Prime Minister Pham Minh Chinh attends Vietnam-Luxembourg business forum. (Photo: VNA)

Prime Minister Pham Minh Chinh attended a business forum as part of his visit to Luxembourg on December 9 (local time).

Luxembourg is running 58 projects worth over 2.6 billion USD in Vietnam, ranking 17th out of 141 countries and territories investing in the Southeast Asian nation, according to the forum’s organisers.

Luxembourg is also the third largest European investor in Vietnam, with capital mainly poured into information-communications, and real estate.

The two-way trade reached 96 million USD in 2019, 110.7 million USD in 2020 and 181.6 million USD last year, a rise of 64%.

The forum was intended to identify investment potential and opportunities of each side, thus enabling businesses, investors and international organisations to make investment decisions.

In his remarks, PM Chinh said Vietnam is building three pillars of society –socialist democracy, a law-governed socialist State and a socialist-oriented market economy, while working on three strategic breakthroughs – institutions, human resources and infrastructure.

In the process, Vietnam needs resources and external support to develop its capital, stock, bond and credit markets, the PM stressed, expressing his hope that Luxembourg will share its experience in these fields.

He assured investors from Europe in general and Luxembourg in particular because the Vietnamese Government has been doing its best to improve the investment and business environment, and protect investors just like Vietnamese citizens.

According to the leader, Vietnam has signed a total of 16 free trade agreements (FTAs) with 64 big markets worldwide, along with many deals on investment protection and double taxation avoidance.

PM Chinh said Vietnam is in need of high-skilled laboured and those that hold university and post-graduate degrees, noting that he and Luxembourg PM Xavier Bettel had agreed to work together to improve higher education in the Southeast Asian nation.

* As part of his official visit to Luxembourg, Prime Minister Pham Minh Chinh received leaders of several large economic groups of Luxembourg and Europe on December 9 (local time), during which he affirmed that Vietnam always create all favourable conditions and safe and transparent investment environment for foreign investors.

The Vietnamese government leader said that Vietnam pursues a policy of selective investment attraction, basing on criteria such as quality, efficiency, technology and environmental protection.

The country gives priority to investment projects in the fields of high technology, innovation, research and development, and those helping Vietnamese enterprises to participate in value chains, promoting digital and green economy, circular economy towards contributing to sustainable development, he said.

Meeting with Luc Provost, CEO of B-Medical Systems Group - a Belgian corporation in medical technology and pharmaceuticals, PM Chinh applauded the cooperation plan of B-Medical Systems with the Ministry of Health and the National Institute of Hygiene and Epidemiology of Vietnam, affirming that research and technology transfer cooperation in the medical field is a major policy of Vietnam in its vaccine strategy.

He suggested B-Medical Systems continue to research and invest in manufacturing high-quality and high-tech medical equipment in Vietnam, and promote technology transfer to Vietnamese partners in the coming time, noting that this is one of the sectors that Vietnam give priority to in attracting investment.

The Vietnamese Government will accompany and create favourable conditions for the Belgian firm to invest and do business effectively in Vietnam, the PM said.