Vietnam, Luxembourg promote cooperation for green development


Vietnam's Ministry of Finance delegation led by Minister Ho Duc Phoc visited Luxembourg from July 5 to 8. During the visit, the Ministry had a meeting with the Luxembourg Stock Exchange (LuxSE) Director Julie Becker, hoping that the country could assist Vietnam in building a carbon market and promote the development of green stocks.

During the meeting, Ho emphasized that Vietnam regards the promotion of green growth as a national key task to create a sustainable development space.

In order to create favorable conditions for enterprises to mobilize domestic and foreign green resources, Vietnam's legal documents and policy system have been gradually improved to regulate green financial products, such as: green bonds, green stocks, green credit and preferential policies. Among them, green bond issuers and investors can enjoy preferential policies such as price discounts for securities services.

The minister also said that in November 2021, through the Glasgow Climate Pact, all 197 countries, including Vietnam, that have signed the United Nations Framework Convention on Climate Change (UNFCCC) have reached a historic agreement. Vietnam is committed to net zero emissions by 2050, even though it is a developing country that needs a lot of low-cost resources to immediately meet its development needs and adapt to climate change.

The meeting is a substantive dialogue that helps Luxembourg companies and investors understand the situation in Vietnam, the innovative policies and determination of the government, and most importantly, enhance investors' trust in Vietnam's development potential. After the meeting, the business circles of the two countries will put forward more ideas and new cooperation projects to deepen Vietnam-Luxembourg cooperation.

At the end of the meeting, Minister Ho and Ms. Becker unanimously agreed and confirmed that they will continue to communicate and strengthen in-depth cooperation to make Luxembourg's assistance more effective, especially for stock market management and supervision, information technology application exchange and sharing, training, and improving human resources quality and other issues.

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