Luxembourg media highlight co-operation potential with Vietnam

The website of the Luxembourg Government - gouvernement.lu - said that Prime Minister Bettel's official visit came following an invitation by Vietnamese Prime Minister Pham Minh Chinh on the occasion of the 50th anniversary of bilateral diplomatic relations and in response to PM Chinh's visit to Luxembourg made in December, 2022.

Tageblatt.lu - a daily newspaper in Luxembourg – published an article saying that Vietnam has become an attractive trade partner globally. Under the terms of the leadership of the Communist Party of Vietnam, the nation opened up to the world under reforms made during the late 1980s, going on to become an important economy not only in the region but also throughout the world.

According to details given in the article, in terms of foreign policy, the country wants to have friendly relations with all countries, while in terms of foreign relations, the Vietnamese side relies on independence and supports bilateral partnerships and multilateralism. Due to geopolitical uncertainties taking place in the world, the country is being increasingly sought after by Western companies as a new partner, including Luxembourg.

The EU-Vietnam Free Trade Agreement (EVFTA) has brought many new opportunities for Luxembourgish businesses that operate in the service and financial sectors. Currently, many Luxembourg enterprises are operating in the Vietnamese market.

The article also highlights positive trade ties between Luxembourg and Vietnam made in recent years, including bilateral trade hitting over EUR160 million, roughly US$179 million, in 2022, up from a figure of EUR120 million in 2020.

In another article published by the newspaper, it is said that during PM Bettel's visit to Vietnam, the two sides signed many bilateral co-operation agreements, including those on aviation links, the extension of an agreement to avoid double taxation, and co-operation against climate change through green funds.

Luxembourg Agency for Development Cooperation (LuxDev) will launch two projects worth EUR2 million in Vietnam. Luxembourg-based airline Cargolux will soon receive a license to fly to Ho Chi Minh City besides Hanoi.

The article quotes PM Bettel as expressing optimism about the possibility that Luxembourg tourists in the future can enter Vietnam without a visa when the National Assembly of Vietnam considers extending the visa-free policy at its meeting late this month.

Luxembourg's online newspaper virgule.lu recently published an article outlining the prospect of Vietnamese electric vehicles entering the Luxembourg market. The article noted that PM Bettel and Minister for Small and Medium-Sized Enterprises and Minister for Tourism Lex Delles visited VinFast's facility and experienced test driving its electric vehicles.

Other Luxembourg newspapers such as Today.RTL.lu and diegrenzgaenger.lu also reported on PM Bettel’s Vietnam visit.