Luxembourg names areas of potential

June 10, 2013 | 11:35

(0) user say

Luxembourg will throw the spotlight on banking, finance and green growth to improve its bilateral relations with Vietnam.

Luxembourg ambassador Marc Thill said last week that the country had a comparative advantage in these areas, which showed enormous cooperation potential with Vietnam.

Luxembourg’s financial centre is the second largest investment fund centre in the world after the US, the leading captive reinsurance market in the EU and the premier private banking sector in the Eurozone.

He said relations between Vietnam and Luxembourg have strengthened with various development cooperation projects in health, rural development, education, hospitality and tourism.

“Programmes and projects using official development assistance from the government of Luxembourg have been very effective and made great contributions to socio-economic development of Vietnam,” said Minister of Planning and Investment Bui Quang Vinh.

Luxembourg has disbursed 150 million euros ($197 million) in official development assistance for Vietnam.

Luxembourg companies, notably Cargolux, Domestic, Jan De Nul, Paul Wurth and Societe Europeenne de Satellites (SES) have been successful in Vietnam in various sectors.

By By Kieu Linh

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional