30 Swedish businesses seek investment opportunities in Vietnam

According to the Vietnam Trade Office in Sweden, nearly 30 Swedish businesses recently visited Vietnam to seek investment and business cooperation opportunities.

In a brief exchange with a reporter from the Industry and Trade Newspaper on the morning of March 13th, Ms. Nguyen Thi Hoang Thuy – Director and Head of the Vietnamese Trade Office in Sweden, also responsible for the Nordic market – stated that the business trip of nearly 30 Swedish companies to Vietnam took place less than a week after the visit of a delegation from the Swedish Parliament's Foreign Affairs Committee, led by Committee Chairman Aaron Emilsson. This trip demonstrates Sweden's growing interest in the Vietnamese market.

A delegation of Swedish businesses visited Vietnam to seek investment and business opportunities (Photo: Vietnam Trade Office in Sweden)

Recently, there has been an increasing trend of Swedish businesses shifting their investments to Vietnam, exemplified by Syre – a group in the textile and recycling technology sector – which has announced plans for large-scale investment in Vietnam.

Last February, Minister Nguyen Hong Dien held a working session with the People's Committee of Binh Dinh province regarding the high-tech textile production complex project of Syre Group (Sweden). At the meeting, Mr. Tim King, Senior Operations Director of Syre Group, stated that the group wishes to invest in a polyester fiber recycling complex in Binh Dinh province. The group committed to applying modern technology to the polyester fiber recycling project, meeting world- leading environmental protection standards and complying with Vietnam's environmental protection regulations.

According to the People's Committee of Binh Dinh province, Syre Group plays a significant role in making Vietnam a global circular textile and garment industry center, creating many jobs and contributing to the green economy. Therefore, the People's Committee of Binh Dinh province requests the Ministry of Industry and Trade to consider, support, and provide detailed guidance and assistance with the procedures for importing fabric scraps from the production process in accordance with current regulations, ensuring a stable supply of raw materials for the project.

Furthermore, H&M also expressed its intention to expand its supply chain and production in Vietnam to take advantage of its labor force, infrastructure, and sustainable development potential. This reflects its strategy of diversifying its supply chain and leveraging Vietnam's favorable investment environment, making the country an attractive destination in a challenging global market.

Ms. Nguyen Thi Hoang Thuy emphasized that Vietnam is becoming an attractive destination for Nordic businesses thanks to its strategic location, abundant workforce, and competitive costs. In recent years, an increasing number of companies from Sweden, Denmark, Finland, and Norway have chosen Vietnam as a destination to expand their production.

Furthermore, a key factor driving this shift is the Free Trade Agreement between the EU and Vietnam (EVFTA). This agreement has significantly reduced tariffs, facilitating exports from Vietnam to Europe for Nordic businesses.

Overall, across all product categories, the trend towards more sustainable and responsible production and business practices is increasingly attracting the attention of Swedish businesses in particular, and Nordic businesses in general. This trend relates to many aspects of the supply chain, including working conditions, water use, waste management, emission reduction, etc. Therefore, Vietnamese localities have expressed their welcome to investment projects from businesses in this region.

Source: https://congthuong.vn/30-doanh-nghiep-thuy-dien-tim-co-hoi-dau-tu-tai-viet-nam-378059.html