This is the first visit to Vietnam by the Prime Minister of Luxembourg in more than 20 years and also the first high-level diplomatic activity on the occasion of the 50th anniversary of the establishment of diplomatic relations between the two countries, marking an important milestone in the bilateral relations.
The visit took place in the context that the Vietnam-Luxembourg cooperation and friendship relationship has recorded good developments in recent time. The mutual trust and understanding between the two countries have been further enhanced through the maintenance of high-level delegation exchanges and cooperation mechanisms.
Economic, trade, and investment cooperation between Vietnam and Luxembourg has been on a good development track with positive results, especially since the Vietnam-EU Free Trade Agreement took effect.
Most recently, Prime Minister Pham Minh Chinh's official visit to Luxembourg, which took place in December 2022, achieved many concrete results in various fields, bringing the two countries' relations to a new, comprehensive, practical, and effective stage of development, opening many opportunities for bilateral cooperation.
Economic, trade, and investment cooperation between Vietnam and Luxembourg has been on a good development track with positive results, especially since the Vietnam-EU Free Trade Agreement took effect.
In 2022, the total bilateral trade revenue reached 187.1 million USD, an increase of 69% compared to 2020. In December 2022, 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 (under the Ministry of Industry and Trade) and the Luxembourg Chamber of Commerce.
The sound bilateral political relationship has motivated the economic and trade cooperation between the two countries. As of March 2023, Luxembourg had invested in 64 projects worth 2.6 billion USD in Vietnam, ranking third among 24 EU countries and 17th out of 139 countries and territories investing in Vietnam. The projects are mostly in the fields of communications, construction, and real estate in Hanoi, Ho Chi Minh City, and Ba Ria-Vung Tau Province.
In the field of development cooperation, since officially providing aid to Vietnam in 1993, Luxembourg has been committed to continuing the provision of development aid to Vietnam and became an official member of the Vietnam Consultative Group in 1998.
In 2022, the total bilateral trade revenue reached 187.1 million USD, an increase of 69% compared to 2020.
Finance, green finance, and banking are key pillars in the partnership between the two countries. In 2000, as authorised by the PM, the leader of the State Bank of Vietnam (SBV) signed a Protocol with the Prime Minister of Luxembourg, under which the two sides agreed to expand cooperation in the banking and finance sectors, especially in financial technology training and transfer.
Currently, the two sides are implementing a cooperation agreement between the Vietnam Stock Exchange and the Luxembourg Stock Exchange, which was signed on the occasion of Prime Minister Pham Minh Chinh's visit in December 2022.
The two countries are also working together towards the establishment of bilateral strategic partnership in green finance, aiming for sustainable and inclusive development, and implementing circular economy towards green growth.
Vietnam and Luxembourg have maintained consultation and mutual support within the framework of ASEM, ASEAN-EU, and UN bodies. In addition, the two countries are active members of the United Nations Human Rights Council, making efforts to contribute to peace, stability, cooperation, and development in the region and around the world.
Vietnam's consistent policy is to always attach great importance and determination to working with Luxembourg towards deeper and more effective bilateral relations. With the unremitting efforts of generations of leaders and people of the two countries after half a century of cohesion, the companionship, cooperation, and friendship between Vietnam and Luxembourg has continued to develop, promising to achieve more success in the future.
This official visit to Vietnam by the Prime Minister of Luxembourg once again demonstrates the importance and desire to strengthen bilateral relations of the two countries' leaders.
May the official visit to Vietnam by Prime Minister Xavier Bettel a great success, contributing to creating new momentum and elevating the friendship and cooperation between Vietnam and Luxembourg in the new period.
