VCCI workshop in Hanoi discusses business opportunities under VEFTA
VOV.VN - The Vietnam Chamber of Commerce and Industry (VCCI), in coordination with government ministries, hosted a workshop on November 11 in an effort to help domestic businesses capitalize on the Vietnam-EFTA Free Trade Agreement (VEFTA).
Signed on October 18 between Vietnam and the four European Free Trade Association (EFTA) member states-Switzerland, Norway, Iceland, and Liechtenstein- the deal opens new opportunities for Vietnamese enterprises to access high-purchasing-power markets, expand exports, diversify supply chains, and strengthen trade and investment cooperation.
Speaking at the workshop, Nguyen Son Tra, Head of the WTO and Trade Negotiations Division under the Ministry of Industry and Trade’s Multilateral Trade Policy Department, highlighted that VEFTA helps Vietnam broaden export markets, attract high-quality foreign investment, and foster technology transfer across finance, pharmaceuticals, renewable energy, high technology, and advanced manufacturing. The agreement also promotes sustainable trade and circular economy practices, enabling domestic companies to integrate more deeply into global value chains.
Under EFTA’s tariff commitments, over 90% of tariff lines for Vietnamese exports will be eliminated immediately upon entry into force, covering all industrial products, seafood, and the vast majority of agricultural goods.
However, Tra cautioned that Vietnamese firms face stringent requirements regarding product quality, safety, traceability, environmental protection, and rules of origin to qualify for tariff preferences. Limited resources, technology, and compliance costs also present hurdles when competing with high-quality imports from EFTA.
Experts at the workshop advised exporting enterprises to proactively check tariff schedules by HS codes, fulfill rules of origin, and comply with Sanitary and Phytosanitary (SPS) measures, Technical Barriers to Trade (TBT), and import management regulations.
They were also urged to accelerate green transformation, adopt clean technologies, and practice corporate social responsibility to build long-term competitiveness.
Vietnam–EFTA trade deal opens up new chapter in cooperation
Norwegian Ambassador Stein Iversen and Swiss Ambassador Thomas Gass have welcomed the free trade agreement signed in Hanoi on October 18 between Vietnam and the European Free Trade Association (EFTA), whose members are Switzerland, Norway, Iceland and Liechtenstein.
