Vietnam has established a framework for a strategic partnership on green finance with Luxembourg, referring to it as a new pillar of cooperation.
During the official visit to Vietnam by Luxembourg’s prime minister, Xavier Bettel and Pham Minh Chinh, the Vietnamese Prime Minister, witnessed the signing of an agreement. The agreement was signed on the 50th-anniversary celebration of diplomatic relations between the two countries. It demonstrates the commitment both nations have to strengthen their friendship and multifaceted relationships.
Pham stressed Vietnam’s respect for the bilateral relationship between Luxembourg and Vietnam and expressed Vietnam’s resolve to promote an intensive, effective and substantive partnership. He praised the positive development in economic and trading ties, especially Luxembourg’s position as the third largest European investor in Vietnam with a total capital investment exceeding $2.6 billion. Pham encouraged Luxembourg companies to invest in the finance, banking and logistics sectors, as well as energy transition, in Vietnam. He also suggested that Luxembourg continue its official development assistance.
Prime Minister Xavier Bettel affirmed that he was committed to fully implementing the EU-Vietnam Free Trade Agreement to increase bilateral trade. He also urged the other EU nations, to approve the EU Viet Nam Investment Protection Agreement as soon as possible.
They welcomed the creation of a strategic partner on green finance with an emphasis on training, capacity-building, technology transfer and financial support for agricultural and climate change. The partnership is aimed at green growth and sustainable development. They also stressed the importance of enhancing collaboration in areas such as culture, science, technology, information, communications, people-to-person exchanges, tourism and climate change.