Vietnam-Sweden Trade Overview in 2025

The EVFTA has changed the face of trade between Vietnam and the European Union. In this article, the Vietnam Briefing considers the specifics of what this has meant for trade between EU member Sweden and Vietnam.

On the sidelines of the 28th UN Climate Change Conference (COP28) in the United Arab Emirates, Vietnamese Prime Minister Pham Minh Chinh met with the Prime Minister of Sweden Ulf Kristersson. This was just one more in a long list of high-level meetings between Vietnam’s leadership and that of a European Union member state.

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Indeed, interest in Vietnam from the EU has grown rapidly since the EU-Vietnam Free Trade Agreement (EVFTA) came into action in 2020. This interest has denoted a rise in trade between the bloc and Vietnam that looks set to grow even more moving forward.

The bilateral relationship has taken a further step forward with the latest talks between their leaderships in June 2025, with PM Chinh and PM Kristersson agreeing to establish a strategic partnership in science, technology, and innovation.

In this light, in this article, we look in detail at exactly what it has meant for trade between Sweden and Vietnam.

See also: Four Years of the EVFTA: Key Advantages and Business Perceptions

Trade rules and regulations between Sweden and Vietnam

EU-Vietnam Free Trade Agreement (EVFTA)

The EVFTA is an ambitious pact set to eliminate almost 99 percent of customs duties between the EU and Vietnam. This agreement is expected to increase Vietnam’s GDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025, according to the Ministry of Planning and Investment (MPI). The European Commission also forecast the EU’s GDP to increase by US$29.5 billion as a result of the agreement.

EU-Vietnam Investment Protection Agreement (EVIPA)

Currently in the works is the EVIPA. This agreement would help to protect European enterprises investing in Vietnam and vice versa. Currently, the agreement still needs to be ratified by a number of European nations.

Two-way trade

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The two-way trade reached US$1.5 billion in 2024, marking a 15 percent increase from 2023. The growth trend continues its momentum into 2025, with the bilateral trade turnover in the first six months of 2025 reaching US$886.64 million. Of which, exports from Vietnam to Sweden reached US$626.42 million, a 22.2 percent increase, while imports from Sweden totaled US$260.22 million, a 39.9 percent rise compared to the same time last year.

Vietnam’s exports to Sweden

Vietnam’s exports to Sweden in 2024 reached more than US$1.04 billion, led by high-value manufacturing sectors. Mobile phones and parts accounted for the largest share at 31.4 percent, followed by machinery, equipment, tools, and instruments at 11.9 percent, and textiles and garments at 9.9 percent. Other significant categories included computers and electrical products, footwear, wood products, and fishery goods. Overall, exports are dominated by technology, garments, and consumer goods, underscoring Vietnam’s role as a competitive supplier in both high-tech and traditional industries.

See also: Vietnam’s Investment Support Fund for High-Tech Enterprises: Decree 182

Vietnam’s imports from Sweden

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Vietnam’s imports from Sweden reached approximately US$427.6 million in 2024, with a strong focus on industrial and high-tech inputs. Machinery, equipment, tools, and instruments accounted for the largest share, at 33.6 percent of total imports, followed by pharmaceutical products at 26.5 percent. Although the import value was relatively modest compared to Vietnam’s exports to Sweden, the overall import structure indicates that the Vietnamese market depends on Swedish exporters for advanced machinery, healthcare products, and vital raw materials that support local manufacturing and consumption.

Vietnam-Sweden trade moving forward

Trade between Vietnam and the European Union in the wake of the passage of the EVFTA has flourished, and this is evident in trade between Sweden and Vietnam.

Moving forward, as the EVFTA continues to see tariffs come down on a range of products, trade between these two nations should become even stronger. This may be further fortified by the EVIPA once ratified by the EU’s member states.

Overall, Vietnam and Sweden have become important trading partners, and this should continue long into the foreseeable future.

See also: Vietnam’s On-Spot Export and Import Regime: Latest 2025 Updates

This article was originally published February 26, 2024. It was last updated September 18, 2025.

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