Nation aims to improve links with business ally Luxembourg

tohang

Luxembourg has been hailed as one of Viet Nam's most important economic, trade and investment partners by the Foreign Investment Agency (FIA) ahead of a major finance forum between the two countries next Tuesday.

Dong Nai Garment Co workers make clothing for export mainly to the EU, US and Japan. Luxembourg is considered as one of Viet Nam's most important economic, trade and investment partners in Europe. — VNA/VNS Photo Van Khanh

HA NOI (Biz Hub) — Luxembourg has been hailed as one of Viet Nam's most important economic, trade and investment partners by the Foreign Investment Agency (FIA) ahead of a major finance forum between the two countries next Tuesday.

The Ministry of Finance has jointly organised the forum with the embassy of Luxembourg to mark the 40th anniversary of diplomatic relations between the two countries and a 20-year milestone of their co-operation partnership.

The forum is being billed as an excellent opportunity for the two governments and other development partners to reflect on past and present achievement as well as looking to their future co-operation.

The FIA, a subsidiary of the Ministry of Planning and Investment, has said that more investment inflows from developed countries like Luxembourg could help Viet Nam accelerate its industrialisation process, capitalising on their remarkable technological and experiential advantages.

Viet Nam and Luxembourg are currently midway into a co-operation programme for the 2011-15 period, but both sides believe that their partnership could be enhanced further.

In order to attract more investment from Luxembourg, experts are expected to advise the forum that Viet Nam must improve its investment environment, perfect its economic legislation, extend and diversify opportunities for investment, improve industry self-promotion and support businesses in minimising their production costs.

Luxembourg now ranks 20th among the 100 countries and territories investing in Viet Nam. Most of its money is aiding the communication, house and office construction, light industry and food processing sectors.

General Department of Customs statistics show that the two-way trade reached US$32 million last year. Of the total, $29 million came from Vietnamese exports, up 7 per cent year-on-year. — VNS



  • Share:

see also

Petrol prices down in latest adjustment

Petrol prices down in latest adjustment

The Ministry of Industry and Trade, and the Ministry of Finance have adjusted down the retail sale prices of petrol products from 3pm on December 26.
Bắc Ninh builds large-scale high-tech agricultural production zone

Bắc Ninh builds large-scale high-tech agricultural production zone

As part of the province''s development plan for the 2021-23 period with a vision to 2025, the province will build three concentrated agriculture, forestry, and fishery development areas, the provincial portal reported. 
HCM City set to smash 70b GRDP milestone in 2024

HCM City set to smash $70b GRDP milestone in 2024

HCM City’s economy is on track for a robust recovery, with its projected Gross Regional Domestic Product (GRDP) soaring to VNĐ1.78 quadrillion (US$70 billion) in 2024, marking a growth of 7.17 per cent.
Việt Nam and South Korea signed mutual recognition agreement on AEO

Việt Nam and South Korea signed mutual recognition agreement on AEO

The mutual recognition agreement (MRA) on Authorised Economic Operator (AEO) aligns with global trends and brings numerous business benefits while enhancing customs management efficiency.
Green farming development needs supportive policies to attract investors

Green farming development needs supportive policies to attract investors

The numbers investing in this sector remains modest, because the supportive mechanisms and policies for the investors are not attractive enough, according to experts.