Prime Minister Nguyen Xuan Phuc addresses the Vietnam-Sweden business forum in Stockholm, May 27, 2019. (Photo: VGP/Quang Hieu)

Speaking at a Vietnam-Sweden business forum in Stockholm on Monday, the PM said Vietnam advocates institutional reform and economic restructuring, while also promoting the private sector and deep international integration.

Mr. Phuc highlighted their history of sound bilateral relations, which propelled two-way trade to 1.5 billion USD last year. Sweden ranks 34th among the 130 countries and territories invested in Vietnam, with 34 projects worth over 350 million USD. A number of groups from Sweden are operating in Vietnam, including ABB, Ericsson, Volvo, and Electrolux.

“Vietnam considers Sweden one of its leading partners in foreign policy. Cooperating with Swedish businesses will help Vietnam penetrate further into the European market. Investing in Vietnam will help Swedish firms approach the ASEAN market. I hope the forum will, by creating opportunities for connectivity and cooperation in the current Fourth Industrial Revolution, contribute to the sustainable development of Vietnam-Sweden business collaborations,” said PM Phuc.

Swedish PM Stefan Löfven praised Vietnam’s socio-economic achievements over the past two decades. At the forum, he introduced Sweden’s achievements and potential investment opportunities between the two countries’ enterprises, particularly in transport, healthcare, and IT.

The two PMs witnessed the signing of several cooperation documents between enterprises of Vietnam and Sweden.