On 28 September, Ambassador Ann Måwe and acting country manager for Business Sweden Vietnam Ludvig Hermansson outlined what they see as the prospects of entering the Vietnamese market today during a webinar for Swedish businesses organized by the Swedish Chamber of Commerce in Singapore.
According to the Ambassador, she is happy to report that more and more Swedish companies are showing interest in the Vietnamese market.
While the business is currently struggling with the immediate effects of Covid-19 measures, and corruption and bureaucracy pose challenges, many of the factors that make the Vietnamese market attractive remain unchanged, the Ambassador said.
Among many things, this includes Vietnam’s strategic location, with proximity to China and good conditions for sourcing, sales, and relocating production. Two decades of 6-7 % yearly economic growth before the pandemic and a big market thanks to the large population of more than 97 million and the fastest-growing middle class in South East Asia.
The Ambassador noted that the EU-Vietnam Free Trade Agreement has now been in force for more than a year which is leading to tariff reductions, access to new sectors, and further alignment with international standards including on sustainability and labor rights.
“The event gathered almost 20 companies, a testament to the increasing interest from Swedish businesses. I hope to see many of them entering this vibrant market in the future,” the Ambassador concluded.
