Sweden and Vietnam
Sweden and Vietnam have moved from a development-assistance-focused relationship to one integrating trade, political dialogue and institutional cooperation. Swedish representation connects companies and citizens in Hanoi and Ho Chi Minh City.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Sweden established diplomatic relations with Vietnam on 11 January 1969; its embassy profile identifies it as the first Western country to do so.
What merchandise trade shows
In 2025, goods trade between Sweden and Vietnam totalled 1,984.4 million current USD.
Documented trade sectors
Within the selected chapters, pharmaceutical products stands out in shipments from Sweden to Vietnam, at 123.3 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,984.36 M USD | 2025 · UN Comtrade / SWE |
| Goods: Sweden to Vietnam | 371.65 M USD | 2025 · UN Comtrade / SWE |
| Goods: Vietnam to Sweden | 1,612.71 M USD | 2025 · UN Comtrade / SWE |
| Services trade | ||
| Export share: Sweden to Vietnam | 0.178 % | 2025 · UN Comtrade / SWE |
| Export share: Vietnam to Sweden | ||
| Investment stock: Sweden in Vietnam | ||
| Investment stock: Vietnam in Sweden |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / SWE · Goods; full year; reporter SWE. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Sweden to Vietnam
- 2025 · UN Comtrade / SWE · Goods; full year; reporter SWE. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Vietnam to Sweden
- 2025 · UN Comtrade / SWE · Goods; full year; reporter SWE. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Export share: Sweden to Vietnam
- 2025 · UN Comtrade / SWE · Goods share: SWE exports to the partner / exports by the same reporter to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Some annual indicators refer to different years. Check the period beside each value before comparing them.
| Indicator | Sweden | Vietnam |
|---|---|---|
| Nominal GDP | 669 billion USD2025 · WB | 514.7 billion USD2025 · World Bank |
| GDP per capita | 63,133.21 USD2025 · WB | 5,065.99 USD2025 · World Bank |
| GDP growth | 1.54 %2025 · WB | 8.02 %2025 · World Bank |
| Policy interest rate | ||
| Inflation · annual average | 0.68 %Annual average · 2025 · WB | 3.31 %Annual average · 2025 · World Bank |
| Inflation · latest year-on-year figure | ||
| Unemployment | 8.69 %ILO est.2025 · WB | 1.52 %ILO est.2025 · World Bank |
| Budget balance (% of GDP) | -1.4 %IMF est.2025 · IMF | -2.2 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 34.9 %IMF est.2025 · IMF | 30.3 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 6.06 %2025 · WB | 6.33 %2024 · World Bank |
| Population | 10,596,6202025 · WB | 101,598,5272025 · World Bank |
| Area | 528,660 km²2023 · WB | 331,338 km²2023 · World Bank |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP per capita
- Current USD per personSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP growth
- Annual real change (%)Sweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Sweden: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2025 · Annual average change in CPI (%) · World Bank · Official World Bank series; observation period, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionSweden: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.Vietnam: 2025 · ILO modelled estimate, percentage of the labour force · World Bank · ILO est. · Official World Bank series; observation period, not download date.
- Budget balance
- General government (% of GDP)Sweden: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Vietnam: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Gross public debt
- General government (% of GDP)Sweden: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Vietnam: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Current account balance
- % of GDPSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2024 · World Bank · Official World Bank series; observation period, not download date.
- Population
- PeopleSweden: 2025 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Area
- Total area in km²; territorial coverage of the sourceSweden: 2023 · World Bank · Official World Bank series. Observation year, not download date.Vietnam: 2023 · World Bank · Official World Bank series; observation period, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Sweden to Vietnam
| Product or sector | Value / share |
|---|---|
| Pharmaceutical products | 123.3 M USD2025 · Source |
| Machinery and mechanical appliances | 49.7 M USD2025 · Source |
| Electrical and electronic equipment | 36 M USD2025 · Source |
| Vehicles and components | 4.2 M USD2025 · Source |
| Mineral fuels and oils | 4.2 M USD2025 · Source |
| Dairy products, eggs and honey | 0.00828 M USD2025 · Source |
Vietnam to Sweden
| Product or sector | Value / share |
|---|---|
| Electrical and electronic equipment | 714.9 M USD2025 · Source |
| Machinery and mechanical appliances | 197.9 M USD2025 · Source |
| Vehicles and components | 8.8 M USD2025 · Source |
| Pharmaceutical products | 0.0221 M USD2025 · Source |
| Dairy products, eggs and honey | 0.000107 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Sweden to Vietnam | Vietnam to Sweden |
|---|---|---|---|
| 2021 | 1,787.7 | 247.1 | 1,540.7 |
| 2022 | 1,930.6 | 232 | 1,698.6 |
| 2023 | 1,583.4 | 264.3 | 1,319 |
| 2024 | 1,534.8 | 302.6 | 1,232.1 |
| 2025 | 1,984.4 | 371.7 | 1,612.7 |
Connections between people
The Hanoi embassy has a consular, migration and administrative section and a political, economic and trade section. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Sweden living in Vietnam | ||
| Residents from Vietnam living in Sweden | ||
| Study and training: Sweden in Vietnam | ||
| Study and training: Vietnam in Sweden | ||
| Academic stays: Sweden in Vietnam | ||
| Academic stays: Vietnam in Sweden | ||
| Travel: Sweden to Vietnam | ||
| Travel: Vietnam to Sweden |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
History and institutional framework
Sweden established diplomatic relations with Vietnam on 11 January 1969; its embassy profile identifies it as the first Western country to do so. The relationship evolved from development cooperation towards economic exchanges, administrative contacts and personal ties. [1]
The scale of both economies
Nominal GDP for Sweden is 669 billion USD (2025), compared with 514.7 for Vietnam (2025). The reference populations are 10.6 and 101.6 million, respectively. In the same year, the economy of Sweden was 1.3 times that of Vietnam in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The Hanoi embassy has a consular, migration and administrative section and a political, economic and trade section. The network includes an honorary consulate in Ho Chi Minh City. Business Sweden has personnel in both cities and works with the embassy to facilitate business partners, opportunities and investments in both directions. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Sweden and Vietnam) totalled 1,984.4 million current USD. Shipments from the first to the second were 371.7 million; those in the opposite direction, 1,612.7 million. The difference between the two flows was 1,241.1 million, in favour of Vietnam. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Sweden to the partner represented 0.178% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 1,787.7 million USD in 2021 and 1,984.4 million in 2025. The change between the two endpoints was +11 % in current dollars. The highest annual value in the period was recorded in 2025, at 1,984.4 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, pharmaceutical products stands out in shipments from Sweden to Vietnam, at 123.3 million USD in 2025. Within the selected chapters, electrical and electronic equipment stands out in shipments from Vietnam to Sweden, at 714.9 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — SWE-VNM
www.swedenabroad.se · Institutional source · Accessed: 2026-10-08
- Annual TOTAL X/M; 2025; reporter 752; partners 0,764,498,508,516,554,807,458,8,51,31,56,348,372,404,608,634,688,800,704,894,716
UN Comtrade / SWE · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade / SWE · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters SWE, THA · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade; reporters SWE, THA
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.