The Vietnam-Sweden Business Forum, held in Stockholm in September 2024. Credit: LinkedIn, FPT Software
Trade between Sweden and Vietnam has surged by 11.8 per cent in the first 11 months of 2024, showcasing the growing strength of their economic collaboration.
This milestone coincides with the celebration of 55 years of diplomatic relations between the two nations.
Sweden-Vietnam trade and logistics
According to a report by Vietnam.VN, Sweden remains Vietnam’s largest trading partner in Northern Europe, while Vietnam is Sweden’s top import partner in Southeast Asia.
In 2023, their total bilateral trade reached $1.29 billion (€1.17 billion), growing steadily to $1.3 billion (€1.18 billion) in 2024. This growth is driven by the EU-Vietnam Free Trade Agreement (EVFTA), which has reduced tariffs and trade barriers, making Vietnamese goods more competitive in terms of price and quality.
Efforts to streamline logistics have resulted in partnerships between key ports, including Gothenburg Port and Tân Cảng Sài Gòn. According to Bùi Văn Quý, Chairman of the Southeast Asian Seaports Association, these agreements aim to reduce shipping costs and improve efficiency.
Partnership between Ericsson and Mobifone
In 2024, a 5G Innovation Centre in Vietnam was established through a partnership between Ericsson and Mobifone. The centre aims to develop digital transformation and high-tech research.
According to a report by ScandAsia, Swedish consumers are increasingly prioritising sustainable and environmentally friendly products, presenting new opportunities for Vietnamese exporters. Products like organic seafood, textiles made from recycled materials, and sustainably produced furniture have seen growing demand.
Vietnam-Sweden Business Forum
The Vietnam-Sweden Business Forum, held in Stockholm in September 2024, was a major highlight of the year. With the theme “Digital Transformation, Energy Transition, and Innovation”, the event facilitated discussions on renewable energy and green transformation.
In addition, Swedish businesses such as IKEA and H&M have increased production orders in Vietnam, aligning with a global trend of diversifying supply chains away from China.
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View all articles by Letara Draghia.
