Vietnam, Luxembourg agree to soon sign a Memorandum of Understanding on cooperation in building an international financial center

Deputy Prime Minister Nguyen Hoa Binh hopes that Luxembourg will share its experience and support Vietnam on financial market issues, green finance development, fintech management, crypto assets, and cryptocurrencies - Photo: VGP/Nguyen Hoang

On the afternoon of March 21 (local time), Permanent Deputy Prime Minister Nguyen Hoa Binh had a working session with Luxembourg Finance Minister Gilles Roth.

Welcoming Deputy Prime Minister of the Government of Vietnam Nguyen Hoa Binh to visit Luxembourg, the Minister of Finance of Luxembourg affirmed that he always wishes to strengthen and deepen the Vietnam - Luxembourg relationship, and promised to make maximum efforts and take specific steps to support Vietnam in building international financial centers.

Luxembourg's Finance Minister assessed that Vietnam has a reliable financial infrastructure and has a complete basis to build a financial center - Photo: VGP/Nguyen Hoang

Expressing his gratitude for the warm welcome of Finance Minister Gilles Roth, Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed that the most important purpose of the trip is to learn about experiences and information to deploy financial centers in Ho Chi Minh City and Da Nang; hoping that Luxembourg, as a traditional friend country, a strategic partner in green financial development of Vietnam, an economy that is particularly successful in the financial market, green financial development, fintech management, crypto assets, and crypto currencies, will share experiences and support Vietnam in this matter.

Regarding the plan to build an international financial center in Ho Chi Minh City and Da Nang, the First Deputy Prime Minister affirmed that this is a very important step, creating a boost to attract resources and promote economic development. Therefore, the First Deputy Prime Minister hopes that Luxembourg will provide information and experience in building legal infrastructure and legal systems for the financial center; foster and train human resources for Vietnam's financial center; develop policies to attract foreign investors to participate in Vietnam's financial center; encourage and create conditions for Luxembourg investors to do business in Vietnam and participate in Vietnam's financial market.

Permanent Deputy Prime Minister Nguyen Hoa Binh and Luxembourg Finance Minister Gilles Roth agreed to soon sign a Memorandum of Understanding on cooperation in building an international financial center in Vietnam - Photo: VGP/Nguyen Hoang

Sharing with the Permanent Deputy Prime Minister about the experience of building an international financial center, the Minister of Finance of Luxembourg assessed that Vietnam has a reliable financial infrastructure and has a complete basis to build a financial center. Minister Gilles Roth said that for a financial center to operate effectively, there are 4 important factors including: A strong and flexible legal system, in line with international standards; a supervisory agency to ensure that regulations are complied with; qualified human resources to participate in the financial center; investment resources from both the public and private sectors.

The Minister also recommended that the financial center should be built on three pillars: the banking and insurance system; investment funds and technology, fintech, AI, crypto assets, digital assets...

Permanent Deputy Prime Minister Nguyen Hoa Binh and Luxembourg Finance Minister Gilles Roth with delegations from the two countries - Photo: VGP/Nguyen Hoang

Deputy Prime Minister Nguyen Hoa Binh and Luxembourg Finance Minister Gilles Roth agreed to quickly implement cooperation measures; at the same time, they agreed to soon sign a Memorandum of Understanding on cooperation in building an international financial center in Vietnam.

Permanent Deputy Prime Minister Nguyen Hoa Binh directed the Vietnamese working group to urgently cooperate with the Luxembourg side to develop the content of the memorandum and invite Minister Gilles Roth to visit Vietnam and sign the memorandum when the draft is completed.

Minister Gilles Roth expressed his wish to visit Vietnam and once again affirmed that he will cooperate closely with Vietnam on issues related to building an international financial center./.

Nguyen Hoang