Liechtenstein Prime Minister’s visit to Vietnam opens up practical business cooperation opportunities: Ambassador Chau Mai Anh
WVR - Prime Minister of the Principality of Liechtenstein Brigitte Haas will visit Vietnam from October 17-19. On this occasion, Vietnamese Ambassador to Switzerland and concurrently to the Principality of Liechtenstein Chau Mai Anh gave an interview to The Word and Vietnam Report about the significance of the visit and potential cooperation between the two countries.
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| Vietnamese Ambassador to Switzerland and concurrently to the Principality of Liechtenstein Chau Mai Anh. (Photo: VNA) |
In the context of gradually strengthening relations between the two countries, could the Ambassador share the significance and expectations of this visit?
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This will be the first visit to Vietnam by a Prime Minister of Liechtenstein since the establishment of diplomatic relations between the two countries in 2008. I believe this visit holds significant importance, occurring at a time when relations between the two countries are facing new development opportunities, especially in the fields of economy, trade, investment, technology, and innovation.
During meetings within the framework of the visit, high-level leaders from both countries will have the opportunity to discuss the situation in their respective countries and major directions to promote cooperation in the coming time. Through this, Vietnam can learn from Liechtenstein's experience in enhancing competitiveness based on quality, technological advancement, and the ability to create distinct value to successfully transition its growth model, improve productivity, and develop high-tech industries.
A noteworthy highlight is that Vietnam and Liechtenstein will sign two very important documents during the visit. These are the Free Trade Agreement between Vietnam and the countries of the European Free Trade Association (EFTA), in which Liechtenstein currently holds the EFTA Presidency, and the Vietnam-Liechtenstein Double Taxation Avoidance Agreement. These are crucial legal bases for economic cooperation, providing a foundation for businesses on both sides to build partnerships and implement long-term investment and business plans.
Therefore, this visit not only aims to promote political and diplomatic relations but also opens up more practical cooperation opportunities between the business communities of the two countries. I hope the visit will help transform these opportunities into specific cooperation programs and outcomes, fostering cooperation based on trust, equality, and mutual benefit, thereby bringing Vietnam-Liechtenstein relations to a more substantive, effective, and commensurate level with the potential of each side.
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| Ambassador Chau Mai Anh presenting the Letter of Credence to Hereditary Prince of the Principality of Liechtenstein Alois, on August 13. (Photo: Vietnamese Embassy in Switzerland) |
Vietnam and Liechtenstein established diplomatic relations in 2008. Looking back at the cooperation journey so far, what are the notable achievements, and which areas still have much room for more effective exploitation?
Since establishing diplomatic relations in 2008, Vietnam and Liechtenstein have maintained friendly relations and gradually promoted cooperation in various fields. In my opinion, a noteworthy achievement is that the two countries have maintained high-level and other levels of contact, supporting each other at multilateral forums. In the economic field, bilateral trade turnover in 2025 reached 9.8 million USD. Liechtenstein ranks 84th in direct investment in Vietnam with a total investment capital of 4 million USD. Recent contacts between ministries, sectors, and business representatives have helped identify potential areas such as high-tech industries, pharmaceuticals, medical equipment, and finance. These are also areas with certain complementarities between Vietnam's development needs and Liechtenstein's strengths.
A particularly significant outcome of the visit is the prospect of forming more favorable legal frameworks for economic relations. The conclusion of FTA negotiations between Vietnam and EFTA countries, along with the completion of negotiations and initialing of the Double Taxation Avoidance Agreement between Vietnam and Liechtenstein, are important milestones, contributing to creating more favorable conditions for strengthening cooperation between the two countries. I want to emphasize the following areas where the two countries still have much room for cooperation:
Firstly, manufacturing and high technology. Liechtenstein has strengths in high-value-added industrial products, precision mechanics, specialized equipment, and production technology. Vietnam has a significant demand for industrial modernization, productivity improvement, supporting industry development, and deeper participation in global value chains. Both sides can explore cooperation opportunities in technology transfer, component supply, technical human resource training, and business connections in areas with complementary strengths.
Secondly, pharmaceuticals, medical equipment, and healthcare technology. These are potential areas for cooperation, especially as Vietnam focuses on improving healthcare service quality, developing the pharmaceutical industry, and enhancing medical equipment production capacity. Cooperation can be promoted through business connections, product distribution, appropriate technology transfer, and meeting market quality standards.
