50th anniversary of diplomatic ties heralds new chapter of Vietnam - Luxembourg relations: Prime Minister Pham Minh Chinh (R) received Luxembourg Prime Minister Zavier Bettel in Hanoi on May, 2023. (Photo: WVR)

At a press meeting during his official visit to Vietnam from May 3 to 5 this year, Luxembourg Prime Minister Xavier Bettel said his country has always stood side by side with Vietnam, even during trying times, and the two sides are determined to elevate their relations to a new height, especially amid the 50th anniversary of the diplomatic relations.

During the visit, the two countries signed an agreement on the strategic partnership in green finance.

Since 1973, Vietnam and Luxembourg have travelled a long path of cooperation in such areas as development cooperation, finance, transport, connectivity, logistics, technique, medical technology, digital technical services, and banking.

As of March 2023, Luxembourg had 64 investment projects worth 2.6 billion USD in Vietnam, ranking third among the 24 EU members and 17th among the 139 countries and territories investing in the Southeast Asian nation. The projects concentrated on communications, construction, and real estate in Hanoi, Ho Chi Minh City, and Ba Ria - Vung Tau province, among others.

The EU - Vietnam Free Trade Agreement (EVFTA), coming into force in 2020, has helped create bright prospects for the countries’ trade links. Bilateral trade reached 144.57 million USD during the first 10 months of 2023, equivalent to 77.3% of that in 2022.

During Vietnamese Prime Minister Pham Minh Chinh’s official visit in December 2022, the Trade Promotion Agency under the Vietnamese Ministry of Industry and Trade and the Luxembourg Chamber of Commerce inked a memorandum of understanding on cooperation in promoting trade ties and business dialogue.

50th anniversary of diplomatic ties heralds new chapter of Vietnam - Luxembourg relations: Prime Minister Pham Minh Chinh (second from right) and Luxembourg Prime Minister Xavier Bettel (centre) witness the signing of the agreement on the strategic partnership in green finance in Hanoi on May 4, 2023. (Photo: VNA)

During Prime Minister Bettel’s trip this year, the two sides agreed to step up the effective implementation of the cooperation deal between the Vietnam Stock Exchange and the Luxembourg Stock Exchange. They also agreed to enhance collaboration in banking and attracting Luxembourg’s resources to help Vietnam carry out the green growth strategy for 2021 - 2030, with a vision to 2050.

50th anniversary of diplomatic ties heralds new chapter of Vietnam - Luxembourg relations: Luxembourg Prime Minister Zavier Bette (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)

About bilateral cooperation, Ambassador to Belgium and Luxembourg Nguyen Van Thao stressed that the two countries do not cooperate for the sake of formality but have selected the areas matching their demand to boost partnerships in.

Luxembourg is a global centre of green finance while Vietnam is highly vulnerable to climate change and needs to develop a green and sustainable economy – a target requiring green finance to reach, he noted.

Ambassador Thao emphasised that the 50th anniversary of the bilateral diplomatic relations will herald a new chapter of their ties that will be much brighter, and Vietnam should maximise it in the time ahead.

Luxembourg Minister for Foreign and European Affairs Jean Asselborn expressed his belief that both sides’ current efforts in air transportation, finance - banking, fintech, or research, science, and technology will continue and even accelerate in the coming time. They will also bolster cooperation to cope with multifaceted impact of climate change, particularly the sea level rise and flooding that are seriously affecting many countries, including Vietnam.

Developing based on the shared interests, cooperation achievements, and friendship nurtured over the last 50 years, the Vietnam - Luxembourg relations are assessed as highly dynamic, productive, and increasingly substantive.