As part of his official visit to the Kingdom of Sweden, on the morning of June 12 in Stockholm, Prime Minister Phạm Minh Chính held a working breakfast with leaders of major Swedish economic groups to discuss investment cooperation across various sectors.
Attending the meeting were Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn; ministers and leaders from various Vietnamese ministries, sectors, and localities; representatives from the Swedish Ministry of Foreign Affairs; and the Swedish Ambassador to Vietnam.
At the meeting, Mr. Marcus Wallenberg, Chairman of the Board of SEB Group and head of the Wallenberg Group – which includes companies like AstraZeneca and Ericsson – discussed and explored investment opportunities and plans in Vietnam in areas such as energy, finance, science, technology, and telecommunications.
In response to Swedish businesses’ request for insights on the global situation, Prime Minister Phạm Minh Chính stated that the world is changing rapidly, unpredictably, and with increasing complexity. It is facing global, universal, and comprehensive issues such as climate change, resource depletion, strategic competition, non-traditional security threats, cybersecurity, population aging, and income inequality. However, the trend toward peace, cooperation, and development still prevails.
Therefore, the world needs unity and a strong commitment to multilateralism. Each nation must maintain independence and resilience. Alongside promoting rapid and sustainable development, countries must ensure social justice, progress, and welfare policies so that no one is left behind.
Regarding Vietnam’s socio-economic development policies – particularly in foreign affairs – that have enabled Vietnam to make remarkable progress and maintain strong diplomatic ties amid a complex global strategic competition, the Prime Minister emphasized that Vietnam remains steadfast in its independent and self-reliant foreign policy of diversification and multilateralization. Vietnam is a friend to all nations, a reliable partner to the international community, proactively integrating into the world, and upholding its “four no’s” national defense policy.
As a result, from the ruins of war and decades of embargo, Vietnam has moved beyond the past to embrace the future, respecting differences, focusing on commonalities, minimizing disagreements, and becoming a strategic and comprehensive partner with most major global powers – including former adversaries.
On the choice of digital infrastructure partners amid national-level cybersecurity concerns, Prime Minister Phạm Minh Chính noted that technology, including information technology, has two sides: it brings positive advances but also poses cybersecurity and information safety risks.
Therefore, Vietnam prioritizes and seeks cooperation with partners possessing advanced technology, with whom it has traditional, trusted relationships – such as Swedish businesses. He called on Swedish enterprises to expand investments in Vietnam’s information technology infrastructure, especially in remote and underserved areas, based on the spirit of “trust first, then cooperation; cooperate to build deeper trust.”
Responding to Swedish companies’ concerns about administrative procedures, regulations, and decision-making processes for investment projects, the Prime Minister affirmed that Vietnam is implementing comprehensive major strategies to shift the situation and resolve systemic bottlenecks, aiming to fundamentally address institutional constraints by 2025.
Among these efforts is a “revolution” in streamlining government structure by moving to a two-tier administration, cutting intermediate levels, shifting from a reactive to a proactive and service-oriented government. Vietnam is committed to eliminating at least 30% of business investment conditions, reducing administrative processing time and compliance costs by at least 30%.
Vietnam has launched a One-Stop Investment Portal and a National Legal Database Portal to handle procedures online, reducing time, cost, and hassle for people and businesses. Therefore, the Prime Minister is confident that Swedish companies’ concerns will soon be addressed.
Additionally, Vietnam plans to establish international financial centers in Ho Chi Minh City and Da Nang with more competitive policies than current global financial hubs. It is also continuing to amend the Law on Credit Institutions.
Regarding opportunities for Swedish companies to participate in clean energy production and power grid development in Vietnam, the Prime Minister noted that Vietnam has enacted Power Development Plan VIII, the Electricity Law, a resolution on private sector development, and related laws and policies to support energy development and create favorable conditions for private economic growth. Vietnam is also proactively engaging in the ASEAN power grid, initially supplying clean electricity to countries like Malaysia and Singapore – opening major opportunities for Swedish investment.
In response to questions about investment opportunities in research and development, and the manufacturing of robots and semiconductors in Vietnam, the Prime Minister emphasized that these are priority sectors in which Vietnam is actively seeking investment. He invited Swedish enterprises to contribute capital, technology transfer, management experience, and workforce training to help develop these industries in Vietnam.
He noted that the Vietnamese Party, National Assembly, and Government have issued resolutions focused on breakthroughs in science, technology, innovation, and digital transformation. These are supported by clear orientations, transparent mechanisms, and strong protections for investors’ legal rights and interests, including property rights, freedom of business, and resolution of economic and civil matters through civil and economic measures. The Prime Minister affirmed that in the time ahead, businesses will feel a new approach, a new spirit, and a real change in Vietnam toward creating more favorable conditions for investors – for mutual success.
Stressing the strong traditional relationship between Vietnam and Sweden and many shared values, Prime Minister Phạm Minh Chính expressed that during his official visit, the two sides will discuss practical ways to advance their bilateral relations, particularly in politics, diplomacy, and economic areas, with a focus on science, technology, innovation, information technology, and energy – fields where Sweden has strengths and Vietnam has high demand. This will provide a vital foundation and promising opportunities for businesses of both countries to deepen cooperation and investment.
Prime Minister Phạm Minh Chính reaffirmed that under the spirit of “harmonizing interests, sharing risks,” and “say what we do, do what we commit to, and deliver results,” the Government of Vietnam always accompanies, listens to, supports, and creates all favorable conditions for the business community in general and foreign investors – including Swedish companies – to invest successfully, sustainably, and long-term in Vietnam.