Crown Princess Victoria highlights Sweden - Vietnam economic ties

Crown Princess of Sweden Victoria Ingrid Alice Désiree addresses the summit.

The Crown Princess, who is on an official visit to Vietnam from May 6-8, made the statement during Sweden–Vietnam Business Summit held in Hanoi on May 7.

As part of a range of activities to mark the 50th anniversary of the two countries’ diplomatic ties (1969 - 2019), the summit was jointly organized by the Swedish Embassy in Vietnam, the Swedish Trade and Invest Council, and the Vietnam Chamber of Commerce and Industry.

The summit goes some way to help realize the opportunities for boosting mutual cooperation, the Princess said.

She noted that both sides have developed a long-term and sustainable relationship based on mutual trust and respect, adding that bilateral ties between the two countries have grown from simple trading partners to fully trusted ones with high expectations for future development.

The Crown Princess said she is a strong advocate of the United Nations’ sustainable development goals as well as Vietnam’s commitments to implementing the sustainable development agenda by 2030.

Addressing the summit, Deputy Prime Minister and Foreign Minister Pham Binh Minh emphasized that over the course of the past half century, the Vietnam-Sweden friendship has experienced a number of challenges, but despite this, it still has grown well.

Bilateral relations between the two countries have so far entered a new phase of development, based on equal partnership. Sweden has become Vietnam’s important and reliable partner in the European Union.

the two-way trade turnover has recorded positive growth in recent years, notably reaching US$1.5 billion last year. Sweden has been ranked 34th out of 130 countries and territories investing in Vietnam, with a total of 67 investment projects valued at a combined US$364 million.

Deputy PM Minh affirmed that the potential for cooperation between the two countries remains huge and now is a golden time to further boost bilateral relations overall and trade - investment cooperation in particular.

The Vietnamese economy has made great progress with increasing openness whilst the stability and transparency of laws and policies has also improved. Given these factors, Vietnam continues to grow as an attractive destination for global investors, including those from Sweden.

Vietnam wishes to learn from countries’ experience in sustainable development and their leading technology firms in order to catch up with Industry 4.0 trends. Sweden has undergone hundreds of years of development experience and is home to many renowned brands, including IKEA, H&M, Volvo, ABB, and Electrolux.

Ann Linde, Swedish Minister for Foreign Trade, expressed her belief that Vietnam, rather than a new emerging market for multinational corporations, serves as into a global production centre with a dynamic business ecosystem.

She added that many Swedish companies and commercial entities are eager to join the country’s development process, as evidenced by the sheer number of Swedish representatives attending the summit.

At the event, businesses of the two countries took part in networking and face-to-face exchanges in a bid to seek opportunities to enhance their future cooperation.