Việt Nam,kq georgia Luxembourg step up cooperation for development of int’l financial centres

March 23, 2025 - 15:21 Your browser does not support the audio element. The Deputy PM described the development of the centres as a strategic move, creating motives to lure resources and bolster the economy.

Permanent Deputy Prime Minister Nguyễn Hoà Bình with Luxembourg's Minister of Finance Gilles Roth. — VNA/VNS Photo

LUXEMBOURG — Permanent Deputy Prime Minister Nguyễn Hoà Bình has expressed Việt Nam's wish for collaboration with Luxembourg in the development of financial centres in HCM City and Đà Nẵng City while paying a working visit to the Grand Duchy from March 20 to 22.

At a meeting with Minister of Finance Gilles Roth on March 21, Bình emphasised that the primary objective of his visit was to learn from Luxembourg's experience to build financial centres in the two cities, hoping that Luxembourg, as Việt Nam's strategic partner in green finance development, will share expertise and support the Southeast Asian country in such areas as financial market, green finance, fintech management and crypto assets.

The Deputy PM described the development of the centres as a strategic move, creating motives to lure resources and bolster the country’s economy.

He asked for Luxembourg's assistance in legal framework making, human resources training, investment policy development, and facilitation of Luxembourg investors’ participation in Việt Nam's financial market.

Roth said that Luxembourg wants to further strengthen the relations with Việt Nam. He committed to providing maximum support and taking concrete steps to support Việt Nam's efforts to build the financial centres.

He praised Việt Nam's potential and reliable financial infrastructure while noting four critical factors for an efficient financial centre, namely a strong and flexible legal system, supervisory bodies, high-quality human resources and investment from both public and private sectors.

The minister also recommended the financial centres focus on the pillars of banking system, insurance, investment funds, and technologies like fintech, AI and crypto assets.

Both concurred in carrying out cooperation measures and working towards the signing of a memorandum of understanding on developing international financial centres in Việt Nam.

Permanent Deputy PM Nguyễn Hoà Bình and Luxembourg Deputy PM and Minister for Foreign Affairs and Foreign Trade Xavier Bettel. — VNA/VNS Photo

The same day, Bình held a meeting with Luxembourg Deputy PM and Minister for Foreign Affairs and Foreign Trade Xavier Bettel, who laid stress on the close Việt Nam – Luxembourg relations, consolidated by high-level visits, and affirmed the desire to elevate the ties to a new level.

Deputy PM Bình highlighted the progress of bilateral cooperation across various fields, especially through regular delegation exchanges and impressive bilateral trade growth. Trade revenue between the two countries reached US$26 million in 2024, a year-on-year increase of 44 per cent.

Việt Nam wishes to further enhance partnerships with Luxembourg, particularly in priority areas like building international financial centres, green finance, green energy and high technology.

He recommended the two countries continue promoting mutual visits at all levels and capitalising on the EU – Việt Nam Free Trade Agreement (EVFTA) to facilitate exports. He also called for Luxembourg’s support for the European Commission’s early removal of the 'yellow card' on Vietnamese seafood.

Meanwhile, Bettel proposed Việt Nam consider providing more favourable entry conditions for Luxembourg citizens.

Bình underscored that the development of the financial centres in Việt Nam will create a new impetus for the country’s socio-economic development, helping deliver on the goal of becoming a developed country by 2045.

Bettel spoke highly of Việt Nam's decision and pledged to support by sending experts to help with training as well as enhancing cooperation in the fields of green finance and green energy.

The two officials also discussed some international and regional issues of mutual concern, including conflicts in global hotspots, the East Sea (internationally known as the South China Sea) issue, and free trade.

On this occasion, Deputy PM Bình extended an invitation to his host to visit Việt Nam, and Bettel gladly accepted.

Also on March 21, Bình toured the Luxembourg Stock Exchange (LuxSE) and met with its board of directors to discuss financial cooperation.

LuxSE CEO Julie Becker emphasised the sustainable relationship between the two countries' stock markets and pledged continued support for Việt Nam's financial market development, particularly in helping Vietnamese enterprises access international capital sources.

Bình praised LuxSE's cooperation in bond issuance, market upgrade, and human resources training. He expressed his hope for Luxembourg to provide stronger assistance to help Vietnamese enterprises list and raise capital in international financial markets.

The two sides also discussed the establishment of the international financial centres in HCM City and Đà Nẵng City. Becker perceived that Việt Nam holds the potential to become an important regional financial centre, affirming LuxSE is ready to support human resources training, share experience, and provide policy advice to promote the development of Việt Nam's financial market.

During his stay, Bình also met with President of the Chamber of Deputies Fernand Etgen to discuss collaboration in legislation and many other fields.

Besides, he had working sessions with the Luxembourg Financial Sector Supervisory Commission (CSSF), the Luxembourg for Finance (LFF), along with financial corporations of the country.

The Deputy PM expressed his hope that the Luxembourg sides will share experience and cooperate with Việt Nam to develop modern financial centres meeting international standards.

He also called on more than 1,400 members of the LFF, including prestigious investors, banks, investment funds, and insurance companies, to come and seek cooperation and investment opportunities in Việt Nam. He affirmed that the Vietnamese Government will create the best possible conditions for Luxembourg enterprises to do business in Việt Nam.

Director General of the CSSF Claude Marx affirmed support for Việt Nam in building the international financial centres through sharing experience in financial supervision and management.

Meanwhile, LFF CEO Tom Theobald expressed strong support for Việt Nam in the work, saying the LFF and financial firms of Luxembourg stand ready to share expertise in building and operating international financial centres. — VNA/VNS

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