I am happy to report that more and more Swedish companies are showing interest in the Vietnamese market!
Yesterday at a webinar for Swedish businesses organised by the Swedish Chamber of Commerce in Singapore , myself and Ludvig Hermansson, acting country manager for Business Sweden Vietnam, outlined what we see as the prospects of entering the Vietnamese market today; what are the attraction and trends? What are the challenges? What’s the business climate like?
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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. 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
- A big market thanks to the large population of more than 97 million and the fastest growing middle class in South East Asia.
Moreover, the EU-Vietnam Free Trade Agreement has now been in force for more than a year, leading to tariff reductions, access to new sectors and further alignment with international standards including on sustainability and labour 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!
@ Ann Måwe, Swedish ambassador to Vietnam