Luxembourg backs Vietnam’s green growth

The prime ministers of Luxembourg and Vietnam promised Friday to establish a strategic partnership framework for green finance to help the Southeast Asian nation pursue its green growth strategy and combat climate change.

Receiving Vietnamese PM Pham Minh Chinh in Luxembourg, PM Xavier Bettel showed his delight as Luxembourg is the third biggest European investor in Vietnam with a total investment capital of $2.6 billion.

Bettel expressed his belief that his Vietnamese counterpart’s visit would bring bilateral ties to a new development level as the two countries prepare for the 50th anniversary of diplomatic ties next year.

Both leaders agreed that the two sides would make the best use of the European country’s strength in investment capital, especially green finance, to support Vietnam’s green growth strategy.

They suggested the two countries’ government agencies and firms continue to effectively implement the EU-Vietnam Free Trade Agreement (EVFTA), accelerate logistics connectivity, and open a system of warehouses in each country to boost trade and serve as a gateway to the EU and ASEAN, while stepping up the signing of the Double Taxation Avoidance Agreemen.

On the same day, the Vietnamese PM had a meeting with senior executives of major corporations of Luxembourg and Europe.

Chinh said Vietnam gives priority to investments in high technology, innovation, research and development, and those that can help domestic enterprises join value chains, promoting a digital and green economy, as well as a circular economy for sustainable development.

While talking to Luc Provost, CEO of B-Medical Systems Group, a Belgian corporation in medical technology and pharmaceuticals, the PM suggested the firm continue to research and invest in manufacturing high-quality and high-tech medical equipment in Vietnam, and promote technology transfer to domestic partners.

In his meeting with Daniela Cattolico, vice president of Paul Wurth Group, a global provider of metallurgical technology, Chinh welcomed the firm’s plans to expand its business and investment in Vietnam.

The Vietnamese leader suggested Paul Wurth transfer technology and share experiences with domestic partners to help them improve capacity and modernize their business models towards meeting EU regulations and standards, reducing impacts on the environment.

After Luxembourg, the Vietnamese PM will visit the Netherlands and Belgium. He will join the EU-ASEAN Commemorative Summit in Brussels on December 14.

At the summit, the EU and ASEAN will celebrate 45 years of diplomatic relations based on shared values and principles like a rules-based international order, international law, effective multilateralism as well as free and fair trade.