust and deepen the friendly relations and multi-faceted cooperation between the two countries, especially by increasing exchanges at all levels as well as effectively implementing bilateral cooperation mechanisms, including establishing new mechanisms that are suitable for the potential, cooperation needs, and development between the two countries.

An overview of the official talks held between the Vietnamese and Luxembourg Government leaders in Hà Nội. 

PM Chính noted with pleasure the positive growth in bilateral trade, as Luxembourg is currently the third biggest European investor in Việt Nam with total registered capital of US$2.6 billion.

Both sides welcomed the establishment of the Strategic Partnership on Green Finance between the finance ministries of the two countries, a new pillar of cooperation that contributes to the deepening of the Việt Nam-Luxembourg relationship, especially with regards to training, capacity building, policy framework building, technology transfer, and financial support for agriculture and climate change aiming towards green growth, sustainable development, and inclusiveness.

He welcomed the delegation comprising leading businesses in Luxembourg in areas of strength such as finance, banking, logistics, and energy transition, who have accompanied PM Bettel on the trip and are set to participate in the Việt Nam-Luxembourg Business Forum.

Both sides agreed to promote the construction of logistics centres and establish a system of customs warehouses in each country.

Luxembourg's PM agreed to fully and effectively implement the EU-Việt Nam Free Trade Agreement (EVFTA) to enhance bilateral trade exchange and to urge other EU countries to ratify the EU-Việt Nam Investment Protection Agreement (EVIPA) soon, support the strengthening of cooperation between the EU and Việt Nam on sustainable fisheries development and encourage the European Commission (EC) to soon remove the yellow card on IUU fishing levied against Vietnamese fisheries exports.

Regarding development cooperation, PM Chính proposed that Luxembourg continue to provide ODA to Việt Nam in finance and banking.

Việt Nam and Luxembourg government leaders also agreed to foster cooperation in other areas such as culture, science and technology, media and communication, people-to-people exchanges, tourism, and climate change response.

Especially in the field of education and training, the Luxembourg PM expressed his support for increasing scholarships for Vietnamese students to study in Luxembourg.

On this occasion, PM Chính expressed his gratitude and requested Luxembourg to continue creating favourable conditions for the Vietnamese community's successful integration and contribution to Luxembourg's socio-economic development.

The two PMs had in-depth discussions on regional and international issues of mutual concern, reaffirming their continued coordination and support for each other at multilateral forums and international organisations such as the ASEAN-EU, ASEM, and the United Nations, especially during the time both countries are members of the UN Human Rights Council, to contribute to peace, stability, cooperation, and development in the region and the world.

Regarding the East Sea (known internationally as the South China Sea) issue, Việt Nam and Luxembourg reaffirmed the importance of ensuring peace, stability, security, safety, and freedom of navigation and overflight in the East Sea, refraining from the use or threat of force, and resolving disputes through peaceful means following international law, especially the 1982 United Nations Convention on the Law of the Sea.

Both sides also supported the early adoption of a substantive, effective, and internationally law-compliant Code of Conduct of Parties in the South China Sea (COC).

PM Chính conveyed the regards and well wishes of the Communist Party of Việt Nam's General Secretary Nguyễn Phú Trọng and President Võ Văn Thưởng to PM Bettel.

After the talks, PM Chính and PM Bettel witnessed the signing of cooperation documents in the financial sector, particularly the Strategic Partnership on Green Finance between the finance ministries of the two countries.


The joint press conference by the Vietnamese and Luxembourg Prime Ministers was held after the official talks in Hà Nội. 

At a joint press conference held after the talks, Vietnamese PM Chính expressed his admiration and stated that Việt Nam wished to learn from Luxembourg's experience in the process of development, as it has transformed from a country of agriculture to steel production, and is now a developed economy with the highest per capita income in the world, the lowest public debt in the world, and a strong industry and service sector, serving as a financial centre for the whole of Europe.

PM Bettel said he welcomed PM Chính's resolute, specific, and effective instructions in resolving difficulties and obstacles for investment and business activities, such as issues with Luxembourg's Cargolux airline. 

The main objective of development cooperation would be to provide opportunities for all countries and peoples to have a better life and future, PM Bettel said, adding that Luxembourg's development cooperation activities had been effectively implemented in coordination with Việt Nam.

Việt Nam was one of only two Asian countries and one of ten countries worldwide to receive development aid from Luxembourg, with a total value of 160 million euros.

"We always stand side by side with Việt Nam, even in difficult times, and both countries are determined to elevate our relationship to new heights, especially on the occasion of the 50th anniversary of the establishment of diplomatic relations," the Luxembourg Government leader said. — VNS