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FDI ATTRACTION

weden was the first country and its business opportunities,” said
in northern Europe to estab- Mr. Marcus Wallenberg, Chairman of
S lish diplomatic relations with SEP, northern Europe’s biggest bank
Vietnam, on January 11, 1969, and and headquartered in Sweden.
since then the partnership between
the two countries has been contin- Enhancing cooperation
ually accelerated, especially in eco- At the meeting, Deputy Prime
nomic cooperation. Minister Tran Luu Quang briefed
There remains ample space for attendees on fields where Vietnam
the further expansion of such coop- has placed investment priority.
eration between Vietnam and Sweden Many businesses expressed interest
as well as other countries in the region. in the fields of industry, digital trans-
And Vietnam remains attractive formation, clean energy, and sustain-
among northern European investors. Deputy Prime Minister Tran Luu Quang speaks at the able development.
annual meeting of northern European CEOs in Hanoi Vietnam has recorded remarkable
Vietnam - Sweden relations on March 10-13. economic growth, Mr. Wallenberg said,
2024 marks the 55th anniversary adding that what would attract
of the establishment of diplomatic investors in the future is ensuring a
ties between Vietnam and Sweden, Center of transparent business environment with
with bilateral relations being devel- accessible policies and procedures.
oped and strengthened over time. All countries strive to promote
Bilateral cooperation has been diver- attraction economic growth via investment attrac-
sified to cover many new fields. At tion, and the Vietnamese Government
meetings with leaders in Vietnam, is attempting to instigate changes to
Swedish leaders have always affirmed build a better environment.
that Vietnam is an important partner Vietnam’s enhanced economic Deputy Prime Minister Quang
of the country in the Asia-Pacific cooperation with Sweden and other spoke highly of the effective support
region, and the two sides have agreed countries in northern Europe has and assistance from the international
to enhance their cooperation via dif- community, including foreign enter-
ferent channels, including Party, State, seen it retain its appeal among prises in general and northern Euro-
and people exchanges. investors from the region. pean businesses in particular. Vietnam’s
During her working visit to Swe- foreign-invested economic sector has
den in late 2023, Ms. Truong Thi Mai, By TU ANH played an important part in its eco-
Politburo Member, Permanent Mem- nomic development, he affirmed.
ber of the Communist Party of Viet- Vietnam’s orientation in investment
nam Central Committee’s Secretariat, and Head of the Committee’s attraction is to create links between FDI and domestic economic
Organization Commission, proposed that Sweden boost economic, sectors and to promote the digital economy, the green economy,
trade, and investment cooperation with Vietnam and enhance the circular economy, and the knowledge-based economy.
cooperation in fields where it holds strengths, such as green tech- Priority has been given to investment projects in these economic
nology, innovation, clean energy transition, and green energy. sub-sectors, as well as fields such as science and technology, inno-
Mr. Håkan Jevrell, State Secretary to the Minister for International vation, electronic components, and electric vehicles, together with
Development Cooperation and Foreign Trade, visited Vietnam in technological fields boasting potential, including semiconductors,
March, where he affirmed that it is necessary to further develop and new energy, renewable energy, financial centers, green finance,
deepen relations between the two countries as partners, to deal bio-technology, healthcare, and high-tech agriculture, the Deputy
with arising issues such as climate change and green transition. Prime Minister said, while proposing that businesses from northern
Sweden remains keen to promote its cooperation with Viet- Europe increase their exchanges and expand their cooperation
nam in the fields of energy and sustainable development, Mr. with Vietnam, particularly in strengthening supply chains. %
Jevrell said, noting that his country leads in innovation and
sustainable development in northern Europe and Swedish busi-
nesses possess advanced technology to accelerate the green
transition and the development of renewable energy as well as
energy storage measures. Two-way trade turnover between Vietnam and Sweden reached $1.288
He added that Swedfund, the development finance arm of billion in 2023, down 20.4 per cent against 2022. Vietnam’s exports to
the Swedish Government, is willing to help Electricity of Vietnam Sweden totaled $946.1 million while its imports from the country stood
(EVN) set up mechanisms to receive financial support for the at $341.9 million, declines of 25.2 per cent and 3.3 per cent, respectively.
Most of Sweden imports are of commodities serving its people’s daily
research of smart grid development. lives, including textiles and garments, footwear, and coffee, which are all
Sweden places Vietnam in an important position within strengths of Vietnam.
its commodity supply chain, he said, and expressed a wish Sweden ranks 29th among 143 countries and territories investing in
that direct flights between Hanoi and Stockholm may soon be Vietnam, with 109 effective projects and capital of over $733 million as of
established to help facilitate links and cooperation between the end of 2023.

the two countries. There are over 70 Swedish companies with representative offices in Vietnam
The annual meeting of CEOs from northern European com- and many are expanding their investment, production, and trade in such
panies, held in Hanoi from March 10-12, also demonstrated fields as information technology and communications, mechanics,
Vietnam’s appeal among European investors. automobiles, mining, electrical household appliances, packaging, and retail.
“Ninety CEOs and Presidents of corporations from northern
Europe attended the event and gained a positive view of Vietnam Source: General Department of Vietnam Customs

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