Representatives from 13 leading Luxembourg businesses gathered at a conference in Ha Noi on July 2 in a bid to become better informed on Viet Nam’s investment environment.

The conference was co-hosted by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Luxembourg Embassy in Viet Nam on the occasion of the five-day visit to Viet Nam by Luxembourg Minister of Economy and Foreign Trade Jeannot Krecke that began on July 1.

At the conference, Deputy Minister of Planning and Investment Nguyen Bich Dat briefed the guests on Viet Nam’s investment environment, especially in their fields of interest that include the manufacturing industry, minerals, telecommunications, transport and finance.

According to minister Krecke, Viet Nam and Luxembourg have a massive potential to cooperation further in transport, aviation, post and telecommunications, finance, e-commerce and technology. Luxembourg, he said, is also willing to act as a bridge in providing Vietnamese businesses with information relating to the European markets and specifically in finance.

Luxembourg firms have 15 projects currently operating in Viet Nam with a total investment capital of 803 million USD, that revolve around construction, food processing, pharmaceutical products, hi-end technology and real estate, according to a report delivered by the VCCI.

Two way-trade turnover between Viet Nam and Luxembourg annually reaches a modest amount of 6 million USD. Viet Nam mainly exports garment and textile products and footwear to Luxembourg while importing leather materials and steel.

Luxembourg remains one of the fastest growing economies in the European Union. Commerce, banking services, insurance, chemicals, plastics and steel production are the backbone of the country’s economy.