CSSF appreciates Vietnam's potential in the economic field

At the meeting, Deputy Prime Minister Nguyen Hoa Binh said that the establishment of an International Financial Center in Ho Chi Minh City and Da Nang is an urgent requirement. The establishment of an International Financial Center will meet the goals and needs of strong development of the Vietnamese economy in the coming time. On that basis, the Deputy Prime Minister asked CSSF to share its experiences in supervising and operating the Financial Center, thereby helping Vietnam build an effective financial supervision agency, ensuring financial stability, preventing financial risks and bringing confidence to investors.

For his part, CSSF General Director Claude Marx emphasized that CSSF always supports cooperation between countries around the world with Luxembourg in general and cooperation in the financial sector in particular, including Vietnam. Appreciating Vietnam's potential in the fields of economics - trade, finance - banking, General Director Claude Marx affirmed that he is ready to discuss frankly, answer questions from the Vietnamese delegation, and support Vietnam in building and developing international financial centers in Ho Chi Minh City and Da Nang.

Permanent Deputy Prime Minister Nguyen Hoa Binh (left) and Director General of the Luxembourg State Supervision Agency for the Financial Sector (CSSF), Claude Marx

During the meeting, the CSSF answered many in-depth questions from Deputy Prime Minister Nguyen Hoa Binh and the Vietnamese delegation about the activities of the CSSF as well as the Luxembourg International Financial Center, including legal regulations, organizational structure, risk management mechanism, anti-money laundering, anti-terrorist financing, application of technological innovation, management of new fields such as artificial intelligence, fintech, blockchain, digital assets, virtual currency as well as regulations on big data protection.

Working scene

The CSSF General Director emphasized that one of the reasons for the success of the Luxembourg Financial Center is its openness and transparency in information, support for businesses, and willingness to dialogue to jointly handle arising issues.

The Commission de Supervision du Secteur des Supervision du Secteur des Supervision du Secteurs (CSSF), established in 1998, is the main financial regulatory body under the Luxembourg Ministry of Finance but is independent in terms of its mandate. The CSSF is responsible for: supervising banks and the financial system; regulating investment funds and securities activities; controlling and promoting financial technology (fintech) activities; regulating insurance and pension funds; and combating money laundering and terrorist financing.