Vietnam has praised the Government of Luxembourg's cooperation and support, especially in the finance sector.
Deputy Minister of Finance Truong Chi Trung revealed this at theVietnam-Luxembourg Finance Forum in Hanoi on June 18. The forum wasto mark the 40th anniversary of the establishment of diplomaticrelations between the two countries.
Trung said the financial market in Vietnam is in an early stage of development and its potential is huge.
" Vietnam aims to develop the financial market in an efficient,open, transparent manner, moving towards international standards tocreate important funds and channels for the economy as well as developregulatory tools to enable the market's stable development, to protectinvestors and internet services for users," he said.
Trung saidVietnam has received invaluable support from Luxemburg in forms ofexperience sharing, capacity building and system equipment.
Inrecent years, Luxembourg has witnessed the highest growth rates inthe European Union. The service sector and banking and financialservices are the main drivers of that growth.
Trung said thetwo countries have signed a protocol on a project to develop capitalmarkets in Vietnam with a grant of 3 million EUR.
Inaddition, in the Vietnam-Luxembourg 2010-15 ICP, Luxembourg hasoffered to finance the projects in prioritised areas of development inVietnam.
Sameer Goyal, coordinator of the World Bank'sFinancial and Private Sector, said Vietnam faces challenges infinancial sector restructuring because legal, regulatory and supervisoryframework continues to be behind international standards and practices.
He said banking sector assets have nearly doubled the GrossDomestic Product (GDP) and required large resources while the Governmentdid not have fiscal space.
He said the Government shouldmaintain consumer confidence and undisrupted services, adding thatimproving corporate governance is a must as bad management led to weakinstitutions.
Nguyen Thi Lien Hoa, vice chairman of the StateSecurities Commission (SSC) spoke about the achievements of the twocountries in developing Vietnam 's securities market.
Hoasaid Luxembourgh has helped the SSC in drafting professional manuals,finalising a legal framework governing operations in the market andsupporting the legislation process to create a legal framework for newproducts.
Luxembourg Ambassador to Vietnam Marc Thill said hisgovernment is ready to give further support for Vietnam throughvocational training and technical assistance.
"We are pleasedto see steady progress in our economic relations with Vietnam and weare happy to continue to promote Luxembourg 's experience andknow-how in the financial sector," he said.
Luxembourg isone of the leading financial centres in the world. It is host to 141banks and 243 institutions active in the sectors of insurance andre-insurance.
The country holds an impressive six percent market share in international private banking.
Within the international fund industry, it is ranked second behind theUS while it has become a leader in the cross-border distribution ofinvestment funds.-VNA
Deputy Minister of Finance Truong Chi Trung revealed this at theVietnam-Luxembourg Finance Forum in Hanoi on June 18. The forum wasto mark the 40th anniversary of the establishment of diplomaticrelations between the two countries.
Trung said the financial market in Vietnam is in an early stage of development and its potential is huge.
" Vietnam aims to develop the financial market in an efficient,open, transparent manner, moving towards international standards tocreate important funds and channels for the economy as well as developregulatory tools to enable the market's stable development, to protectinvestors and internet services for users," he said.
Trung saidVietnam has received invaluable support from Luxemburg in forms ofexperience sharing, capacity building and system equipment.
Inrecent years, Luxembourg has witnessed the highest growth rates inthe European Union. The service sector and banking and financialservices are the main drivers of that growth.
Trung said thetwo countries have signed a protocol on a project to develop capitalmarkets in Vietnam with a grant of 3 million EUR.
Inaddition, in the Vietnam-Luxembourg 2010-15 ICP, Luxembourg hasoffered to finance the projects in prioritised areas of development inVietnam.
Sameer Goyal, coordinator of the World Bank'sFinancial and Private Sector, said Vietnam faces challenges infinancial sector restructuring because legal, regulatory and supervisoryframework continues to be behind international standards and practices.
He said banking sector assets have nearly doubled the GrossDomestic Product (GDP) and required large resources while the Governmentdid not have fiscal space.
He said the Government shouldmaintain consumer confidence and undisrupted services, adding thatimproving corporate governance is a must as bad management led to weakinstitutions.
Nguyen Thi Lien Hoa, vice chairman of the StateSecurities Commission (SSC) spoke about the achievements of the twocountries in developing Vietnam 's securities market.
Hoasaid Luxembourgh has helped the SSC in drafting professional manuals,finalising a legal framework governing operations in the market andsupporting the legislation process to create a legal framework for newproducts.
Luxembourg Ambassador to Vietnam Marc Thill said hisgovernment is ready to give further support for Vietnam throughvocational training and technical assistance.
"We are pleasedto see steady progress in our economic relations with Vietnam and weare happy to continue to promote Luxembourg 's experience andknow-how in the financial sector," he said.
Luxembourg isone of the leading financial centres in the world. It is host to 141banks and 243 institutions active in the sectors of insurance andre-insurance.
The country holds an impressive six percent market share in international private banking.
Within the international fund industry, it is ranked second behind theUS while it has become a leader in the cross-border distribution ofinvestment funds.-VNA
