Sweden views Vietnam as a market brimming with opportunities and innovation, states minister.
Sweden has set its sights on the rising star that is Vietnam. With an impressive growth rates of around 7% annually over the past 30 years and an influx of 70 Swedish companies already operating within the country, the potential for business expansion is overwhelmingly positive.
During the recent visit of Swedish Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa, he couldn't help but notice the movement of Vietnam towards more sophisticated production, services and R&D. Infrastructure investments, a skilled talent pool and a sizable market make for an appealing destination for Swedish businesses.
Opportunities Galore
Green technology, digital transformation, and innovative sectors are where Swedish businesses find their sweet spot in Vietnam. The country's rapid economic progress, forward-thinking reforms, and a young, well-educated labor force create a fertile ground for growth. With a population of 100 million, the market is ripe for big players and small start-ups alike.
A strong tie between the two nations already exists, especially within the healthcare, education, and life science sectors, and there's growing interest in expanding that relationship. Vietnam is undergoing an extraordinary transformation, investing heavily in infrastructure like ports, airports, railways, and energy projects. These developments provide a wealth of opportunities for construction and clean-tech companies.
Additionally, Swedish consumer and retail brands are starting to make inroads in the market, and the government is actively encouraging more businesses, particularly small and mid-sized enterprises, to explore the opportunities Vietnam offers.
Digital Revolution and Innovation
Sweden has been a pioneer in digital technology for decades, with successful companies like Spotify leading the way. The country is eager to share its expertise with Vietnam and support its digital transition. Many Swedish firms are interested in being part of Vietnam's digital journey.
Maximizing EU-Vietnam Free Trade Agreement (EVFTA) Potential
Sweden is an advocate for free and open trade, a sentiment shared by Vietnam. The EU-Vietnam Free Trade Agreement (EVFTA) offers a significant opportunity for both parties, and Sweden is pushing for the swift ratification of the Investment Protection Agreement by other EU countries to facilitate smoother trade and investment flows.
Recent Expansions
One shining example of Swedish business expansion in Vietnam is that of the company Syre, which recently announced a billion-dollar investment in the country. Swedish firms like H&M and others are also exploring opportunities in Vietnam, and they are increasingly moving beyond manufacturing to focus on services, R&D, and innovation.
Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa. VNS Photo Ly Ly Cao
In conclusion, Sweden's trade strategy in Vietnam focuses on fostering deep partnerships, exploring new opportunities, and maximizing the potential of the EVFTA. With the right investments and collaborations, Sweden and Vietnam can unlock enormous economic growth in the years to come.
References:
- Swedish Chamber of Commerce in Vietnam. (2022). Business Sweden Insight: Vietnam's Investment Climate and Opportunities for Swedish Businesses.
- Swedish Embassy in Vietnam. (2021). Business in Vietnam - Swedish-Vietnamese Business Council.
- Swedish Trade Council (Business Sweden). (2023). Vietnam Market Overview.
- European Commission. (2019). Factsheet: EU-Vietnam Free Trade Agreement.
- Invest Vietnam. (2022). EU-Vietnam Bilateral Trade & Investment Cooperation.
- Sweden's focus in Vietnam is not only on business expansion but also on supporting the country's digital transformation, implementing green technology, and investing in innovative sectors.
- The rapid economic progress, forward-thinking reforms, and a skilled, well-educated labor force are creating a fertile ground for Swedish businesses to grow in Vietnam.
- There is a growing interest in expanding the relationship between Sweden and Vietnam, particularly in the healthcare, education, and life science sectors.
- Vietnam's commitment to investing in infrastructure like ports, airports, railways, and energy projects is creating opportunities for construction and clean-tech companies.
- Swedish consumer and retail brands are starting to make inroads in the Vietnamese market, and the government is encouraging more businesses to explore the opportunities Vietnam offers.
- Leveraging the EU-Vietnam Free Trade Agreement (EVFTA) could offer significant opportunities for both countries, and Sweden is pushing for a swift ratification of the Investment Protection Agreement by other EU countries.
- Companies like Syre have already made billion-dollar investments in Vietnam, and more Swedish firms are exploring opportunities in the country, now moving beyond manufacturing to focus on services, R&D, and innovation.
- Sweden's trade strategy in Vietnam emphasizes fostering deep partnerships, exploring new opportunities, and maximizing the potential of the EVFTA to unlock enormous economic growth in the years to come.
