Over the past 30 years, Vietnam has been one of Asia's most rapidly developing economies. After the EU-Vietnam Free Trade Agreement (EVFTA) became operational in August 2020, Vietnam's economy has embarked on a new era. Despite the continuing challenges of the COVID-19 pandemic, Vietnam is poised to keep the momentum going forward.
Vietnam has a sizable population of over 97 million and is home to APAC's fastest-expanding middle class, expected to reach 33 million by 2025. Thanks to the fast adoption of cutting-edge technology, the emerging manufacturing hub, and a high degree of market openness, Vietnam had a constant solid GDP growth of 6 to 7 percent annually before the pandemic and was the third-largest foreign direct investment value in Southeast Asia. Even during the pandemic year, the economy grew by 2.91% in 2020 and landed among Asia's top-performing economies. Vietnam has also signed the second most FTAs in ASEAN after Singapore.
However, the economy is experiencing a huge hit, as the country is currently experiencing the fourth COVID-19 wave, with the number of cases surpassing that of all three previous outbreaks. The country is struggling to keep the situation under control, while businesses are already significantly affected by restrictions and lockdowns.
In this Market Outlook, the Swedish Ambassador to Vietnam, H.E. Ann Måwe, will give further details on the current political situation and the COVID-19 development in Vietnam. Moreover, Mr Ludvig Hermansson, Acting Country Manager at Business Sweden, will talk about the business opportunities for Swedish companies in one of the region's most dynamic markets and give a glimpse of Vietnam's business climate, based on the survey conducted in June.
Join us in this session to better understand what it takes for a Swedish company to succeed in this market as well as how to grasp the growth opportunities inherent to the Vietnamese economy.
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