Vietnam-EFTA free trade deal gives boost to bilateral commerce

Citing Vietnam's Ministry of Industry and Trade, the report noted that the pact with EFTA members Norway, Switzerland, Iceland, and Liechtenstein was signed following the conclusion of talks in July 2026.

The negotiation process spanned over a decade and gained momentum in recent years as trade tensions and US tariff measures prompted economies to diversify markets and expand partnerships to mitigate risks.

Citing trade data, The Nation noted that annual two-way trade between Vietnam and EFTA averages around US$2 billion. Trade structures between the two sides are highly complementary, in line with their respective strengths and market needs.

Vietnam primarily exports seafood, footwear, textiles and garments, machinery, electronics, and components to EFTA markets. In return, Vietnam imports machinery, industrial equipment, chemicals, pharmaceuticals, and raw materials from the bloc.

Highlighting the agreement's benefits, the Norwegian Government announced that approximately 50% of its exports to Vietnam will be tariff-free once the deal enters into force. This figure is expected to surpass 98% within seven years of implementation.

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VOV.VN - Following the signing of the Free Trade Agreement (FTA) between Vietnam and the European Free Trade Association (EFTA, comprising Switzerland, Norway, Iceland, and Liechtenstein), Vietnamese experts in Switzerland highlighted the strategic economic benefits of the deal.

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VOV.VN - The Vietnam–EFTA Free Trade Agreement (FTA) is expected to open up new opportunities for Vietnam’s seafood industry, from expanding exports to the four EFTA markets to strengthening cooperation in raw materials, processing and technology, according to the Vietnam Association of Seafood Exporters and Producers