CSSF Director General Claude Marx made the statement during his meeting with Vietnamese Deputy Prime Minister Nguyen Hoa Binh who was on a working trip to Luxembourg on March 20 (local time).

Marx highly valued Vietnam’s economic, trade, financial, and banking potential and expressed CSSF’s readiness to engage in open discussions, address the country’s inquiries, and support the development of international financial centre projects in Ho Chi Minh City and Da Nang.

Deputy PM Binh for his part emphasized the urgent need to establish international financial centres in Ho Chi Minh City and Da Nang, which he said would meet the country’s strong development demands in the coming period.

He requested CSSF to share its experience in supervising and managing financial centres to help Vietnam build an effective financial supervisory body, ensuring financial stability, mitigating risks, and fostering investor confidence.

During the meeting, CSSF representatives answered various questions regarding CSSF’s operations and the Luxembourg Financial Centre. Topics discussed included legal regulations, organizational structure, risk management mechanisms, anti-money laundering, counter-terrorism financing, technological innovations, and the regulation of emerging sectors such as artificial intelligence, fintech, blockchain, digital assets, and cryptocurrencies, as well as data protection laws.

Marx emphasized that one of the key reasons for the success of the Luxembourg financial centre is its openness and transparency, which facilitates business support and continuous dialogue to address arising issues.

Founded in 1998, the Commission de Surveillance du Secteur Financier is the main financial regulatory authority under the Luxembourg Ministry of Finance but operates independently in its supervisory functions. The CSSF is tasked with for supervising banks and the financial system, managing investment funds and securities activities, overseeing fintech operations, regulating insurance and pension funds, and combating money laundering and terrorist financing.

Vietnam, Luxembourg to bolster green finance cooperation

VOV.VN - 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.