Bangkok (VNA) – Vietnam has signed a free trade agreement (FTA) with four members of the European Free Trade Association (EFTA) in Hanoi, marking a major step forward after negotiations resumed in 2025 amid global trade uncertainty, Thailand’s The Nation reported on October 18.
According to the Thai newspaper, the agreement with Norway, Switzerland, Iceland and Liechtenstein was signed after the two sides concluded negotiations in July 2026.
The negotiations lasted more than a decade and gained momentum in recent years as trade tensions and US tariff measures prompted many economies to diversify markets and expand partnerships to mitigate risks.
Bilateral trade between Vietnam and EFTA averaged around 2 billion USD per year, The Nation reported, citing statistics from Vietnam’s Ministry of Industry and Trade.
Vietnam’s main exports to EFTA markets include seafood, footwear, textiles and garments, machinery, electronics and components. Meanwhile, Vietnam imports machinery, industrial equipment, chemicals, pharmaceuticals and production materials from EFTA countries.
Regarding the agreement’s benefits, the Norwegian Government said around 50% of Norway’s exports to Vietnam will be exempt from tariffs once the agreement takes effect. The proportion is expected to exceed 98% within seven years of implementation./.