Thirdly, finance and financial services. Liechtenstein has experience in financial services, asset management, and providing specialized services for international business activities. Both sides can enhance exchanges on corporate governance, risk management, compliance, and investment support services, based on compliance with each country's laws and relevant international standards.
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| After more than 14 years of negotiations, Vietnam and the European Free Trade Association (EFTA) officially announced the conclusion of bilateral Free Trade Agreement (FTA) negotiations on July 2. (Photo: Ministry of Industry and Trade) |
What is the significance of Vietnam and Liechtenstein completing negotiations and initialing the Double Taxation Avoidance Agreement in June 2026 for bilateral economic cooperation? What opportunities does the Ambassador expect this agreement to create for businesses and investors of both countries once signed and in effect?
The completion of negotiations and initialing of the Double Taxation Avoidance Agreement between Vietnam and Liechtenstein in June 2026 is a meaningful step forward in bilateral economic cooperation. This agreement not only pertains to tax policy but also contributes to creating a favourable, transparent, and more predictable legal environment for investment and business activities between the two countries. I believe the Agreement can bring significant benefits in three aspects:
Firstly, it contributes to improving the investment environment and promoting long-term investment decisions. For businesses and investors, clarity and predictability regarding tax obligations are crucial factors when choosing investment locations, organizing business activities, or cross-border partnerships. When tax-related issues are more clearly defined, businesses have more basis to assess costs, manage risks, and develop long-term business plans in each other's markets.
Secondly, it expands cooperation opportunities between businesses of the two countries. I expect the Agreement to encourage Liechtenstein businesses to pay more attention to the Vietnamese market, especially in high-tech industries, medical equipment, pharmaceuticals, and specialized services. Conversely, Vietnamese businesses also have more basis to explore cooperation opportunities with Liechtenstein partners, access, and expand relationships with partners in Europe.
Thirdly, it complements broader economic cooperation frameworks, especially the Vietnam-EFTA FTA. If the FTA creates a more favourable framework for trade, market access, and investment cooperation between Vietnam and EFTA countries, the Double Taxation Avoidance Agreement will supplement an important component related to the tax environment in Vietnam-Liechtenstein bilateral economic relations. These two frameworks have different scopes and functions but can support each other in creating a more favorable business environment.
From the Embassy's perspective, we hope the Agreement will become an effective tool to promote bilateral economic activities, not just stop at its legal significance.
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| The Vietnamese negotiation delegation led by Dang Ngoc Minh, Deputy Director of the Tax Department, and the Liechtenstein negotiation delegation led by Bernhard Canete, Head of the International Department, Financial Authority under the Ministry of Government Affairs and Finance, signed a Memorandum of Understanding on the draft Double Taxation Avoidance Agreement between the two countries on June 12. (Photo: Khanh Hoa Newspaper) |
What plans does the Embassy have to enhance connections between the management agencies, business communities, and people of the two countries?
In the coming time, the Vietnamese Embassy will continue to closely coordinate with relevant agencies, trade promotion organizations, and the business communities of Vietnam and Liechtenstein to promote bilateral relations in a substantive, effective, and focused manner.
In this spirit, the Embassy will connect management agencies and businesses of the two countries to promote exchanges and strengthen cooperation. In particular, we will widely disseminate information about the newly signed agreements to help agencies, organizations, and businesses of the two countries better understand the opportunities, rights, and obligations involved. We will focus on promoting business connections by industry and actual demand, concentrating on priority areas such as manufacturing, high technology, pharmaceuticals, medical equipment, and finance, encouraging businesses from both countries to participate in fairs, exhibitions, economic forums, and appropriate investment promotion programs.
The Embassy will also continue to leverage information channels, community activities, and suitable events to introduce Vietnam, its socio-economic development achievements, cultural identity, and cooperation opportunities to the people of Liechtenstein. At the same time, we aim to introduce more about Liechtenstein to the Vietnamese people, contributing to enhancing mutual understanding between the two nations.
I believe that with the new cooperation frameworks being established, Vietnam-Liechtenstein relations will have many favourable conditions to enter a more dynamic development phase. The Embassy will continue to play a bridging role, helping to transform existing opportunities into specific cooperation outcomes, benefiting the people of both countries.
Thank you very much, Ambassador!
