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| Prime Minister Pham Minh Chinh hosts an official welcome ceremony for his Luxembourg counterpart Xavier Bettel at the Presidential Palace in Hanoi on May 4. (Photo: SGGP) |
Prime Minister Xavier Bettel and a high-ranking delegation of Luxembourg arrived at the capital city on May 3, starting an official visit to Vietnam from May 3-5 at the invitation of PM Pham Minh Chinh.
After the receiving ceremony, the two PMs held talks and witnessed the signing of a number of cooperation agreements between the ministries and sectors of the two countries; and joined a press meeting to announce the results of the talks.
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| Prime Minister Pham Minh Chinh chairs an official welcome ceremony for Luxembourg Prime Minister Xavier Bettel. (Photo: SGGP) |
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| Prime Minister Pham Minh Chinh (L) and his Luxembourg counterpart Xavier Bettel review the guard of honor. (Photo: SGGP) |
This is Xavier Bettel's first official visit outside Europe this year and the first visit to Vietnam by a Luxembourg Prime Minister in over 20 years. The visit aims to mark the 50th anniversary of the establishment of diplomatic relations between Vietnam and Luxembourg (1973-2023).
During the visit, the two leaders will discuss promoting the implementation of agreements, reached in the last talks, comprehensively and effectively, and specific measures to enhance political trust; promoting economic and trade cooperation; strengthening the main sectors of finance and investment to expand cooperation in the potential fields, contribute to the sustainable development of both countries and bring the relations between the two sides to enter a new, deep and effective development stage for the benefit of the two peoples, for peace, stability, cooperation, and development in the region and the world.
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| The visit aims to mark the 50th anniversary of the establishment of diplomatic relations between Vietnam and Luxembourg (1973-2023). (Photo: SGGP) |
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Luxembourg is currently the third largest European investor in Vietnam, with 61 projects worth a total capital of US$2.6 billion, and one of the European countries soon ratified the EU-Vietnam Investment Protection Agreement (EVIPA) in July 2022. The two-way trade reached US$187.1 million in 2022, up 69 percent compared to 2020, presenting a fast growth after the EU-Vietnam Free Trade Agreement (EVFTA) came into effect on August 1, 2020.
In December, the two nations 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 two sides have a lot of cooperation in finance and banking, especially in training and improving ability, financial technology transfer, and stock market development.
Vietnam and Luxembourg have currently implemented a cooperation agreement between the Vietnam Stock Exchange and the Luxembourg Stock Exchange, which was signed in December 2022.
The two countries are also accelerating the establishment of strategic partnerships in green finance, towards sustainable and inclusive development, and implementing a circular economy towards green growth.
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| The two PMs hold talks and witness the signing of a number of cooperation agreements between the ministries and sectors of the two countries. (Photo: SGGP) |
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