Luxembourg is now Vietnam’s third-largest European investor, with capital totaling some $2.6 billion, according to Prime Minister Pham Minh Chinh.

Speaking during talks with his Luxembourg counterpart Xavier Bettel in Hanoi on May 4, Prime Minister Chinh welcomed leading enterprises from Luxembourg in fields such as banking and finance, logistics, and energy transition that are accompanying Prime Minister Bettel on the visit and attending a business forum between the two countries.

The two leaders agreed to step up the building of logistics centers and the establishment of bonded warehouse networks in both countries.

Prime Minister Bettel agreed to fully and effectively carry out the EU-Vietnam Free Trade Agreement (EUVFTA) to bolster bilateral trade, push other EU countries to soon ratify the EU-Vietnam Investment Protection Agreement (EUVIPA), support stronger cooperation between the EU and Vietnam in sustainably developing the fisheries sector, and persuade the European Commission to soon remove its “yellow card” warning on illegal, unreported, and unregulated (IUU) fishing in Vietnam.

The two Prime Ministers welcomed the two finance ministries establishing a strategic partnership in green finance, a new cooperation pillar, to help further enhance relations, especially in personnel training, capacity building, institutional building, technology transfer, and financial assistance for agriculture and climate change response, in order to achieve green growth and sustainable and inclusive development.

They also concurred on reinforcing ties in other areas, such as culture, science and technology, information and communications, tourism, and climate change response.

Following the talks, the two Prime Ministers witnessed the signing of a protocol amending the two governments’ agreement on double taxation avoidance and preventing income and asset tax evasion, along with an agreement on a strategic partnership in green finance between the two finance ministries.