Vietnam - Liechtenstein expand financial cooperation, innovation
The two Prime Ministers agreed to promote cooperation in areas where Vietnam and Liechtenstein have potential such as finance, innovation, and digital transformation.
On October 18, at the Government Headquarters, Politburo Member, Prime Minister Le Minh Hung held talks with Liechtenstein Prime Minister Brigitte Haas.
At the talks, Prime Minister Le Minh Hung affirmed that Vietnam values relations with Liechtenstein, highly appreciates Liechtenstein's position and strengths in the fields of science and technology, innovation, finance, technology and high-level human resource development.
These are areas with potential to complement Vietnam's development orientation, while opening up opportunities to strengthen connectivity between Vietnam, ASEAN and the European Free Trade Association (EFTA).
Expressing his pleasure at the signing of the Free Trade Agreement between Vietnam and EFTA after 14 years of negotiations with 21 official negotiation sessions, along with the Double Taxation Avoidance Agreement between Vietnam and Liechtenstein, the Prime Minister said that these Agreements will create a more favorable framework for businesses of both sides, contribute to reducing tariffs and trade barriers, expanding market access, strengthening business connections and promoting investment flows, contributing to the growth and prosperity of the two countries.
Informing about the situation and development orientation of Vietnam, Prime Minister Le Minh Hung said that Vietnam is making efforts to implement strategic development goals to 2030 and 2045, towards a growth model based on science and technology, innovation and digital transformation.
On that basis, the Prime Minister requested Liechtenstein to strengthen experience sharing with Vietnam on the development and management of investment funds, banking operations, green finance, capital markets and international asset management.
Regarding trade and investment cooperation, the Prime Minister proposed that the two sides continue to create favorable conditions for goods of each country to access each other's markets, including Vietnam's strong export items such as seafood and textiles.
The Prime Minister encouraged Liechtenstein businesses to increase investment in Vietnam in the fields of high technology, precision mechanics, automation and medical equipment, finance, including the possibility of participating in the International Financial Center and the Vietnamese capital market.
Appreciating Vietnam's development achievements, growth potential and strategic position, Prime Minister Brigitte Haas expressed her desire for the two countries' relations to expand in many fields, and wanted to effectively exploit the opportunities opened up from new cooperation agreements, in which the Vietnam-EFTA Free Trade Agreement and the Double Taxation Avoidance Agreement are important milestones in the relationship between the two sides.
Exchanging views on cooperation directions in the coming time, the two Prime Ministers agreed to continue to strengthen delegation exchanges at all levels, promote cooperation mechanisms and expand cooperation in areas where the two sides have potential, strengths and can complement each other such as finance, science and technology, innovation, digital transformation and high-tech manufacturing; strengthen connections between management agencies, research institutes, universities and businesses; promote research cooperation, technology transfer and high-quality human resource development.
Based on Liechtenstein's experience and strengths, the two sides will strengthen exchanges on investment fund management, asset management, banking operations, capital markets and securities.
The two Prime Ministers also agreed to soon ratify the Vietnam - EFTA Free Trade Agreement and promote implementation after the Agreement takes effect; strengthen cooperation in green transformation, circular economy, renewable energy, emission reduction and adaptation to climate change.
At the end of the talks, Prime Minister Le Minh Hung witnessed the Signing Ceremony of the Agreement to Avoid Double Taxation between Vietnam and Liechtenstein.
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