According to statistics of the General Department of Vietnam Customs, in the first 10 months of 2022, the import-export turnover between Vietnam and Sweden reached 1.37 billion USD. Vietnam exported to Sweden 1.08 billion USD, up 16.8% and imported from Sweden 283.1 million USD, up 3.8% over the same period in 2021. Vietnam's key products exported to Sweden include: Telephones and components, textiles, machinery, equipment and other spare parts, shoes, bags, furniture, handicrafts, seafood. Vietnamese goods imported mainly from Sweden include: telecommunications equipment, machinery of all kinds and pharmaceuticals.

1. Swedish market characteristics

Sweden has one of the best investment environments in the world. Over the past 100 years, Sweden has prospered by exports. The Baltic Sea has an advantageous position in trade relations with Denmark, Germany, Poland and Russia. With a trade orientation policy, Sweden has a low import tax policy and supports free trade within the EU. Since the late 1980s Sweden has protected its domestic economic sectors to increase competitiveness, but has also abolished treaties that discriminate against foreign investors.

As one of the earliest countries to liberalize trade, Sweden has outpaced many countries in its transition from agricultural economy to industrial development, making it one of Europe's most developed economies.

For investors, Sweden has the best infrastructure conditions and facilitates investors’ integration into an economic community characterized by constant development and innovation. Trade is effectively supported by the State and with a skilled workforce that has fostered creativity and development.

Sweden has a simple and clear tax system that does not tax local businesses and business licensing taxes as in many other countries. With attractive tax policies and a high quality of life, investing in Sweden means access to one of the most dynamic business environments in Europe.

2. Bilateral trade relations between Vietnam and Sweden

According to statistics of the General Department of Vietnam Customs, in the first 10 months of 2022, the import-export turnover between Vietnam and Sweden reached 1.37 billion USD. Vietnam exported to Sweden 1.08 billion USD, up 16.8% and imported from Sweden 283.1 million USD, up 3.8% over the same period in 2021.

Vietnam's key products exported to Sweden include: Telephones and components, textiles, machinery, equipment and other spare parts, shoes, bags, furniture, handicrafts, seafood. Vietnamese goods imported mainly from Sweden include: telecommunications equipment, machinery of all kinds and pharmaceuticals.

Trade relations between Vietnam and Sweden are mutually complementary, not directly competitive, especially with tropical agricultural products and processed agricultural products that the EU market in general and Sweden in particular have high demand for.

3. Swedish market development trends

Sweden is a country with a developed economy, stable political situation, and people with a high standard of living among the top in the world. Sweden has retail groups operating around the world in all areas such as: food, household appliances, and handicrafts. Moreover, Sweden also has strengths in creative ideas, training services and implementation of knowledge-transfer projects, technologies and techniques for the design of industrial products and handicrafts.

Meanwhile, Vietnam has strengths in abundant supply of raw materials and highly skilled workers. The strengthening of cooperation in the field of product design services between Vietnam and Sweden, when focused on specific products, will create goods that are more suitable and realistic to the current trends and consumer tastes of the Swedish market in particular and the Nordic region in general.

In addition, according to market surveys, Swedish people spend a large amount of money on textile products such as clothing, blankets, gas, curtains. In addition, they also have a great demand for agricultural products such as rice, tea, coffee, cocoa, fruits and vegetables. The recent trend of Swedes to enjoy foods with new flavors has increased the demand for typical products of countries around the world. Vietnam can take this opportunity to export products with Vietnamese characteristics.

Besides, it should be noted that products introducing ingredients in a new way and with improved packaging are expected to prevail over traditional products. Supermarkets are demanding a variety of products and product modifications, and other European countries are also considering supermarkets as suppliers of domestic branded products, unprecedentedly low prices and satisfactory quality.