Vietnam, Luxembourg to bolster green finance cooperation

23:24 | 15/03/2025 Cooperation Follow Ven.vn on

Amid the growing ties between Vietnam and Luxembourg, the working visit of Deputy Prime Minister Nguyen Hoa Binh to the Grand Duchy of Luxembourg is expected to unlock new avenues for cooperation, particularly in green finance and sustainable development.

Ambassador of Vietnam to Belgium, concurrently accredited to Luxembourg and Head of the Vietnamese Delegation to the European Union (EU), Nguyen Van Thao

On this occasion, Ambassador of Vietnam to Belgium, concurrently accredited to Luxembourg and Head of the Vietnamese Delegation to the European Union (EU), Nguyen Van Thao, provided an overview to the press on the visit’s objectives and expected outcomes, as well as prospects for future cooperation between the two nations.

According to Ambassador Nguyen Van Thao, the key goal of Deputy Prime Minister Nguyen Hoa Binh’s visit is to explore Luxembourg’s experience in developing an international financial hub. Additionally, discussions will be held with government officials, ministries, financial institutions, investment funds, and banks in Luxembourg to advance bilateral cooperation. The visit aligns with Vietnam’s plans to establish regional and international financial centers in Ho Chi Minh City and Da Nang, as outlined in the Politburo’s Announcement No. 47 dated November 15, 2024, and the Government’s Resolution No. 259 dated December 31, 2024.

The visit takes place as Vietnam-Luxembourg relations have seen remarkable progress over the past five decades.

In 2023, bilateral ties entered a new phase with the establishment of a Strategic Partnership on Green Finance, reinforcing Vietnam’s efforts toward a sustainable and environmentally responsible economy.

Following the signing of this partnership, then-Minister of Finance Ho Duc Phoc led a delegation to Luxembourg, accompanied by key officials from the State Securities Commission, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, and four major Vietnamese banks, to translate commitments into action.

Ambassador Nguyen Van Thao emphasized that Deputy Prime Minister Nguyen Hoa Binh’s visit will inject fresh momentum into bilateral ties as the two countries expand cooperation in strategic sectors where Luxembourg holds expertise and Vietnam sees growing demand, particularly in banking and finance, green development, and digital transformation.

Discussing future prospects for financial cooperation, the Vietnamese diplomat highlighted Luxembourg’s 50-year journey in the sector. The country has successfully transitioned from an economy centered on agriculture and steel production to a global leader in green finance.

Luxembourg currently holds the world’s largest market share in green bonds, with 76% of Europe’s macro-financial funds based there. It is also the world’s second-largest hub for international investment fund management, home to over 100 private banks in the Eurozone and nearly 300 global insurance corporations.

Given this expertise, Deputy Prime Minister Nguyen Hoa Binh’s visit presents a valuable opportunity for Vietnam to gain insights from Luxembourg’s financial development model while exploring expanded cooperation in fintech, green finance, sustainable investment, innovative startups, and digital transformation.

Beyond government meetings, Binh is scheduled to visit financial regulatory bodies and institutions in Luxembourg. He will also engage with Vietnamese professionals and scholars working in the country’s financial and banking sector.

Ambassador Nguyen Van Thao noted that fintech and green finance remain areas with untapped potential in bilateral cooperation. Luxembourg’s strong financial ecosystem offers ample opportunities for cooperation, and both sides should work closely to maximize the benefits of the Strategic Partnership on Green Finance.

Source: VOV

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