The prospect of Vietnam-Norway trade relations was the theme of an online business conference held by the Ministry of Industry and Trade, the Norwegian Ministry of Trade, Industry, and Fisheries, the Vietnamese Embassy in Norway, and the Norwegian Trade Policy Department on November 25.
Vietnam’s participation in free trade agreements (FTAs), including the Vietnam-EU FTA, has brought positive impacts on trade relations between Vietnam and Norway in recent years, said Norwegian Deputy Minister of Trade, Industry, and Fisheries Janicke Andreassen.
Vietnamese Ambassador to Norway Le Hong Lam informed the conference that two-way trade between the two countries reached US$528.5 million in 2020, an increase of 19.52% from the previous year. Of the figure, Vietnam’s exports to Norway were valued at US$216.9 million.
In the first nine months of 2021, two-way trade value stood at US$365.5 million, with US$103.7 million worth of Vietnam’s exports to Norway. Vietnam’s main export items are seafood, cashew nuts, textile-garment, footwear, steel products, transport means and parts. Meanwhile, it imports seafood, machinery and equipment, fertilisers and chemicals and steel and iron products from Norway.
Business participating in the event were provided with information on products that Vietnam can offer.
Asbjorn Warvik Rortveit, regional director for Southeast Asia at the Norwegian Fisheries Association, introduced opportunities for cooperation in the seafood sector in Norway, as well as consumer preferences for seafood products.
Representatives from large Norwegian corporations such as Equinor and Norwep also talked about possibilities for cooperation in clean energy.
After the conference, the Trade Promotion Department and the Embassy of Vietnam in Norway connected about 60 Vietnamese and Norwegian enterprises for exchange.