The 50th founding anniversary of diplomatic ties between Vietnam and Luxembourg (November 15, 1973 - 2023) will open up a new chapter for the bilateral relations

The 50th founding anniversary of diplomatic ties between Vietnam and Luxembourg (November 15, 1973 - 2023) will open up a new chapter for the bilateral relations, a Vietnamese diplomat has affirmed.

In an interview granted to the Vietnam News Agency (VNA)’s resident correspondent in Brussels, Vietnamese Ambassador to Belgium and Luxembourg Nguyen Van Thao, who is also Head of the Vietnamese delegation to the European Union (EU), noted that the relationship has witnessed “very good” development steps over the past five decades.

According to the ambassador, the signing of the EU-Vietnam Free Trade Agreement (EVFTA) and particularly the visit to Luxembourg by Prime Minister Pham Minh Chinh in December 2022 have opened up a new page for the bilateral relations, which targets green finance – an outstanding strength of Luxembourg over the past decades.

Vietnam should learn from Luxembourg’s experience in financial services to make changes in its development path and optimise advantages to create development breakthroughs, he said.

Vietnamese Ambassador to Belgium and Luxembourg Nguyen Van Thao, who is also Head of the Vietnamese delegation to the European Union (EU). (Photo: VNA)

Green finance plays a crucial role as Vietnam is pursuing a green, sustainable economy, he said, adding the country and its international partners announced the establishment of the Just Energy Transition Partnership (JETP), and it made strong commitments at the 26th United Nations Climate Change Conference (COP26).

The ambassador also highlighted the establishment of the Vietnam-Luxembourg strategic partnership on green finance on the occasion of the official visit to Vietnam by Luxembourg Prime Minister Xavier Bettel in May, which, he said, has laid a firm foundation for the bilateral cooperation.

Green finance was also tabled for discussion during the visit to Luxembourg by Minister of Finance Ho Duc Phoc and representatives from the State Securities Commission (SSC), the Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange, and four major banks of Vietnam in July, the ambassador said.

The two sides agreed to coordinate to issue government bonds and green bonds, towards corporate bonds in Luxembourg, he continued, noting to that end, Vietnam needs good legal and technical systems and capable human resources.

The diplomat expressed his belief that there will be specific action programmes that are expected to give momentum to Vietnam’s green development in the coming time.