Vietnam, Sweden boast a lot room for stronger commerce ties

Minister of Industry and Trade Nguyen Hong Dien (right) and Swedish Ambassador to Vietnam Ann Måwe at the meeting in Hanoi on May 9. (Photo: VNA)
Minister of Trade and Commerce Nguyen Hong Dien (proper) and Swedish Ambassador to Vietnam Ann Måwe on the assembly in Hanoi on Might 9 (Photograph: VNA)

At their assembly in Hanoi, Dien stated the export buildings of Vietnam and Sweden don’t compete with however are complementary to one another, which is beneficial situations for his or her companies to boost partnerships and diversify provide chains, significantly of the commodities matching a rustic’s energy and the opposite’s demand resembling attire, footwear, wooden merchandise, tropical farm produce, and aquatic merchandise of Vietnam and chemical compounds, prescription drugs, paper merchandise, digital gadgets, and equipment of Sweden.

Sweden is a high-income nation with robust buying energy as seen in Vietnam’s exports to the European nation exceeding 1 billion USD yearly and continue to grow.

He held that international difficulties and challenges require the 2 nations cooperate extra strongly and successfully, particularly in commerce and funding, to collectively reply and enhance every financial system’s resilience.

Specifically, they need to capitalise on the EU – Vietnam Free Commerce Settlement (EVFTA) and the EU – Vietnam Funding Safety Settlement (EVIPA), he went on.

For her half, Måwe famous Sweden, which takes the lead in innovation and sustainable growth in Northern Europe, all the time hopes to strengthen ties with Vietnam within the fields of vitality and sustainable growth.

She launched Ericsson and Hitachi Power, two main vitality companies of Sweden, in addition to the prospect of those firms’ provide of vitality transition options for Vietnam.

The ambassador additionally knowledgeable her host that Swedfund, a growth financier of the Swedish Authorities, is keen to assist Vietnam, the Vietnam Electrical energy (EVN) group particularly, obtain sponsorship for researching and growing sensible grids.

Dien stated implementing the Simply Power Transition Partnership (JETP) settlement is without doubt one of the necessary options for vitality transition in Vietnam.

Nevertheless, details about a funding bundle value over 15.5 billion USD from developed nations for Vietnam to shift from coal-fired energy era to wash vitality stays unclear. In the meantime, it wants an in depth roadmap and mechanisms to understand beliefs and translate commitments into motion to efficiently implement the JETP.

Vietnam hopes that developed nations, together with the EU and Sweden, will work out concrete funding packages to help with its vitality transition and shortly problem a roadmap and essential mechanisms to disburse and efficient use the sponsorship, the minister went on.

As the 2 nations will mark the fifty fifth anniversary of their diplomatic relations in 2024, the 2 officers additionally expressed their hope that the nations will maintain high-level mutual visits and different actions to bolster ties in commerce, trade, and vitality.

In accordance with the Common Division of Vietnam Customs, bilateral commerce approximated 1.62 billion USD in 2022, up 6.3% yr on yr. That comprised 1.26 billion USD value of Vietnam’s exports and 353 million USD value of imports, respectively, up 5.4% and 9.9%.

Within the first quarter of 2023, as a consequence of escalating inflation, international recession dangers, and decrease demand within the EU, the commerce turnover fell 16.8% from a yr earlier to 331 million USD, together with 253 million USD value of Vietnam’s exports and 78 million USD value of imports, respectively, down 16.5% and 17.9%.

As of the tip of March, Sweden had 103 legitimate funding tasks value over 680 million USD in Vietnam, rating twenty ninth amongst 143 nations and territories investing within the Southeast Asian nation.

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