Swedish businesses asked to expand investment in Vietnam

Prime Minister Pham Minh Chinh had a working breakfast with leaders of major Swedish corporations to discuss investment cooperation across various sectors in Stockholm, on June 12, as part of his official visit to Sweden, according to a report from the Government News.

Chairman of the Board of Directors of SEB Group Marcus Wallenberg along with leaders of several companies within the group's ecosystem such as AstraZeneca and Ericsson discussed and explored opportunities and investment plans in the fields of energy, finance, science, technology, and telecommunications in Vietnam.

PM Chinh said that Vietnam prioritizes and wishes to cooperate with partners with high tech capabilities, such as Swedish enterprises, expressing his hope that Swedish companies will continue to expand their investment in information technology infrastructure, especially in remote and mountainous areas in Vietnam.

Vietnam is carrying out a "revolution" in restructuring its organizational apparatus and two-tier government system by reducing intermediary levels and shifting from a passive to a proactive and service-oriented approach aimed at better serving the people and businesses, the PM noted.

The Vietnamese leader said that Vietnam targets to cut at least 30 per cent of business and investment conditions, reduce the time required to process administrative procedures by at least 30 per cent, cut compliance costs related to administrative procedures by at least 30 per cent in 2025; and will establish an international financial center in Ho Chi Minh City and Da Nang City.

Regarding concerns about investment procedures, regulations, and decision-making processes, Vietnam is undertaking sweeping reforms to modernize governance and improve the business climate, the PM said.

He also highlighted digital solutions such as the national single-window investment portal and national legal database, which are aimed at cutting time, cost, and bureaucracy for investors.

The PM called on Swedish companies to invest capital, transfer technology, share management experience, and support human resource training for such fields like power development, research, development, and production of robots and semiconductors, among others.