According to the Vietnam Trade Office in Sweden, a business delegation of nearly 30 Swedish companies has recently visited Vietnam to explore investment and business cooperation opportunities.
This visit took place less than a week after a delegation from the Swedish Parliament’s Committee on Foreign Affairs, led by Chairman Aaron Emilsson, completed their official trip to Vietnam—highlighting Sweden’s growing interest in the Vietnamese market.
Rising Swedish Investment Interest in Vietnam
The delegation’s visit underscores a broader trend of Swedish companies shifting investment focus towards Vietnam. A prominent example is Syre, a leading company in the textile and recycling technology sector, which has announced plans for a large-scale investment project in Vietnam.
In February, Vietnam’s Minister of Industry and Trade, Mr. Nguyen Hong Dien, held a working session with the People’s Committee of Binh Dinh Province regarding Syre’s proposed high-tech textile manufacturing complex. During the meeting, Mr. Tim King, Senior Operations Director at Syre, expressed the company’s commitment to investing in a polyester recycling plant in Binh Dinh. The project will feature advanced recycling technology, complying with the world’s highest environmental standards as well as Vietnam’s environmental regulations.
Local authorities believe Syre’s investment will play a key role in positioning Vietnam as a global hub for circular textile manufacturing. The project is also expected to create jobs and contribute significantly to the country’s green economy. To support the initiative, the Binh Dinh People’s Committee has requested guidance from the Ministry of Industry and Trade regarding import procedures for textile waste under current regulations to ensure a stable supply of raw materials.
Broader Nordic Interest and Supply Chain Expansion
Apart from Syre, other major Swedish brands such as H&M have also shown interest in expanding their production and supply chains in Vietnam. This move is driven by Vietnam’s advantages in skilled labor, infrastructure, and sustainable growth potential, aligning with global strategies to diversify supply chains amidst market uncertainties.
Vietnam – A Strategic Destination for Nordic Businesses
Mrs. Nguyen Thi Hoang Thuy, Head of the Vietnam Trade Office in Sweden and in charge of the broader Nordic region, emphasized that Vietnam is increasingly becoming a strategic destination for Nordic businesses. Its geographic location, abundant labor force, and competitive costs make it attractive for investment and expansion.
In recent years, an increasing number of companies from Sweden, Denmark, Finland, and Norway have chosen Vietnam as a base for expanding their operations in Asia.
A key driver of this trend is the EU-Vietnam Free Trade Agreement (EVFTA), which significantly reduces tariffs and facilitates smoother trade flows. EVFTA enables Nordic companies to use Vietnam as a production base for exporting to European markets more efficiently.