Vietnamese PM holds working breakfast with leaders of major Swedish firms in Stockholm

Stockholm (VNA) – Prime Minister Pham Minh Chinh had a working breakfast with leaders of major Swedish corporations in Stockholm on June 12, within the framework of his ongoing official visit to Sweden.

At the event, Marcus Wallenberg, Chair of the Board of Directors of SEB Group and also Chair of Wallenberg Investments AB, FAM AB and Patricia Industries, along with leaders of several businesses within the group’s system such as AstraZeneca and Ericsson exchanged views and explored investment opportunities in Vietnam in the fields of energy, finance, science, technology, and telecommunications.

Briefing the participants on Vietnam’s socio-economic development policies, especially diplomatic strategies that have helped the country achieve remarkable progress and maintain good relations with other nations amidst complex strategic competition, PM Chinh stated that Vietnam remains steadfast in its foreign policy of independence, self-reliance, multilateralisation and diversification; and being a friend to all countries and a trusted partner of the international community; proactively and actively integrating into the international community; and implementing the “four no’s” defence policy. Thanks to this, from the ruins left by wars and economic embargoes, Vietnam has put the past behind and looked toward the future; respected differences, capitalised on common ground, and limited disagreements to become a strategic and comprehensive strategic partner with most major countries worldwide, including those being “former enemies,” he stressed.

Regarding the choice of partners for digital infrastructure development amidst the risk of national-level cybersecurity threats, the PM stated that Vietnam prioritises and wishes to cooperate with partners who have advanced technology, are traditional friends, and are highly trusted, such as Ericsson from Sweden.

Vietnam hopes Ericsson and other Swedish enterprises will continue to expand investment in the country’s information technology infrastructure, especially in remote and mountainous areas, based on the spirit of “trust leads to cooperation, and cooperation builds greater trust.”

Responding to concerns from Swedish businesses about limitations in procedures, regulations, administrative processes, and decision-making related to investment projects, the Government leader said that Vietnam is synchronously implementing major strategies to address these issues. These include a “revolution” in restructuring the organisational apparatus and establishing a two-tier local administration system, and shifting from a passive state to a proactive one that serves the people and businesses.

Vietnam is also committed to abolishing at least 30% of investment and business conditions, reducing administrative procedure processing times by at least 30%, and cutting compliance costs related to administrative procedures by 30%, affirmed Chinh.

As Vietnam has established the one-door investment portal and national legal portal to handle administrative procedures online, reducing time and costs for citizens and businesses alike, Swedish enterprises’ concerns will be addressed soon, PM Chinh said.

Regarding opportunities for Swedish enterprises to participate in clean energy production and power transmission network development in Vietnam, he said Vietnam issued National Power Plan VIII, the Electricity Law, and a resolution on private economic sector development, along with related legislation. The nation has proactively joined the ASEAN power grid network, initially supplying clean electricity for Malaysia and Singapore. These developments present significant investment opportunities for Swedish companies in the energy sector.

PM Chinh stressed that investment in R&D activities, robotics manufacturing, and semiconductor production are Vietnam’s priorities, hoping Swedish firms to channel capital, transfer technology and management expertise, as well as provide human resources training for the country.

He noted that Vietnam's Politburo, National Assembly, and Government have adopted breakthrough resolutions for developing science – technology, innovation, and digital transformation with clear strategic directions and transparent, flexible mechanisms. Besides, Vietnam has worked to guarantee investors' legitimate rights and interests while protecting property rights and business freedom, and handling economic and civil disputes through civil and economic measures.

PM Chinh stressed that during his official visit to Sweden, both sides will discuss solutions to promote the bilateral relations in a substantive and effective fashion, particularly in the areas of politics, diplomacy, economy, science – technology, innovation, IT, and energy where Sweden holds advantages and Vietnam has demands. He described this as an important foundation and expressed his hope that businesses of both sides will bolster cooperation and investment.

In the spirit of harmonious benefits and shared risks, the Vietnamese Government always accompany, support, and create favourable conditions for the business community in general and foreign investors, particularly Swedish enterprises, to achieve successful, sustainable, and long-term investments in Vietnam./.