(PLO)- Prime Minister of the Grand Duchy of Luxembourg Xavier Bettel will pay an official visit to Vietnam from 3-5 to 5-5.
At the invitation of Prime Minister Pham Minh Chinh, Prime Minister of the Grand Duchy of Luxembourg Xavier Bettel will pay an official visit to Vietnam from May 3 to 5.
This is the first official visit outside of Europe by the Prime Minister of Luxembourg in 2023, also the first visit to Vietnam by the Prime Minister of Luxembourg in more than 20 years, and the first high-level diplomatic activity on the occasion of the 50th anniversary of the establishment of diplomatic relations between Vietnam and Luxembourg (1973-2023).
Vietnam and Luxembourg established diplomatic relations on November 15, 1973. Vietnam Embassy in Belgium concurrently Luxembourg. The Embassy of Luxembourg in Thailand concurrently holds the position of Vietnam.
In August 2003, Luxembourg opened a Development Cooperation Office in Hanoi, an agency that manages and implements policies on development cooperation, under the Luxembourg Embassy in Thailand, concurrently with Vietnam.
Prime Minister Pham Minh Chinh and Luxembourg Prime Minister Xavier Bettel during his visit in December 2022. Photo: VNA
At multilateral forums, Vietnam and Luxembourg maintain meetings and contacts such as ASEM, the ASEAN-EU relationship framework, UN agencies, especially the two countries are members of the Human Rights Council in order to contribute to peace, stability, cooperation and development in the region and the world.
The Vietnam-Luxembourg friendship and cooperation relationship has made good progress in recent years. The two sides maintain regular exchanges of delegations at all levels to visit each other.
Most recently, Prime Minister Pham Minh Chinh’s official visit to Luxembourg (December 2022) has achieved many concrete results in many fields, bringing the two countries’ relations to a new, comprehensive, practical and effective stage of development, opening up many cooperation opportunities, especially the two sides agreeing to soon establish a strategic partnership framework on green finance.
Luxembourg supports the development of a new financial center in Ho Chi Minh City and promotes cooperation in trade-investment, education and training, science and technology, and the stock market.
Leaders of the two countries also agreed to increase the exchange of delegations at all levels, especially high-level in 2023, and organize activities on the occasion of the two countries’ 50th anniversary of establishing diplomatic relations.
The good political relations between the two countries have created momentum for economic and trade cooperation to develop.
As of March 2023, Luxembourg has 64 investment projects with a total capital of 2.6 billion USD, ranking 3rd-24th in the EU member states and 17th-139th in countries and territories investing in Vietnam, focusing on some fields of communication, construction, real estate in Hanoi, Ho Chi Minh City, Ba Ria-Vung Tau…
On the occasion of Prime Minister Pham Minh Chinh’s official visit to Luxembourg, the two sides signed a Memorandum of Understanding on cooperation in promoting, strengthening and developing trade relations and business dialogue between the Vietnam Trade Promotion Agency, the Ministry of Industry and Trade and the Luxembourg Chamber of Commerce.
In the field of development cooperation, so far, Vietnam and Luxembourg have signed three oriented cooperation programs for the period 2002-2005 (35 million euros); period 2006-2010 (€50 million); period 2011-2015 (42 million euros). From 2015 up to now, it has reached 29,211 million euros.
Luxembourg’s funding field changes in line with Vietnam’s development needs and goals over time.
Besides, Vietnam-Luxembourg also cooperates in finance, green finance and banking.
Regarding cooperation between commercial banks, by the end of 2022, Vietnamese commercial banks have established more than 20 correspondent banking relationships with Luxembourg commercial banks with a total revenue of payment and money transfer through this system reaching nearly $800 million.
Regarding securities cooperation, within the framework of the Vietnam-Luxembourg-oriented cooperation program for the period 2006-2010, the Government of Luxembourg has supported the Ministry of Finance (State Securities Commission) the VIE-026 project “Development of Vietnam’s capital market”. Then there was the project “Strengthening capacity in the financial sector”.
The two sides are also implementing a cooperation agreement between the Vietnam Stock Exchange and the Luxembourg Stock Exchange, signed in December 2022.
Vietnam and Luxembourg are promoting the establishment of a Green Finance Strategic Partnership towards sustainable and inclusive development, implementing the circular economy to realize green growth.
Besides the above fields of cooperation, the two sides agreed to expand and strengthen cooperation in the fields of climate change response, environment, culture, education and training…
Following Prime Minister Pham Minh Chinh’s visit to Luxembourg, the official visit to Vietnam by Prime Minister Xavier Bettel is an opportunity for the two sides to once again affirm their mutual respect and determination to jointly bring the two countries’ cooperation to a new height, becoming more and more in-depth and effective.
Also during this official visit, it is expected that the Prime Minister of the Grand Duchy of Luxembourg will visit and work in Ho Chi Minh City. Specifically, on the morning of May 5, the Prime Minister of Luxembourg will attend, speak and beat the gong to open the stock trading session. Soon, he will attend and speak at the Vietnam – Luxembourg Business Forum.
Prime Minister Pham Minh Chinh meets with Grand Duke of Luxembourg Henri
(PLO)- Grand Duke Henri highly appreciated the important role of Vietnam in the region and ASEAN, and was delighted at the positive, correct and effective development of the two countries’ relations.
Reporter (According to VNA)