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

Vietnam advocates institutional reform and economic restructuring, while also promoting the private sector and deep international integration, the PM told the Vietnam-Sweden business forum in Stockholm, held as part of his ongoing official visit to the European country.

He highlighted the history of their sound bilateral relations, saying that it propelled the two-way to more than 1.5 billion USD.

Sweden ranks 34th among the 130 countries and territories investing in Vietnam with 34 projects worth over 35,000 USD, he pointed out, adding that numerous multinational groups from Sweden are operating in Vietnam like ABB, Ericsson, Volvo, and Electrolux.

Besides, young Vietnamese people are familiar with Sweden’s well-known brand names and services like H&M, Spotify, Skype, and IKEA.

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

Vietnam has joined a series of new-generation free trade agreements and is preparing to sign the EU-Vietnam FTA (EVFTA) with the European Union.

PM Phuc expressed his wishes 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 serve as a firm foundation to promote trade between Vietnam and the EU, and Vietnam and Sweden in particular. Within the framework of the pacts, Vietnamese goods can access the EU distribution chain, and Swedish firms investing in Vietnam will be able to access the ASEAN market.

He hoped that via the forum, the two countries’ businesses would better understand each other towards opportunities for connectivity and cooperation, thus contributing to elevating the Vietnam-Sweden relations to a new height.

Swedish PM Stefan Löfven, for his part, expressed his wish that the EU will sign the EVFTA with Vietnam soon, thereby promoting the competitiveness of both countries.

He spoke highly of Vietnam’s socio-economic achievements over the past two decades.

The Swedish PM said the two countries’ firms are boasting great opportunities for cooperation, 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 cooperate with Vietnam, he said, affirming that the government, people and businesses of Sweden want to further tighten relations with Vietnam over the next 50 years.

This year marks the 50th anniversary of the Vietnam - Sweden diplomatic ties.

Also at the forum, the two PMs witness the signing of several cooperation documents between enterprises of Vietnam and Sweden, especially a tripartite cooperation project between Vietnam’s NutiFood and Sweden’s Backahill and the cooperative of milch cow raising farms Skånemejerier Ekonomisk Förening with the official operation of the dairy mill NutiFood Sweden AB.

Vietnam welcomes Swedish investment: PM

PM Nguyen Xuan Phuc (centre) visits pharmaceutical giant AstraZeneca during his trip to the northern European country.

Prime Minister Nguyen Xuan Phuc on May 27 pledged further favourable conditions for Swedish enterprises, including pharmaceutical giant AstraZeneca, to land long-term investment in Vietnam for sustainable development.

He made the statement while visiting AstraZeneca as part of the activities of his official visit to the northern European country, during which PM Phuc expressed his delight at the steady growth of the bilateral corporation and Sweden’s contributions to the development of Vietnam.

AstraZeneca Chairman Leif Johansson said that it is his company’s honour to contribute to the Vietnam-Sweden relations, stressing AstraZeneca would never be successful in Vietnam without support from Vietnamese Government, competent ministries and sectors.

On the occasion, Johansson announced a 5 trillion VND (220 million USD) investment in Vietnam, aiming to improve the health care for local people.

PM Phuc said that as Vietnam is developing its public health strategy, the country needs assistance from international partners, including AstraZeneca. He described the Swedish firm’s plan as a move to boost the collaborative ties in a more practical and effective manner.

According to Swedish Minister for Business, Industry and Innovation Ibrahim Baylan, Swedish firms see Vietnam have huge potential in various sectors. Particularly, through pharmaceutical cooperation, Swedish companies will help better the health care for the Vietnamese people.

AstraZeneca opened its representative office in Vietnam in 1994. The corporation has been accompanying the Vietnamese Government in the national strategy on prevention of non-communicable diseases during 2015-2025, and the Vietnam healthcare programme. It has invested tens of millions of USD in R&D activities in the country as well as helped Vietnamese patients access advanced healthcare measures to cure cancer, cardiovascular and respiratory diseases, among others.

VNF ( VNA )