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Vietnamese Ambassador Phan Dang Duong attends the seminar held virtually by embassies of ASEAN member countries in Sweden and Business Sweden. Photo: Vietnamese Embassy in Sweden

Vietnam wishes to share experience and step up cooperation with Sweden in innovation and sustainable development, Vietnamese Ambassador Phan Dang Duong has said.

Speaking at a recent seminar held virtually by embassies of ASEAN member countries in Sweden and Business Sweden, Duong stressed Vietnam always attaches importance to promoting trade and investment ties with the EU and Sweden in particular.

The signing of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) in 2020 has marked a milestone in the trade and investment relations, he added.

The two pacts are expected to create new opportunities for Vietnamese and Swedish firms to access respective markets, enhance investment and trade, and raise export revenue in the time ahead, according to the ambassador.

Vietnam appreciates the effective operation of major Swedish groups in the country like Ericsson, ABB, IKEA, Electrolux, Volvo, AstraZeneca and H&M, he said, noting that investments from Sweden have increased continuously over the past time.

Sweden is now Vietnam’s important trade partner in Northern Europe with annual two-way trade reaching about USD1.5 billion. It ranks 34^th out of 138 countries and territories investing in the Southeast Asian nation.

Delegates attend the seminar held virtually by embassies of ASEAN member countries in Sweden and Business Sweden. Photo: Vietnamese Embassy in Sweden

Overcoming the impact of the COVID-19 pandemic, Vietnam is among the few economies globally posting positive growth last year, with GDP expanding 2.91 percent.

“This is a significant foundation for Vietnam to affirm itself as a promising market and effective investment destination for Swedish enterprises,” Duong said.

He recalled the official visit to Sweden by Prime Minister Nguyen Xuan Phuc in May 2019, during which the leader and his Swedish counterpart Stefan Lofven consented to beef up collaboration in innovation sectors like smart urban building, environment, Artificial Intelligence, Internet of Things, information-communications and health care.

The ambassador used the occasion to call on Swedish firms to invest in Vietnam in the spheres of innovation and sustainable development, saying the country’s optimal legal conditions and safe investment environment would open up new opportunities for them.

Duong expressed his belief that with joint efforts, especially those made by businesses of the two countries, the bilateral economic, trade and investment ties, notably in innovation and sustainable development, will thrive in the time to come./.

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