Investment
Swedish companies expect business expansion in Vietnam
Swedish companies hope for the soon conclusion of the EU – Vietnam Free Trade Agreement (EVFTA), in turn paving the way for higher trade turnover between Vietnam and Sweden.
Electrolux, ABB, Ericsson, and Oriflame are among Swedish companies that expect business expansion in Vietnam, reported Vietnam News Agency.
The shared view was given at the meeting between Vietnam’s Prime Minister Nguyen Xuan Phuc and leaders of major Swedish companies on May 27. PM Phuc is on a visit to Sweden from May 26 to 28.
These companies, most of which have been in Vietnam for many years, represent the Swedish advancements in the fields of manufacturing, science and technology with global presence.
At the meeting, Phuc said Sweden has been Vietnam’s good friend and credible partner in the past and also at present. He expected more Swedish investments to Vietnam with new and modern technologies to play a more active part in the country’s course of socio-economic development.
President of Swedish Chamber of Commerce and Industry Ylva Berg expected Phuc’s visit would mark a new chapter in promoting stronger economic cooperation between Vietnam and Sweden.
Swedish corporations present at the meeting said the two countries share similar views in efforts against global challenges, while many expressed hope for the soon conclusion of the EU – Vietnam Free Trade Agreement (EVFTA), in turn paving the way for higher trade turnover between Vietnam and Sweden.
CEO of home appliance manufacturer Electrolux Jonas Samuelsson considered Vietnam its most important market in Southeast Asia, generating annual revenue of US$150 million per year.
Meanwhile, CEO of aerospace and defense company Saab Hakan Buskhe stated the company is cooperating with Vietnam on air control, sea port management, saying the company is willing to transfer its technologies to local partners.
Meanwhile, Frederic Jejding, vice president of Ericsson, said the company has been investing in Vietnam since 1993, and is currently supporting 5G infrastructure development in Vietnam.
Jejding said Ericsson expected to contribute a bigger part in promoting innovation in Vietnam through technological and software solutions.
Johan Soderstrom, CEO of ABB Sweden, highly regarded the potential of Vietnam’s market, and said the company is committed to cooperating with Vietnam, especially in developing grid network.
Magnus Calibarau, CEO of cosmetics company Oriflame said the company has been operating in Hanoi since 2003 with 300,000 sellers, generating revenue of US$40 million.
Vietnam’s Minister of Trade and Industry Tran Tuan Anh lauded positive business performances of Swedish companies in Vietnam over the past few years.
Anh said the performances would be even greater with the signing of EVFTA.
Prime Minister Nguyen Xuan Phuc added he hoped more Swedish companies to expand operations in Vietnam and welcomes modern Swedish technologies to Vietnam.
Being the gateway to ASEAN as well as participants in a number of trade agreements, Vietnam would be an open market for Swedish companies, Phuc stated.
This should be an ideal opportunity that Swedish companies should grab with both hands, he stressed.
Overview of the meeting. Source: VNA.
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These companies, most of which have been in Vietnam for many years, represent the Swedish advancements in the fields of manufacturing, science and technology with global presence.
At the meeting, Phuc said Sweden has been Vietnam’s good friend and credible partner in the past and also at present. He expected more Swedish investments to Vietnam with new and modern technologies to play a more active part in the country’s course of socio-economic development.
Vietnam's Prime Minister Nguyen Xuan Phuc meets leaders of Swedish major corporations. Source: VNA.
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Swedish corporations present at the meeting said the two countries share similar views in efforts against global challenges, while many expressed hope for the soon conclusion of the EU – Vietnam Free Trade Agreement (EVFTA), in turn paving the way for higher trade turnover between Vietnam and Sweden.
CEO of home appliance manufacturer Electrolux Jonas Samuelsson considered Vietnam its most important market in Southeast Asia, generating annual revenue of US$150 million per year.
Meanwhile, CEO of aerospace and defense company Saab Hakan Buskhe stated the company is cooperating with Vietnam on air control, sea port management, saying the company is willing to transfer its technologies to local partners.
Meanwhile, Frederic Jejding, vice president of Ericsson, said the company has been investing in Vietnam since 1993, and is currently supporting 5G infrastructure development in Vietnam.
Jejding said Ericsson expected to contribute a bigger part in promoting innovation in Vietnam through technological and software solutions.
Johan Soderstrom, CEO of ABB Sweden, highly regarded the potential of Vietnam’s market, and said the company is committed to cooperating with Vietnam, especially in developing grid network.
Magnus Calibarau, CEO of cosmetics company Oriflame said the company has been operating in Hanoi since 2003 with 300,000 sellers, generating revenue of US$40 million.
Vietnam’s Minister of Trade and Industry Tran Tuan Anh lauded positive business performances of Swedish companies in Vietnam over the past few years.
Anh said the performances would be even greater with the signing of EVFTA.
Prime Minister Nguyen Xuan Phuc added he hoped more Swedish companies to expand operations in Vietnam and welcomes modern Swedish technologies to Vietnam.
Being the gateway to ASEAN as well as participants in a number of trade agreements, Vietnam would be an open market for Swedish companies, Phuc stated.
This should be an ideal opportunity that Swedish companies should grab with both hands, he stressed.
