Vietnam needs resources and external support to develop its capital, stock, bond, and credit markets, Prime Minister Pham Minh Chinh told the recent Vietnam-Luxembourg business forum in Luxembourg, and expressed a hope that the host country would share its experience in these endeavors.

Luxembourg has 58 operational projects with capital of $2.6 billion in Vietnam, ranking it 17th of 141 countries and territories investing in the country, according to forum organizers.

It is also the third-largest European investor in Vietnam, with capital mainly going to information-communications and real estate.

Two-way trade stood at $96 million in 2019, $110.7 million in 2020, and $181.6 million last year, a rise of 64 per cent.

The forum was held to identify the investment potential of and opportunities in each side, thus enabling businesses, investors, and international organizations to make better investment decisions.

Prime Minister Chinh assured investors from Europe in general and Luxembourg in particular that the Vietnamese Government has been doing what is necessary to improve the country’s investment and business environment and to protect investors as though they were Vietnamese citizens.

Vietnam has signed 16 free trade agreements (FTAs) with 64 major markets worldwide, along with many deals on investment protection and double taxation avoidance.

It regards Luxembourg as a bridge to the EU, he noted, while Vietnam can act as a bridge for Luxembourg to penetrate into ASEAN.

He hopes investors in the two countries will share their experience and work further to deal with obstacles emerging during cooperative efforts.

Mr. Carlo Thelen, Director General of the Luxembourg Chamber of Commerce, said Vietnam is Luxembourg’s ninth-largest trade partner outside of the EU, is posting the highest economic growth in ASEAN, and has potential in building production and manufacturing centers.