Luxembourg Sees Potential for Collaboration with Vietnam in the Media Sector

Over the past several days, Luxembourg news outlets have reported on the official visit to Vietnam by Luxembourg Prime Minister Xavier Bettel from May 3-5. It is expected that this visit will greatly contribute to the further strengthening of the bilateral relationship between the two countries in the near future.

Prime Minister Xavier Bettel and Vietnamese businessmen at the Vietnam-Luxembourg Business Forum held in Ho Chi Minh City on May 5. Source: VYEA

The Luxembourg Government’s website, gouvernement.lu, announced that Prime Minister Xavier Bettel will be making an official visit to Vietnam at the invitation of Prime Minister Pham Minh Chinh. This visit marks the 50th anniversary of the establishment of diplomatic relations between the two countries, and is a response to PM Chinh’s visit to Luxembourg in December 2022.

The daily newspaper Tageblatt.lu reported that Vietnam has become a popular global trading partner in recent years. Under the leadership of the Communist Party of Vietnam, the country has been undergoing a reform process since the late 1980s, leading to an increase in global importance both economically and politically. Vietnam is now an important player in the Southeast Asian region and beyond, with its rapidly growing economy making it an attractive option for foreign investors.

According to the article, Vietnam seeks to maintain friendly relations with all countries in terms of foreign policy, while relying on independence in terms of foreign relations. Vietnam also advocates for bilateral partnerships and multilateralism. As geopolitical uncertainties increase around the world, Western companies are increasingly turning to Vietnam as a new partner, including Luxembourg.

The EVFTA has created plenty of possibilities for Luxembourgish businesses that work in the service and financial industries. At present, a multitude of firms from Luxembourg are operating in Vietnam.

The article underscores the fruitful trade relations between Luxembourg and Vietnam in recent years, with bilateral trade surpassing €160 million (about US$179 million) in 2022, a notable increase from €120 million in 2020.

Prime Minister Xavier Bettel (L) and Prime Minister Pham Minh Chinh. Photo: VGP

In another article published by the newspaper, it is reported that during Prime Minister Bettel’s visit to Vietnam, the two sides signed numerous bilateral cooperation agreements, including those on aviation cooperation, the extension of an agreement to prevent double taxation, and cooperation to combat climate change through green funds.

The Luxembourg Agency for Development Cooperation (LuxDev) is set to launch two projects worth an estimated total of €2 million in Vietnam. In addition, Luxembourg-based airline Cargolux will shortly be granted a license to fly to Ho Chi Minh City, in addition to Hanoi.

The article quotes Prime Minister Bettel as expressing optimism regarding the possibility that Luxembourg tourists may soon be able to enter Vietnam without a visa. This outcome could be achieved when the National Assembly of Vietnam considers extending the visa-free policy at its meeting later this month.

Luxembourg’s online newspaper virgule.lu has just reported on the potential of Vietnamese electric vehicles entering the country’s market. The article said Prime Minister Bettel and Minister for Small and Medium-Sized Enterprises and Minister for Tourism Lex Delles paid a visit to Vinfast’s facility and took part in a test drive of its electric vehicles.

Other Luxembourgish newspapers, including Today.RTL.lu and diegrenzgaenger.lu, reported on Prime Minister Xavier Bettel’s visit to Vietnam.

Delegates visits the Temple of Literature in Hanoi. Photo: VNA

During his stay in Vietnam, Prime Minister Bettel held talks with his Vietnamese counterpart, Prime Minister Nguyen Xuan Chinh, and witnessed the signing of several important cooperation documents in the area of finance. One of the documents was an agreement on strategic partnership in green finance between the two countries’ finance ministries. He then met with the press to discuss the outcomes of the talks. The Prime Minister also had a meeting with National Assembly Chairman Vuong Dinh Hue, and visited the Temple of Literature and the Vietnam Fine Arts Museum.

The Prime Minister also visited Ho Chi Minh City, where he attended and delivered a speech at the Vietnam-Luxembourg Business Forum, visited the Ho Chi Minh Stock Exchange, and explored the War Remnants Museum. Additionally, he took the opportunity to observe the impacts of climate change along the Sai Gon River.