The leaders of the two countries’ Ministries of Finance agreed to continue promoting connectivity in the capital market sector, encouraging Luxembourg investment funds and financial institutions to increase long-term investment in Vietnam.
On October 12th, Vietnamese Minister of Finance Ngo Van Tuan and Luxembourg Minister of Finance Gilles Roth held a meeting to discuss the economic and financial situation, policy directions, and promote bilateral cooperation in the coming period. During the meeting, the two ministers signed a Memorandum of Understanding (MoU) on cooperation between the two Ministries of Finance, outlining several important areas of collaboration.
During the meeting, Minister Ngo Van Tuan provided information on Vietnam’s socio-economic situation. In the first nine months of 2026, Vietnam’s GDP growth reached 9.01%, aiming for an annual growth target of 10% or higher. Total import and export turnover reached US$888.02 billion, an increase of 30.4%. Foreign direct investment (FDI) reached US$21.07 billion, the highest level in the past five years.
Minister Ngo Van Tuan emphasized that in order to achieve a growth target of 10% or more in the next decade, Vietnam has a great need to mobilize resources for development investment, especially through international investment funds, which is Luxembourg’s leading strength.
Minister Gilles Roth provided information on Luxembourg’s experience in maintaining fiscal discipline, managing public debt, and upholding its AAA credit rating; he also discussed several key financial policy directions of the European Union (EU), including those discussed at the Economic and Financial Council (ECOFIN) and the Eurogroup of Finance Ministers. Minister Gilles Roth stated that despite its small size, Luxembourg currently manages assets exceeding €9 trillion and is a leading international financial center.
Regarding future cooperation directions, both sides agreed to continue promoting connectivity in the capital market sector, encouraging Luxembourg investment funds and financial institutions to show interest in and increase long-term investments in Vietnam. Luxembourg expressed its desire to bring investment capital into Vietnam, especially alternative investment funds (which help mobilize private capital alongside public capital) and the European Long-Term Investment Fund (ELTIF). Based on a survey of Hanoi’s public transport system and infrastructure, Luxembourg affirmed that these are key infrastructure projects that Luxembourg can support with funding.
In addition, the two sides also discussed the possibility of strengthening connections between the Vietnam Stock Exchange (VNX) and the Luxembourg Stock Exchange (LuxSE), especially in areas related to dual listing and disclosure of information for green financial instruments. This would leverage Luxembourg’s strengths as an important financial center in Europe while expanding connections with the Vietnamese market within the ASEAN region.
Regarding the establishment of an International Financial Center in Vietnam, Minister Ngo Van Tuan stated that Vietnam aims to develop financial centers in Ho Chi Minh City and Da Nang into regional and global hubs for green finance transactions. Vietnam requested Luxembourg to share its experience in building a legal framework, developing financial products and services, including green investment funds, asset management, and green bonds; support human resource training; and strengthen connections with Luxembourg’s green finance ecosystem.
In the field of digital transformation , training, and human resource development, both sides are interested in sharing experiences on risk-based supervision, controlled testing mechanisms for Fintech, the EU legal framework for crypto assets, and the application of artificial intelligence in the management and supervision of financial markets. Minister Gilles Roth cordially invited Minister Ngo Van Tuan and officials from the Vietnamese Ministry of Finance to visit, work, and receive training in Luxembourg to directly familiarize themselves with the operational models of the Stock Exchange, the Financial Conduct Authority (CSSF), the Central Bank of Luxembourg, and the European Investment Bank (EIB).
Furthermore, the Vietnamese Ministry of Finance also requested Luxembourg to continue supporting the connection of Luxembourg financial institutions and investors with the Vietnamese market, contributing to attracting international financial resources to serve socio-economic development goals. Within the framework of Vietnam-EU cooperation, Vietnam requested Luxembourg to continue playing an active role in EU mechanisms, supporting the remaining EU member states in the early completion of ratification of the Vietnam-EU Investment Protection Agreement (EVIPA), contributing to creating a favorable legal foundation for expanding investment and economic cooperation between Vietnam and the EU.
During the meeting, the two ministers signed a Memorandum of Understanding (MoU) on cooperation between the two countries’ Ministries of Finance, outlining several important areas of collaboration.
The memorandum of cooperation between the two Ministries of Finance creates a framework for both sides to enhance knowledge and experience sharing, improve capacity, and train human resources in areas of mutual interest, including sustainable finance, green finance, financial technology (Fintech), investment fund management, capital markets, banking services, and insurance.
To concretize the cooperation contents, Minister Ngo Van Tuan requested the focal unit of the Vietnamese Ministry of Finance to proactively coordinate with its Luxembourg counterparts to develop a list of specific cooperation activities for 2027, and to establish a mechanism for regular exchange and review to ensure that the contents of the Memorandum of Understanding are implemented practically and effectively.
