The Trade Office of Vietnam in Sweden is planning several activities to be held alongside upcoming high-level visits in order to further enhance bilateral trade.
2023 was a challenging year for the global economy due to the prolonged effects of various major events, such as the Russia-Ukraine conflict, China’s zero-Covid policy, and the policy responses to inflation in many countries. These factors resulted in a decrease in consumer demand and imports.
Economic growth was slow in many developed countries, with some even entering recession. As a result, consumers reduced unnecessary spending, leading to decreased demand for consumer credit and imports. Exports to Sweden also experienced a sharp decline in 2023.
To promote trade turnover in 2024, the Trade Office of Vietnam in Sweden has implemented a series of trade promotion activities. The key focus is on leveraging the expat community to introduce Vietnamese goods into the local distribution system.
The Trade Office believes that Vietnamese people abroad have a strong connection to their homeland and want to contribute to its development. The Vietnamese community in Sweden is highly successful and maintain a strong connection to Vietnam. Vietnamese individuals own more than 10 major warehouses that import Asian foods in the North European country.
To foster pride and encourage the consumption of Vietnamese goods, the Trade Office of Vietnam has initiated the movement “Vietnamese people prioritize trading and consuming Vietnamese goods.” Various activities have been and are being organized, including visits to wholesale warehouses, weekly sales events, product testing, bilateral business forums, meetings with potential investors, and business delegations attending the 2024 Sourcing Fair.
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| The Trade Office of Vietnam in Sweden has launched the movement “Vietnamese people prioritize trading and consuming Vietnamese goods.” |
Nguyen Thi Hoang Thuy, Trade Counsellor at Vietnam’s Trade Office in Sweden and Northern Europe, highlighted several challenges faced by Vietnamese businesses in Sweden, including a small market, strict quality requirements, limited transportation options, and the absence of seaport and airport partnerships. Vietnamese goods also need to comply with stringent regulations relating to origin, environmental standards, and technical criteria to enter the EU and Sweden specifically.
Thuy stated that once these challenges are overcome, Vietnamese goods will establish a strong presence in Sweden and the EU.
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According to statistics from the General Department of Vietnam Customs, the import-export turnover between Vietnam and Sweden in January 2024 reached USD 165.78 million. Vietnam’s exports to Sweden amounted to USD 138.75 million, marking a 27.7% increase compared to the same period last year. Imports from Sweden totaled USD 27.02 million, representing a 26.9% increase. |
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