The Vietnam Trade Office in Sweden and Business Sweden (Sweden’s Trade Office in Vietnam) have recently signed a Memorandum of Understanding (MOU) on cooperation.
The event took place on September 6, as part of the Vietnam-Sweden Forum, held to mark the 55th anniversary of diplomatic relations between Vietnam and Sweden. The event was organized by the Embassy of Vietnam in Sweden, in collaboration with the Vietnam Trade Office in Sweden and FPT Corporation.
Mr. Marcus Persson, Acting Trade Representative at Business Sweden in Vietnam, discussed the significance of this event in an interview with Cong Thuong newspaper.
1. Vietnam and Sweden have gone through 55 years of diplomatic cooperation, including remarkable economic cooperation. How do you evaluate the effectiveness of cooperation between the two countries in this field?
Vietnam and Sweden have enjoyed 55 years of robust diplomatic relations, marked by significant economic cooperation. Over the years, our collaboration has proven to be highly effective, fostering mutual growth and development. Swedish companies have been active in Vietnam, contributing to various sectors such as manufacturing, technology, and sustainable development. This partnership has not only facilitated trade and investment but also encouraged the exchange of knowledge and innovation.
The effectiveness of our cooperation is evident in the steady increase in bilateral trade and investments into both countries. With regards to Swedish investments into Vietnam, number of total FDI projects from Sweden picked up in 2023, with 6 new investment licenses together with 10 other additional investment and capital contribution and share purchase projects. Noteworthy investments from Sweden include industry giants like Autoliv and Tetra Pak, and the momentum doesn’t stop there. Companies in green industries are eagerly exploring opportunities to invest in Vietnam, further solidifying our dynamic and forward-looking partnership.
On the other side, Vietnamese companies like Nutifood and FPT are making significant strides in Sweden. Nutifood is joining forces with Swedish firms to elevate its product offering, while FPT is diving into Sweden’s vibrant tech ecosystem to forge partnerships and drive digital transformation initiatives. These bold investments highlight a powerful trend of Vietnamese enterprises expanding their global footprint and harnessing the potential of international markets.
There are still areas where we can improve. For instance, we need to work on reducing trade barriers and streamlining regulatory processes to make it easier for businesses to operate in both markets. Additionally, there is a need to enhance awareness and understanding of each other’s market conditions and business cultures. By addressing these challenges, we can create a more conducive environment for trade and investment, ensuring that our economic cooperation reaches its full potential.
As we look to the future, I am confident that our economic ties will continue to strengthen, bringing even greater prosperity to both Sweden and Vietnam.
2. It is known that within the framework of the series of events celebrating 55 years of Vietnam – Sweden, a memorandum of understanding will be signed between the Vietnam Trade Office in Sweden and Business Sweden. Could you please share the specific content of cooperation between the two sides in this memorandum?
As part of the series of events celebrating 55 years of diplomatic relations between Vietnam and Sweden, a memorandum of understanding will be signed between the Vietnam Trade Office in Sweden and Business Sweden, the Swedish Trade and Invest Council. This memorandum outlines several key areas of cooperation aimed at enhancing bilateral trade and investment. Specifically, it includes initiatives to promote trade, business exchanges, facilitate the sharing of market intelligence and best practices. Additionally, the agreement includes provisions for mutual assistance in trade promotional activities, such as business delegations and events like the Sourcing Fair, Smart Factory Initiative, and energy and infrastructure-related events. This MoU signifies a strengthened commitment to fostering economic growth and collaboration between the two nations.
3. To realize this memorandum in the coming time, what solutions will Business Sweden implement?
To realise the memorandum of understanding in the near future, Business Sweden will implement several strategic initiatives. However, the most crucial first step is to align with the Vietnam Trade Office to outline potential activities for 2025 and identify areas for mutual cooperation. This will encompass a variety of trade promotional events hosted by both parties, including the Ministry of Industry and Trade’s (MOIT) Sourcing Fair and Sweden’s initiatives in supply chain management, circular economy, and sustainable energy. Support in reaching out to relevant stakeholders will be crucial to achieving the objectives of these events. Building on the exchange of information and mutual support provided throughout the recent years, we will maintain this momentum and transform it into larger opportunities and activities that benefit both nations.
4. What advice do you have for Vietnamese enterprises to boost exports to the Swedish market in particular and the Nordic market in general in the coming time?
My advice for Vietnamese enterprises looking to boost exports to the Swedish market, and the Nordic market in general, is multifaceted.
Firstly, it is crucial to understand the market dynamics and consumer preferences in these regions. Conduct thorough market research to identify demand trends and tailor your products accordingly.
Secondly, focus on quality and sustainability, as Nordic consumers highly value environmentally friendly and ethically produced goods.
Thirdly, build strong relationships with local partners and distributors who can help navigate the market and regulatory landscape.
Finally, take advantage of trade promotion events and business forums to showcase your products and connect with potential buyers.
By embracing these strategies, Vietnamese enterprises can successfully penetrate and thrive in the Swedish and broader Nordic markets. To facilitate this journey, the Vietnam Trade Office stands as the most pertinent agency for Vietnamese businesses, leveraging their deep understanding of both the local Swedish market and Vietnamese business practices. Additionally, Business Sweden provides an Invest function specifically designed to support international companies in entering and flourishing within the Swedish market.