Vietnam signs free trade agreement with EFTA nations including Switzerland and Norway
Vietnam signs a landmark free-trade agreement with EFTA nations, slashing tariffs on industrial goods, seafood, and key agricultural products
Vietnam has officially signed a comprehensive free-trade agreement with the EFTA (European Free Trade Association) bloc including Switzerland, Norway, Iceland, and Liechtenstein.
As reported, key highlights of the agreement include tariff elimination, agriculture access, trade investment and boost.
EFTA countries will eliminate import tariffs on industrial and seafood products originating from Vietnam immediately upon implementation.
Vietnam's trade ministry said it signed the deal in Hanoi with the European Free Trade Association members.
According to the Norwegian government, around half of Norway's exports to Vietnam will be tariff-free when the agreement enters into force, with more than 98% to be tariff-free within seven years.
Long-stalled free-trade talks were relaunched last year amid global tensions over US tariffs. Negotiations concluded in July.
Trade ministry said the Southeast Asian country mainly exports seafood, footwear, textiles, machinery and equipment, electronics and components to the EFTA market and imports industrial machinery and equipment, chemicals, pharmaceuticals, and raw materials for production.
Meanwhile, Vietnam will gradually reduce or eliminate tariffs on products from EFTA nations over an 11-year transition period.
Select agricultural goods—including cheese, coffee, and chocolate—will gain duty-free access to Vietnam under a phased transition timeline.
The ministry said, bilateral trade between Vietnam and the EFTA bloc has grown steadily, reaching roughly €4.8 billion.
The pact aims to streamline customs, open up investment protections in non-service sectors like manufacturing, mining, and agriculture and foster deeper tech and economic cooperation.
