Sweden is an important Northern European market for Vietnam, and the two countries have a lot of potential to increase bilateral commerce, as recently highlighted by Vietnam’s Minister of Industry and Commerce to Swedish Ambassador to Vietnam.
During their meeting in Hanoi, the Minister stated that the export structures of Vietnam and Sweden are complementary, particularly in commodities that match one country’s strength and the other’s demand. For instance, Vietnam supplies apparel, footwear, wood products, tropical farm produce, and aquatic products, while Sweden exports chemicals, pharmaceuticals, paper products, electronic devices, and machinery.
The ambassador stated that Sweden aspires to enhance ties with Vietnam in the areas of energy and sustainable development. She introduced Ericsson and Hitachi Energy, two significant Swedish energy corporations, as well as the possibility of these companies providing energy transition solutions to Vietnam. The ambassador also informed her host that Swedfund, a Swedish government development funder, is eager to assist Vietnam, specifically the Vietnam Electricity (EVN) company, in obtaining support for research and development of smart grids.
According to the General Department of Vietnam Customs, bilateral commerce reached USD 1.62 billion in 2022, representing a 6.3% increase year over year. Sweden had 103 legal investment projects worth over USD 680 million in Vietnam as of the end of March 2023, placing 29th out of 143 nations and territories investing in the Southeast Asian nation.