Take a chance on Vietnam: PM Phuc wants Swedish investment

Prime Ministers Nguyen Xuan Phuc (third, left) and Stefan Löfven (third, right) witness the exchange of cooperation documents at the Vietnam-Sweden business forum in Stockholm on May 27. - VNA/VNS Photo

The PM on Monday told the Vietnam-Sweden business forum in Stockholm that the Southeast Asian nation is reforming its institutes and restructuring its economy, while promoting the private sector, so the time to invest is now.

Attending the forum as part of his ongoing visit to Sweden, PM Phuc highlighted the two nations’ sound relations, saying they propelled two-way to more than US$1.5 billion.

Sweden ranks 34th among the 130 countries and territories investing in Vietnam with 34 projects worth a combined more than $350 million he pointed out, adding that numerous multinational groups from Sweden are operating in Vietnam like ABB, Ericsson, Volvo and Electrolux.

He briefed the participants on Vietnam’s economic development in 2018 with GDP growth of 7.1 per cent, trade turnover hitting $500 billion, including $250 billion in exports, and inflation kept under 4 per cent.

Vietnam has new-generation free trade agreements and is preparing to sign the EU-Viet Nam FTA (EVFTA) with the European Union.

PM Phuc expressed his hoped that the government and businesses of Sweden will support the EU’s early signing and ratification of the deal and the EU-Vietnam Investment Promotion Agreement (EVIPA) next month.

According to the PM, the pacts will promote trade between Vietnam and the EU, and Vietnam and Sweden. Within the framework of the deals, Vietnamese goods can access the EU distribution chain, and Swedish firms investing in Vietnam will be able to access the ASEAN market.

He said that via the forum, the two countries’ businesses would better understand each other, thus contributing to elevating the Vietnam-Sweden relations.

Swedish PM Stefan Löfven, for his part, said he hoped the EU would sign the EVFTA with Vietnam soon.

He praised Vietnam for its socio-economic achievements over the past two decades.

The Swedish PM said the two countries’ firms have great opportunities for co-operation, and Sweden has invented important solutions in smart city building, 5G technology, public transport solutions, renewable energy and power grid, IT and telecoms, air traffic flow management, waste treatment and healthcare technology.

Sweden is ready to work with Vietnam, he said, particularly with the two countries celebrating the 50th anniversary of Vietnam-Sweden diplomatic ties this year.

Also at the forum, the two PMs witnessed the signing of several deals between enterprises of Vietnam and Sweden, notably a project between Vietnam’s NutiFood and Sweden’s Backahill and the cooperative of milk cow raising farms Skånemejerier Ekonomisk Förening with the operation of dairy mill NutiFood Sweden AB.