“Vietnam is a top destination for Luxembourg businesses in the coming year,” said Mr Jeannot Krecke, Minister of Economy and Foreign Trade of Luxembourg at the conference entitled "Luxembourg - European Excellent Economic Centre." This event was part of activities during the official visit to Vietnam by the Grand Duke of Luxembourg, Henri Albert Gabriel Felix Marie Guillaume.
Vietnam and Luxembourg established diplomatic relations on November 15, 1973. Since this milestone, the bilateral cooperation has grown up and generated many outstanding achievements in all fields like economy, politics, culture, education and health. In economic aspect alone, as of October 20, 2011, Luxembourg had 21 investment projects with a total registered capital of nearly US$1.5 billion in Vietnam, ranking 20th out of 94 countries and territories investing in the Southeast Asian nation. Luxembourg investors focused on some sectors like construction, food processing, communications and high technology. The two-way trade turnover reached about US$$5 - 6 million a year previously before strongly jumped to US$19 million in 2009 and US$26.4 million in 2010. By the end of September 2011, the turnover exceeded US$25 million.
Minister Jeannot Krecke said this was the third time Luxembourg business delegation explored investment and business opportunities in Vietnam and the number of participants is greater than earlier visits in 2004 and 2007. He stressed that Europe saw Vietnam as a leader of new-generation emerging markets, with sufficient capacity and vision to sustain high growth over the long term. Many Luxembourg partners are ready to participate in development prospects of Vietnamese economy.
Mr Pierre Gramegna, General Director of Luxembourg Chamber of Commerce, said Luxembourg businesses are always very interested in investment cooperation in Vietnam, adding that this delegation consisted of more than 20 leading companies operating in various industries like automobile, satellite, airway, finance, investment fund, architecture, construction, ecological technology, marine, import and export. Outstanding visitors included Paul Wurth, KAM Kiswire Arcelor Mittal, Jan de Nul.
At the conference, Vice Chairman of Ho Chi Minh City People's Committee Le Manh Ha said the city had 4,100 foreign-invested projects with a total capital of over US$30 billion. Luxembourg invested in eight projects specialised in processing industry, manufacturing, science and technology. This modest figure reflected the fact that investment and business relations between Vietnam and Luxembourg have not as good as expected.
He stressed that with the goal of becoming a major financial centre of Vietnam and Southeast Asia, Ho Chi Minh City hoped to exchange and share experience in investment promotion and trade cooperation with all countries and large cities in the world. The city hoped to welcome more Luxembourg investors, particularly insurers, banks and securities companies, to serve its development needs. He hoped the two sides would create more opportunities for experience exchange and sharing. He asserted that the Ho Chi Minh City’s authority always welcomes and facilitates all foreign investors, including Luxembourgers, to seek investment and development opportunities in the city.
Thanh Tan
Vietnamese
