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Sweden-Vietnam Business Summit underway in Hanoi

Released at: 17:35, 07/05/2019

Sweden-Vietnam Business Summit underway in Hanoi

Photo: Minh Do

May 6-8 Summit involves largest-ever Swedish business delegation to Vietnam.

by Minh Do

There are 100,000 Vietnamese people involved in IKEA’s supply and this will continue to expand, Mr. Torbjörn Lööf, CEO of the Inter IKEA Group, told the opening session of the Sweden-Vietnam Business Summit on May 7 in Hanoi. The Swedish retailer hopes to set foot in Vietnam in the years to come.

The Sweden-Vietnam Business Summit: Partnering for Sustainable Growth and Innovation, is being held on May 6 to 8 by the Embassy of Sweden in Hanoi, Business Sweden, and the Vietnam Chamber of Commerce and Industry (VCCI). As part of commemorating the 50th anniversary of Sweden-Vietnam diplomatic ties and on the occasion of the visit to Vietnam by HRH Crown Princess Victoria of Sweden, HRH Prince Daniel, and Ms. Ann Linde, Swedish Minister for Foreign Trade, the business delegation at the Summit is the largest ever to the country.

Mr. Lööf provided examples of IKEA’s innovation, which helps it grow revenue by 10-20 per cent annually. “We want every person to have a better life, so there must be innovation to overcome challenges,” he said. “We always focus on growth and sustainability.” He first came to Vietnam in 2016 and has many fond memories.

The Summit also saw the attendance of Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh, Chairman of the Hanoi People’s Committee Mr. Nguyen Duc Chung, and leaders from 50 Swedish companies, trade support organizations, research institutes, and public agencies.

“For Sweden, there are a good range of reasons to look towards Vietnam for both trade and business opportunities,” Ms. Linde said. “Vietnam has one of the highest economic growth rates in the world. Its growing middle class are among the world’s most optimistic consumers and entrepreneurs and the country has shown a strong commitment to global trade, with multiple free trade agreements, including one with the EU expected to come into effect by 2020.”

“But Vietnam is not only an intriguing emerging market opportunity for multinational corporations and an upcoming global manufacturing hub; it is also home to a rapidly-evolving and highly-dynamic entrepreneurial ecosystem. Many Swedish companies and trade organizations want to contribute to Vietnam’s continued development. The extent of the interest is revealed in the number of companies and trade delegates travelling with me to Vietnam.”

The Summit provides an excellent platform for business executives and leaders from both countries to exchange ideas and experiences and share best practices for mutual benefit.

It also aims to strengthen cooperation between Swedish and Vietnamese companies and to showcase Swedish products, solutions, ethical principles, corporate social responsibility (CSR), and business and human rights, and their positive potential for Vietnam.

The Summit highlights world-class Swedish solutions in manufacturing, smart cities, smart living, ICT, transportation, energy, health, education, and sustainability.

On the sidelines are two exhibitions open to the public, one of which focuses on individual companies and products and solutions while the other offers innovative and creative Swedish solutions.

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