Creating a driving force for the Vietnam - Luxembourg business community to promote trade and investment cooperation

DNHN - The date is 5 May 2023 in Ho Chi Minh City. Vietnam's Ministry of Industry and Trade, the Luxembourg Chamber of Commerce, and the Business Association of the Kingdom of Belgium - Luxembourg in Vietnam collaborated to organise the Vietnam - Luxembourg

Mr Lex Delles, Luxembourg's Minister of Small and Medium Enterprises and Minister of Tourism, Mr Patrick Hemmer, Luxembourg's Ambassador to Vietnam, and Mr Nguyen Van Thao, Vietnam's Ambassador to Belgium, all attended the Forum simultaneously. Luxembourg, the representative of the City People's Committee's leader. Ho Chi Minh, Leaders of the Vietnam Confederation of Commerce and Industry (VCCI), Leaders of functional units under the Ministry of Industry and Trade, and Ho Chi Minh City department representatives. The event was attended by Ho Chi Minh City, as well as over 150 manufacturing, and import-export enterprises from a variety of sectors in Vietnam and close to 30 enterprises from Luxembourg.

The forum is a significant part of a series of events commemorating the 50th anniversary of the establishment of diplomatic relations between the two nations.

Prime Minister Xavier Bettel, speaking at the Forum, praised Vietnam for becoming one of the most dynamic economies in the region and the world. Priority areas in the two countries cooperation relationship where there is significant room for further expansion of bilateral cooperation.

Minister Nguyen Hong Dien expressed his delight at being present and congratulated Luxembourg on its position and global influence. Luxembourg has been one of the most important financial and economic centres in Europe and one of the few countries with a high economic growth rate and GDP per capita among the top groups in the world, despite its origins as an agricultural country with limited land, sparse population, and limited resources.

At the same time, the Minister emphasised the potential, position, and accomplishments of Vietnam in recent years and affirmed that the aforementioned accomplishments of the two economies are noteworthy and worthy of pride. In the future, however, global difficulties and challenges will necessitate that open and highly integrated economies like Vietnam and Luxembourg cooperate more closely and effectively, particularly in the areas of trade and investment, to jointly respond and strengthen the resilience of each economy. The strengthening of economic and trade cooperation bilaterally and within the multilateral framework between the two blocs ASEAN and the EU will provide Vietnam and Luxembourg with substantial benefits.

Regarding trade, Minister Nguyen Hong Dien stated that the two countries have a great deal of potential to continue to expand bilateral trade, as the structure of import and export goods between Vietnam and Luxembourg is not only non-competitive but also complementary. This is a favourable condition for the business communities of the two countries to build and strengthen their cooperative relationship and diversify their supply chain, particularly in industries and products where one side has comparative advantages over the other. demand and vice versa, such as Vietnam's garment, footwear, furniture, tropical agricultural products, seafood, or Luxembourg's chemicals, rubber, plastic, steel production, banking, and insurance.

Regarding investment, comprehensive, practical, and effective cooperation mechanisms, such as the EU-Vietnam Free Trade Agreement (EVFTA), the Investment Protection Agreement (EVIPA), and the Agreement on Investment Promotion and Protection (APIPP) in particular. The Green Finance Strategic Partnership Agreement signed by the governments of the two countries will create favourable conditions for investors in Luxembourg in particular and the EU, in general, to expand business investment projects in Vietnam, particularly in sectors where Luxembourg has strengths and Vietnam has demand and investment incentives, such as mechanical engineering, manufacturing, new materials, electronics, chemicals, and supporting industries, green fin

Minister Nguyen Hong Dien stated, on behalf of the Vietnamese government, that the Ministry of Industry and Trade and other Vietnamese ministries and branches are prepared to coordinate with Luxembourg authorities to serve as an effective bridge between the business communities of the two countries. future cooperation activities. The Minister vowed to always share, accompany, and create all favourable conditions by the law and commensurate with the good cooperative relationship between the two countries to assist Luxembourg companies in investing and producing in Vietnam in a manner that is effective, sustainable, and profitable.

The participants at the Forum listened to in-depth discussions on Innovation in the Age of Transformation and discussed bilateral cooperation in logistics via leading supply chains. Through the Forum, businesses of the two countries can also exchange information to strengthen cooperation in trade, investment, finance and banking, real estate, and numerous other fields.

In addition, the delegates witnessed the signing of a cooperation agreement between the Vietnam Confederation of Commerce & Industry (VCCI) and the Luxembourg Chamber of Commerce, as well as a memorandum of cooperation between businesses on both sides.

The advantages and opportunities that are opening up in the relationship between the two countries will be a very important foundation, creating more motivation and confidence for the business communities of the two countries to expand investment, production, and business, thereby expanding the business community's opportunities. The economic and commercial cooperation between the two nations has reached a new level of depth and effectiveness, bringing tangible benefits to both sides.

Binh Phuong