To explore it further, executives from more than 50 Swedish businesses, trade-support organizations, research institutes, and public agencies attended The Sweden -Vietnam Business Summit: Partnering for Sustainable Growth and Innovation in Hanoi on May 7.

It was the largest ever business delegation from Sweden and the visit also marked the 50th anniversary of bilateral diplomatic relations.

"Vietnam is not only an intriguing emerging market that attracts multinational corporations, but also a dynamic entrepreneurship ecosystem. Many Swedish companies and trade organizations want to join its development process," Sweden’s Minister for Foreign Trade Ann Linde said at the summit.

Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh underlined Vietnam’s strong commitment and support to free trade agreements, and expected the Vietnam - Sweden cooperation to speed up the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).

Vu Tien Loc, president of the VCCI, at the summit.

Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry (VCCI), said Sweden can lead the investment wave in Vietnam by focusing on technology and the digital economy.

He noted that the country should improve the competitiveness of its business environment, labor and infrustructure to take advantage of the EVFTA.

Leading companies from the two countries shared experiences and ideas on sustainability and innovation.

An exhibition on the sidelines of the summit showcased Sweden’s innovative and creative solutions in manufacturing, smart cities, smart living, transportation, energy, health, education and sustainability.

The exhibition on Swedish solutions on the sidelines of the summit.

Sweden was the first western European country to establish diplomatic relations with Vietnam. According to the General Department of Vietnam Customs, bilateral trade was worth $1.5 billion in 2018.

The Swedish investment in Vietnam reached $365 million with 68 projects.