According to the Thai newspaper, the agreement with Norway, Switzerland, Iceland and Liechtenstein was signed after the two sides concluded negotiations in July 2026.

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General Secretary of the Communist Party of Viet Nam Central Committee and President To Lam (fifth, right) and delegates witness the signing ceremony of a free trade agreement between Viet Nam and four members of the European Free Trade Association in Ha Noi. 

The negotiations lasted more than a decade and gained momentum in recent years as trade tensions and U.S. tariff measures prompted many economies to diversify markets and expand partnerships to mitigate risks.

Bilateral trade between Viet Nam and EFTA averaged around 2 billion USD per year, The Nation reported, citing statistics from Viet Nam’s Ministry of Industry and Trade.

Viet Nam’s main exports to EFTA markets include seafood, footwear, textiles and garments, machinery, electronics and components. Meanwhile, Viet Nam 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 Viet Nam will be exempt from tariffs once the agreement takes effect. The proportion is expected to exceed 98% within seven years of implementation.

Source: VNA