Prime Minister calls for Swedish investment in Vietnam’s tech infrastructure
Vietnam places a high priority on partnering with trusted, long-time friends like Sweden in advancing high-tech sectors, as it seeks to attract quality investment and foster sustainable development.
THE HANOI TIMES — Prime Minister Pham Minh Chinh has called on Swedish businesses to ramp up investment in Vietnam’s information technology infrastructure, particularly in rural and underserved areas, while also highlighting new opportunities in clean energy.
Prime Minister Pham Minh Chinh at the meeting with Swedish firms in Stockholm on June 12. Photos: VGP
Speaking at a meeting with executives from major Swedish corporations on June 12 during his official visit to the Nordic country, Chinh stressed that “trust fosters cooperation and collaboration deepens trust,” highlighting Vietnam’s desire to partner with long-standing, high-tech allies like Sweden.
He acknowledged the dual nature of information technology offering both benefits and challenges, especially in the areas of cybersecurity and information safety, and affirmed Vietnam's commitment to improving digital infrastructure through foreign investment.
Swedish businesses at the meeting also showed strong interest in clean energy production and power transmission development in Vietnam.
According to Prime Minister Chinh, these sectors offer significant investment opportunities for Swedish firms.He pointed to recent legal reforms, including the amended Electricity Law and revised Power Development Plan VIII, which aim to promote renewable energy. Under these plans, renewable energy (excluding hydropower) is expected to account for 28%–36% of the energy mix by 2030 and 74%–75% by 2050. Solar power is projected to reach a total capacity of 46,459–73,416 megawatts (MW) by the end of 2030, while onshore and nearshore wind power is expected to reach 26,066–38,029 MW by 2030.
Vietnam is also participating in the ASEAN Power Grid initiative, which initially aims to export clean electricity to countries such as Malaysia and Singapore. However, Swedish firms raised concerns about the complexity of administrative procedures and decision-making processes for investment projects in Vietnam.
Overview of the meeting between the Vietnamese prime minister and Swedish businesses.
In response, Prime Minister Chinh explained that Vietnam is implementing comprehensive strategies to address these regulatory roadblocks in 2025. These strategies include a "revolution" in government restructuring, which involves reducing intermediary levels and transitioning from passive management to a proactive, service-oriented approach.
"The government aims to cut at least 30% of business conditions, processing time for administrative procedures, and compliance costs," said Chinh.
He added that Vietnam has also established an online Investment Portal and a National Legal Database to digitize administrative processes, minimizing time, cost, and inconvenience for individuals and enterprises.
"In the near future, businesses will notice a change in our approach and atmosphere as we work toward creating a more favorable environment for investors to achieve mutual success," he said.
He reaffirmed that the Vietnamese government stands ready to support and facilitate the long-term, sustainable operations of the Swedish business community in Vietnam.
Sweden was the first Western country to establish diplomatic relations with Vietnam on January 11, 1969. Bilateral trade reached $1.48 billion last year. Currently, Sweden ranks 29th out of 149 countries and territories investing in Vietnam, with 111 active projects and total registered capital exceeding $743 million.
In the 1980s, Sweden was Vietnam's largest provider of official development assistance (ODA).
