Vietnamese Deputy Prime Minister Bình met with Luxembourg’s Deputy Prime Minister and Minister for Foreign Affairs and Foreign Trade, Xavier Bettel, on March 21 to discuss strengthening bilateral relations. Bettel emphasized the close ties between Vietnam and Luxembourg, reinforced by high-level visits, and expressed a desire to elevate cooperation further.

Deputy PM Bình highlighted significant progress in bilateral relations, particularly through regular delegation exchanges and a sharp increase in trade. In 2024, trade between the two nations reached $26 million, a 44% year-on-year rise. He reaffirmed Vietnam’s commitment to deepening collaboration with Luxembourg, especially in international financial center development, green finance, renewable energy, and high technology.

Bình proposed further high-level exchanges and enhanced trade cooperation under the EU–Vietnam Free Trade Agreement (EVFTA)to facilitate Vietnamese exports. He also sought Luxembourg’s backing for the removal of the European Commission's ‘yellow card’ on Vietnamese seafood. In turn, Bettel suggested that Vietnam consider easing entry conditions for Luxembourg citizens.

Boosting Financial Sector Cooperation

During his visit, Bình toured the Luxembourg Stock Exchange (LuxSE)and met with CEO Julie Becker to discuss financial collaboration. Becker emphasized the strong partnership between the two countries’ financial markets and pledged continued support for Vietnam's financial sector development, particularly in helping Vietnamese enterprises access international capital.

Bình expressed appreciation for LuxSE's cooperation in bond issuance, market upgrades, and financial training, and called for stronger Luxembourg support to assist Vietnamese firms in listing on global exchanges and raising capital internationally. Discussions also covered plans to establish international financial centers in Ho Chi Minh City and Da Nang, with Becker acknowledging Vietnam's potential as a regional financial hub. LuxSE offered support in policy guidance, human resource training, and financial market expertise.

Engagement with Luxembourg's Financial Authorities

Bình also met with the Luxembourg Financial Sector Supervisory Commission (CSSF)and Luxembourg for Finance (LFF), alongside financial institutions and investment firms. He encouraged Luxembourg's financial sector—including LFF's 1,400 members, which include leading investors, banks, and funds—to explore opportunities in Vietnam, assuring them of the government's full support.

CSSF Director General Claude Marx pledged expertise-sharing in financial supervisionto aid Vietnam’s financial market development. Similarly, LFF CEO Tom Theobald expressed strong support for Vietnam’s ambitions, reaffirming that Luxembourg's financial sector stands ready to provide expertise in establishing and operating international financial centers.

Strengthening Legislative and Economic Ties

In addition to financial cooperation, Bình held discussions with Fernand Etgen, President of the Chamber of Deputies, on legislative collaboration and broader economic engagement. He also met with various Luxembourg-based financial corporations to explore further partnerships.

Vietnam sees the development of international financial centers as a key driver of its long-term economic ambitions, aiming to become a developed economy by 2045. Luxembourg, with its financial expertise, has pledged to support this vision through deeper cooperation, experience-sharing, and investment facilitation.