Vietnam and Sweden should cooperate in the environmental protection and sustainable development in the context of the current Fourth Industrial Revolution, Minister of Industry and Trade Tran Tuan Anh has said.

Handicraft is one of Vietnam's main export products to Sweden

Also, the two sides should intensify the cooperation between their enterprises in investment, technology renovation, the minister stressed in an interview granted to the Vietnam News Agency ahead of the coming official visit to the North European country of Prime Minister Nguyen Xuan Phuc.

Minister Anh affirmed that the Vietnam – Sweden trade relations has been established for long and developing unceasingly. However, bilateral economic and trade relations have yet to match potential.

By April, Sweden ranked 33rd among the 131 countries and territories investing in Vietnam, with 68 valid protects totaling over 365 million USD in capital. In the first four months of this year, bilateral trade amounted to over 500 million USD, in which Vietnam’s exports topped 400 million USD, mostly footwear, textiles, sea food, wooden furniture, handicraft products, computers and accessories; and main imports from Sweden included telecommunication equipment, machinery and pharmaceutical products.

In order to boost exports to the North European market, Minister Anh suggested Vietnamese enterprises pay attention to their quality, origin traceability, social responsibility, environment protection and business ethics. He also pointed out that the scale of orders from Sweden is not large, that is why Vietnamese enterprises should accelerate the approach to distribution chains to ensure sustainable business.

The official pointed to the EU – Vietnam Free Trade Agreement as a factor that can bring about a positive impact for both Vietnam and Sweden. He also called on enterprises to join the Vietnamese Government in pushing up other governments to sign the deal at an early date, thus creating a more favourable economic – trade framework for the two countries.