Vietnam welcomes Swedish investment expansion in digital economy, infrastructure: PM

Vietnam welcomes Swedish companies to further invest in the areas that they have strengths in and align with Vietnam’s development priorities like the digital economy, infrastructure, and information-communication technology.

Prime Minister Pham Minh Chinh made the statement at his meeting with Benjamin Dousa, Sweden’s Minister for International Development Cooperation and Foreign Trade, in Hanoi on Monday.

The Prime Minister emphasized that Sweden is a reliable and ịmportant partner of Vietnam within the European Union (EU).

Bilateral trade has shown positive growth, reaching $1.5 billion in 2024, up 15% against 2023. However, Chinh noted that this figure remains modest given the good political relationship and potential for further cooperation.

In light of ongoing global trade challenges, the Prime Minister proposed increasing high-level visits and exchanges to build momentum for deeper collaboration.

He particularly highlighted the potential in trade and investment; green and digital transformation; strategic infrastructure such as railways, airports, and seaports; environmental protection; climate change response; healthcare; education; and science-technology.

Chinh also reiterated the importance of mutual market access, especially for agricultural products. He affirmed Vietnam’s readiness to serve as a gateway for Swedish goods into ASEAN and suggested Sweden act as a bridge for Vietnamese products entering the Nordic market.

Minister Benjamin Dousa confirmed that Sweden sees Vietnam as a trustworthy and significant partner. He noted the deep affection the Swedish people have for Vietnam and expressed Sweden’s interest in strengthening cooperation across all sectors.

He also noted that many Swedish companies are eager to work with Vietnam and are considering long-term investment strategies in the country.

Dousa expressed his impression of the rapid and strong socio-economic development of the Southeast Asian country, which has stable politics and an environment of peace, cooperation and development.

The country grew over 7% in 2024 and aims for at least 8% in 2025 and double-digit growth in the following years.

Agreeing with the Prime Minister’s views, Minister Dousa stated that there remains vast potential for enhanced cooperation and pledged to work towards elevating the bilateral relationship to new heights.

He committed to engaging with other EU member states to expedite the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) and to collaborate with the European Commission on lifting the IUU (illegal, unreported, and unregulated fishing) yellow card on Vietnamese seafood exports.

Sweden has been Vietnam’s largest provider of non-refundable aid, with approximately $3 billion. It has supported the training of numerous Vietnamese officials and experts as well as the development of major public projects, including the Bai Bang paper factory in the northern province of Phu Tho, the National Children’s Hospital in Hanoi, and the Uong Bi Hospital in the northern province of Quang Ninh.

According to Vietnam's Ministry of Finance, by the end of 2024, Sweden had 111 direct investment projects in Vietnam, with total registered capital of $743.4 million.

In late April, Sweden’s Syre Group and the People’s Committee of Binh Dinh province signed an MoU for investment cooperation on a polyester fabric recycling production complex. The project is expected to have a designed capacity of 250,000 tons per year and an estimated total investment of around $1 billion.