Vietnam, Liechtenstein step up cooperation, tap opportunities from new agreements

Hanoi (VNA) – Prime Minister Le Minh Hung and his Liechtenstein counterpart Brigitte Haas agreed on various measures to foster cooperation and make full use of the newly signed agreements during their talks in Hanoi on October 18.

PM Hung warmly welcomed his counterpart on her official visit, stressing that it is the first high-level official visit between the two countries since they established diplomatic relations in 2008.

He affirmed that Vietnam attaches importance to its relations with Liechtenstein and values the principality’s standing and strengths in science and technology, innovation, finance, technology and highly skilled human resources development.

These areas have the potential to complement Vietnam’s development priorities while creating opportunities to strengthen links between Vietnam, ASEAN and the European Free Trade Association (EFTA).

Welcoming the signing of the Vietnam-EFTA Free Trade Agreement after 14 years of negotiations involving 21 formal rounds of talks, as well as the Double Taxation Avoidance Agreement between Vietnam and Liechtenstein, PM Hung said the deals will create a more favourable framework for both countries' businesses. They will help reduce tariffs and trade barriers, expand market access, strengthen business links and promote investment flows, contributing to growth and prosperity in the two countries.

Briefing his guest on Vietnam’s situation and development orientations, he said the country is working towards its strategic development goals for 2030 and 2045, towards a growth model driven by science and technology, innovation and digital transformation.

Against this backdrop, he proposed that Liechtenstein share more of its experience with Vietnam in developing and managing investment funds, banking, green finance, capital markets and international asset management.

On trade and investment cooperation, he called on both sides to continue facilitating market access for each other’s goods, including Vietnam’s key exports such as seafood and textiles.
He encouraged Liechtenstein businesses to step up investment in Vietnam in high technology, precision engineering, automation, medical equipment and finance, including potential participation in the Vietnam International Financial Centre and capital markets.

Thanking Vietnam for its gracious and warm hospitality, PM Haas said she is honoured to be the first member of the Liechtenstein Government to visit Vietnam. She emphasised that the visit is important for advancing bilateral relations while creating opportunities to strengthen dialogue and international cooperation.

Highlighting Vietnam’s development achievements, growth potential and strategic position, she expressed her wish to expand bilateral relations across a range of fields and make effective use of opportunities arising from the newly signed cooperation agreements.

She described the Vietnam-EFTA FTA and the Double Taxation Avoidance Agreement as important milestones in relations between the two sides.

Discussing future cooperation, the two PMs agreed to continue exchanges of delegations at all levels, promote cooperation mechanisms and expand collaboration in areas where both sides have potential, strengths and complementary capabilities, such as finance, science and technology, innovation, digital transformation, and high-tech manufacturing. They also agreed to strengthen links among regulatory agencies, research institutes, universities and businesses, while promoting joint research, technology transfer and the development of highly skilled human resources.

Building on Liechtenstein’s experience and strengths, the two sides will step up exchanges on investment fund and asset management, banking operations, capital markets and securities.

The two leaders also agreed to expedite ratification of the Vietnam-EFTA Free Trade Agreement and promote its implementation once it entered into force. They pledged to strengthen cooperation in green transition, the circular economy, renewable energy, emissions reduction and climate change adaptation.

On regional and international issues, the PMs agreed to continue coordinating and supporting each other at the United Nations and other multilateral forums. They committed to promoting multilateralism, respecting international law and a rules-based multilateral trading system, contributing actively to addressing common challenges for peace, stability, cooperation and sustainable development in the regions and around the world.

At the conclusion of the talks, PM Hung witnessed the signing ceremony of the Double Taxation Avoidance Agreement between Vietnam and Liechtenstein./.