Prime Minister of Luxembourg Tours Ho Chi Minh City

Despite the significant increases in trade and investment collaboration between the two countries in recent times, it has not yet reached its full potential.

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Chairman of the HCM City People’s Committee Phan Van Mai welcomes Prime Minister of Luxembourg Xavier Bettel.
Chairman of the HCM City People’s Committee Phan Van Mai welcomes Prime Minister of Luxembourg Xavier Bettel.

Ho Chi Minh City has expressed its desire to gain knowledge from Luxembourg and work together in science-technology and green finance in order to construct a financial center in the future, a representative from the city stated on May 5, according to Vietnam News Agency (VNA).

At a reception for the Prime Minister of Luxembourg, Xavier Bettel, the Chairman of the Ho Chi Minh City People’s Committee, Phan Van Mai, highlighted that PM Bettel’s visit would be advantageous in furthering the collaboration between the city and the European nation.

The Ho Chi Minh City authorities have declared their readiness to collaborate with Luxembourg partners in the high-tech, digital transformation, renewable energy, and green energy sectors.

Mai took the opportunity to express her gratitude to Luxembourg for its financial assistance to Ho Chi Minh City in the implementation of climate adaptation initiatives and requested the Prime Minister to continue fostering the city’s ties with Luxembourg’s partners.

Ho Chi Minh City is always eager to collaborate with foreign partners and enterprises from Luxembourg to operate in the city, he expressed, underlining the city’s desire to further strengthen its ties with Luxembourg businesses in areas such as agricultural product processing, high-tech agriculture, and manufacturing.

Chairman of the HCM City People’s Committee Phan Van Mai welcomes Prime Minister of Luxembourg Xavier Bettel.
Chairman of the HCM City People’s Committee Phan Van Mai and Prime Minister of Luxembourg Xavier Bettel.

For his part, Prime Minister Bettel asserted that Ho Chi Minh City and Luxembourg offer abundant opportunities for collaboration and that Luxembourg’s businesses will be dependable and trustworthy partners of local companies, assisting them in creating and deepening ties with the European market.

The two nations should endeavor to establish more advantageous conditions for their businesses to operate in their respective markets, he went on to say.

Sharing Mai’s viewpoint, the Prime Minister highlighted the potential for fruitful collaboration between Luxembourg and Ho Chi Minh City in the field of finance, especially green finance. He emphasized that Luxembourg is committed to providing support to Vietnam, and to Ho Chi Minh City in particular, towards sustainable development.

He affirmed that cooperation in traditional fields such as education, environmental protection, climate change mitigation, renewable energy, and green technology will be preserved.

Prime Minister of Luxembourg Xavier Bettel visits the Ho Chi Minh Stock Exchange. Photo: VNA
Prime Minister of Luxembourg Xavier Bettel visits the Ho Chi Minh Stock Exchange. Photo: VNA

While in Ho Chi Minh City, Prime Minister Bettel attended and delivered a speech at the Vietnam-Luxembourg business forum, visited the Ho Chi Minh Stock Exchange and the War Remnants Museum, and learned about the impacts of climate change on the Sai Gon River region.

Addressing the esteemed business forum, the Prime Minister of Luxembourg remarked that the forum presented a great opportunity for the business communities of both nations to share information and promote successful economic cooperation between them in the foreseeable future.

The two countries possess immense potential for strengthening their trade relations as the export product structures of each nation can complement one another, creating an ideal environment for businesses to construct and bolster their collaboration, particularly in trading products in areas of strength and demand, according to Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

According to him, Vietnam can export garments, leather and footwear, furniture, tropical farm produce, and aquatic products to Luxembourg, while it can import chemicals, rubber, plastic products, steel, and financial, banking, and insurance services from the European country.

Highlighting the potential for collaboration between the two business communities, Vo Tan Thanh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), noted that as of March, Luxembourg had invested in a total of 61 projects in Vietnam, with a capital of USD 2.6 billion. This placed Luxembourg third among the 24 EU member countries and 17th among the 139 countries and territories investing in Vietnam.

He expressed optimism that Luxembourg, with its expertise in services, finance, and banking, will help drive the transition towards green, digital, and circular trends, and will share its experience and cooperate with Vietnam in these areas.

Thanh proposed that the two sides should collaborate more effectively to eliminate any hindrances and obstructions negatively impacting their trade relations, such as expediting the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) and lifting the “yellow card” warning against Vietnam’s seafood products.

Businesses and investors from both countries should put in extra effort to investigate potential partnership opportunities in each other’s markets via official channels, the speaker advocated.

Tourism is an incredibly promising area of collaboration for both sides, with Vietnam requiring training in human resources for their tourism sector, according to Thanh.

Luxembourg Prime Minister Xavier Bettel (standing, second from left) and delegates witness the signing of a memorandum of understanding between the VCCI and the Luxembourg Chamber of Commerce. Photo: VNA
Luxembourg Prime Minister Xavier Bettel (standing, second from left) and delegates witness the signing of a memorandum of understanding between the VCCI and the Luxembourg Chamber of Commerce. Photo: VNA

At the forum, the Vietnam Chamber of Commerce and Industry (VCCI) and the Luxembourg Chamber of Commerce signed a Memorandum of Understanding (MoU), which will pave the way for the expansion of economic, trade and investment partnerships between the two nations in the future. This partnership will bring new opportunities for businesses in both Vietnam and Luxembourg.

Hannah Nguyen