A port in Sweden (Source: Courtesy of Sweden's embassy in Vietnam)

Hanoi (VNA) – Swedish businesses will expand their investment in Vietnam as the EU-Vietnam Free Trade Agreement (EUFTA) enters into force, said Swedish Minister for EU Affairs and Trade Ann Linde in her meeting with Deputy Minister of Industry and Trade Do Thang Hai in Hanoi on October 5.

She revealed that her government passed an ambitious export strategy to boost trade and participation of Swedish companies in the global economy. Bilateral trade with and investment in Southeast Asia, including Vietnam, is an important part of the strategy.

With the upcoming implementation of the EVFTA, two-way trade between Vietnam and Sweden will definitely increase in the future, she affirmed.

At the meeting, Ann Linde also shared her country’s experience in innovation and creativity, which she said is an important factor for Swede’s development.

Sweden set out the goal of becoming the first country in the world without using fossil fuel, she said, adding that the European country has spent 400 million SEK (46 million USD) developing environmental technology.

For his part, Deputy Minister Hai said that Vietnam, as one of the economies with the highest growth rate in Asia, is in need of modern energy solutions that provide high-quality energy sources for residents.

The country also needs safer and more effective solutions in production in order to create safe and environmentally friendly products, he added.-VNA