On the occasion, Nguyen Van Thao, Vietnamese Ambassador to the Kingdom of Belgium and the Grand Duchy of Luxembourg and Head of the Vietnamese Delegation to the European Union (EU), provided an overview to the press on the visit’s objectives and expected outcomes, as well as prospects for future cooperation between the two nations.
According to Ambassador Nguyen Van Thao, the purpose of Permanent Deputy Prime Minister Nguyen Hoa Binh’s visit is to learn about Luxembourg’s experience in developing an international financial centre; and discussed bilateral cooperation opportunities with Luxembourg’s government, ministries, and agencies, as well as organisations, financial institutions, investment funds, and banks based in Luxembourg, thereby contributing to the plan to build an international and regional financial centre in Ho Chi Minh City and Da Nang, in order to implement the Politburo’s Notice No.47-TB/TW (dated November 15, 2024) and the Government’s Resolution No.259/NQ-CP (dated December 31, 2024) on building a regional and international financial centre in Vietnam.
The visit will take place in the context that Vietnam-Luxembourg relations have witnessed very good developments over the past five decades. 2023 also opened a new chapter in Vietnam-Luxembourg cooperation when the two sides established a strategic partnership on green finance — a new pillar of cooperation contributing to Vietnam’s goal of developing a green and sustainable economy.
Immediately after signing this agreement, then Minister of Finance Ho Duc Phoc visited Luxembourg with a delegation of leaders of the Securities Commission, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, and four major Vietnamese banks to make concrete commitments.
Ambassador Nguyen Van Thao emphasised that with the foundation of long-term and effective bilateral cooperation, the visit to Luxembourg by Deputy Prime Minister Nguyen Hoa Binh will bring significant momentum to the bilateral relationship as the two countries continue to strengthen cooperation in many areas where Luxembourg has strengths and Vietnam has needs, especially regarding finance-banking, green development, and digitalisation.
Commenting on the prospects for finance-banking cooperation between Vietnam and Luxembourg in the coming time, Ambassador Nguyen Van Thao said that Luxembourg has 50 years of experience in this field, having successfully transformed itself from a poor country which was mainly focused on developing agriculture and steel industry into a green finance centre, not only in Europe but also globally.
Luxembourg has the largest green bond market share in the world, with 76% of European macro-financial funds headquartered there. Luxembourg also ranks second in the world in managing international investment funds, is the centre of more than 100 private banks in the Eurozone and is home to nearly 300 insurance corporations worldwide.
Therefore, the visit of Permanent Deputy Prime Minister Nguyen Hoa Binh will be a good opportunity for Vietnam to study and learn from Luxembourg’s experience in serving the development of an international financial centre in Vietnam, and at the same time discuss promoting cooperation in key, breakthrough areas that are suitable for Vietnam's needs and development trends such as: financial technology (fintech), green finance, sustainable finance, innovative startups, and digital transformation.
It is expected that in addition to working sessions with Luxembourg politicians, Deputy Prime Minister Nguyen Hoa Binh will have many visits and work sessions with the country’s financial management agencies and institutions, as well as meet with a group of Vietnamese experts and intellectuals currently working in the finance-banking sector in Luxembourg.
According to Ambassador Nguyen Van Thao, there is still much room for financial-banking cooperation between the two countries, especially in the fields of fintech and green finance. Luxembourg is a high potential partner, and the two sides need to continue to cooperate closely to make the most of the framework from the strategic partnership on green finance.
