As part of Vice President Võ Thị Ánh Xuân’s official visit to the Kingdom of Sweden, on November 11, 2024, in Stockholm, Deputy Minister Nguyễn Hoàng Long, on behalf of Vietnam’s Minister of Industry and Trade, met with Mr. Hakan Jevrell, State Secretary for International Development Cooperation and Foreign Trade of Sweden’s Ministry for Foreign Affairs, to hand over the Memorandum of Understanding (MOU) on Economic, Trade, and Green Development Cooperation between the two ministries.
The MOU handover ceremony was held in a solemn setting at the Prime Minister’s Residence during the bilateral talks between Vice President Võ Thị Ánh Xuân and Swedish Prime Minister Ulf Kristersson.
Significance of the MOU
This MOU marks the initial step for the two ministries to work together concretely to achieve the objectives outlined in the agreement, thereby fostering stronger bilateral trade growth.
The MOU aims to enhance cooperation in economy, trade, and energy, with a focus on promoting balanced and sustainable bilateral trade in goods and services, encouraging advanced investments, and driving innovation. It serves as a crucial legal framework for the two sides to explore and define specific pillars of economic and trade collaboration based on shared and comparative advantages.
Furthermore, the signing of this MOU underscores the strong, traditional ties between Vietnam and Sweden, coinciding with the 55th anniversary of the establishment of diplomatic relations between the two nations. The MOU is expected to facilitate connections among organizations, businesses, and government agencies in high-tech sectors, renewable energy, and innovation, which Sweden seeks to develop in Vietnam. It will also strengthen cooperation in trade in goods, services, and e-commerce.
Vietnam-Sweden Relations: A Strong and Growing Partnership
Over the past 55 years of diplomatic relations, the close bond between Vietnam and Sweden has been continuously consolidated and deepened. Bilateral cooperation has diversified across multiple sectors, making Vietnam an increasingly attractive destination for Swedish businesses and investors.
In today’s challenging geopolitical climate, Sweden has adopted a strategy focusing on investment and trade development in Asia, placing Vietnam as a key partner in its supply chain. Vietnam is Sweden’s largest import partner in Southeast Asia, with bilateral trade showing stable and consistent growth over the years.
Sweden currently ranks 29th out of 143 countries and territories investing in Vietnam, with 111 active projects and a total investment capital of over $743 million. These investments are primarily in the manufacturing, machinery, food processing, furniture, and packaging industries.
Key Highlights of Bilateral Cooperation
- Stable and Growing Trade Relations:
Bilateral trade has steadily increased, reflecting mutual importance in each other’s economies. Vietnam is a critical link in Sweden’s supply chain, underscoring its strategic role in the global trade landscape. - Green and Innovative Development:
The MOU emphasizes a commitment to sustainable and green development, aligning with global trends and Vietnam’s growing focus on transitioning toward a circular and green economy. - Attractive Investment Destination:
Sweden recognizes Vietnam as an increasingly attractive destination for Swedish enterprises, offering opportunities in various sectors with robust trade and investment potential.
The signing of this MOU marks a new milestone in the dynamic partnership between Vietnam and Sweden, paving the way for enhanced economic collaboration, sustainable development, and mutually beneficial growth in the years to come.