Vietnam and the European Free Trade Association (EFTA) have officially signed a free trade agreement in Hanoi, ending 14 years of negotiations. This accord aims to enhance economic cooperation and trade relations between Vietnam and the EFTA member states.
- EFTA members present included Swiss President Guy Parmelin and ministers from Liechtenstein, Iceland, and Norway.
- The agreement covers tariffs, trade in goods and services, investment, intellectual property, and sustainable development.
- Vietnam’s exports to EFTA focus on seafood, footwear, textiles, machinery, electronics, and components.
- Swiss and Norwegian investments in Vietnam total over $2.6 billion across nearly 300 projects.
- Bilateral trade between Vietnam and EFTA averages nearly $2 billion annually.
Why it matters
This new agreement enables Vietnamese SMEs and mid-size companies to access broader markets in Europe without tariffs, offering potential cost savings and new export opportunities. It also opens doors to advanced technologies and investments from EFTA countries, which can enhance competitiveness and operational efficiencies in Vietnam’s key sectors.
Source: VnExpress International
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