Promoting Vietnam - Luxembourg cooperation in building an effective financial supervision mechanism

Permanent Deputy Prime Minister Nguyen Hoa Binh and Director General of the Luxembourg State Supervision Agency for the Financial Sector (CSSF) Claude Marx - Photo: VGP/Nguyen Hoang

Welcoming the Deputy Prime Minister and the Vietnamese delegation to visit and work in Luxembourg, 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.

Mr. Claude Marx highly appreciated Vietnam's potential in the fields of economics - trade, finance - banking; affirmed his readiness to have frank discussions, answer questions from the Vietnamese delegation, and support Vietnam in building and developing international financial centers in Ho Chi Minh City and Da Nang.

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 - Photo: VGP/Nguyen Hoang

Thanking CSSF for its welcome and openness in sharing information, 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.

Affirming that the establishment of an international financial center will meet the goals and strong development needs of the Vietnamese economy in the coming time, the First Deputy Prime Minister asked the CSSF to share its experiences in supervising and operating the financial center's operations, thereby helping Vietnam build an effective financial supervision agency in Vietnam, ensuring financial stability, preventing financial risks and bringing confidence to investors.

The Permanent Deputy Prime Minister asked the CSSF to share its experiences in supervising and operating the financial center's operations, thereby helping Vietnam build an effective financial supervision agency in Vietnam... - Photo: VGP/Nguyen Hoang

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.

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 Luxembourg State Supervision Service for the Financial Sector (CSSF), established in 1998, is the main financial regulatory body within the Luxembourg Ministry of Finance, but is independent in terms of the implementation of its duties.

The CSSF is responsible for: Supervision of banks and the financial system; management of investment funds and securities activities; control and promotion of financial technology (fintech) activities; management of insurance and pension funds; prevention of money laundering and terrorist financing.

Nguyen Hoang