Article by Pritesh Samuel – Head of Business Intelligence, Dezan Shira & Associates
Key Opportunities for Belgian and Luxembourgish Businesses in Vietnam
Belgium and Luxembourg have actively promoted trade and foreign investment in Vietnam since implementing the EU-Vietnam Free Trade Agreement (EVFTA). Both countries, known for their strong presence in manufacturing and clean tech sectors, are well-positioned to deepen economic ties with Vietnam, which is working to become a high-tech and environmentally sustainable economy.
Belgium has established itself as one of Vietnam’s emerging European trade partners, with two-way trade reaching nearly US$4.45 billion in 2024, including US$3.78 billion in Vietnamese exports. The first half of 2025 continued this momentum, with exports to Belgium totaling US$1.85 billion and imports totaling US$373 million. Luxembourg, though a smaller partner, recorded bilateral flows of US$249 million in 2024 and US$85 million in the first half of 2025, reflecting steady expansion in high-value goods and services.
Investment commitments further illustrate the strengthening ties. By the end of 2024, Belgian firms had invested in 99 projects worth approximately US$1.1 billion, while Luxembourg investors had committed US$2.7 billion across 64 projects. These figures demonstrate the expanding footprint of both countries in Vietnam’s evolving market.
While Luxembourg’s then-Prime Minister Xavier Bettel visited Hanoi in May 2023, King Philippe and Queen Mathilde of Belgium made a historic trip to Vietnam this April. The King and Queen visited Hai Phong, a destination popular among many Belgian companies and home to the flagship DEEP C Industrial Zones, to explore new potentials in the port city. These events mark significant progress in the bilateral relations between Vietnam and these countries, opening doors for new business endeavors.
Pharmaceuticals and medical equipment
With rising domestic demand and government encouragement of local production, Vietnam’s pharmaceutical market offers opportunities in vaccine and biologics manufacturing, contract manufacturing (CMO), clinical trials, and R&D. Belgium’s strong pharmaceutical base positions its companies as strategic partners in this growing industry, supported by EVFTA tariff advantages.
Advanced manufacturing and automotive supply chain
Vietnam is rapidly scaling up in semiconductors, electronics, and electric vehicles. Multinationals are localizing operations to serve regional markets, creating opportunities for Belgian firms in precision machinery, components, and testing technologies. Establishing partnerships in industrial parks and high-tech zones offers a practical entry point.
Environmental and renewable-energy technologies
Vietnam’s green transition is a national priority, with demand for solar, wind, grid technologies, waste-to-energy solutions, and water treatment systems on the rise. Both Belgian cleantech and Luxembourg’s sustainability-driven businesses can leverage this momentum, tapping into government incentives for green investment.
Financial services and fintech
Luxembourg, as a leading financial center with expertise in cross-border fund management and digital finance, is well-placed to support Vietnam’s efforts to modernize its financial sector and develop international financial centers. Opportunities exist in payments, regtech, and digital asset custody, with Vietnam’s regulatory sandbox offering an entry channel.
Logistics, industrial real estate, and data centers
Rising manufacturing and semiconductor activity are fueling demand for modern logistics networks, cold-chain facilities for pharmaceuticals and food, and data centers to support AI and cloud services. Investors from both countries can find openings in developing industrial parks, warehouses, and digital infrastructure.
Food and beverage, agritech, and chemicals
Belgium’s strong food processing, agritech, and chemical industries align with Vietnam’s drive to upgrade its agriculture and food value chains for export. EU–Vietnam trade liberalization under the EVFTA further enhances prospects for collaboration.
Taken together, these sectors highlight the complementary strengths of Belgium, Luxembourg, and Vietnam. For businesses from both countries, Vietnam offers not only a competitive production base but also a dynamic consumer market and a gateway to broader Asian supply chains.
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