Following lengthy negotiations, a historic free trade agreement was signed between Vietnam and the European Free Trade Association (EFTA). The agreement, formalized during a ceremony held in the capital, Hanoi, is aimed at boosting trade in goods and services, attracting investment, protecting intellectual property rights, and fostering competition and sustainable development. The signing ceremony, held in the country’s capital, Hanoi, was attended by Vietnamese President To Lam, Minister of Industry and Trade Le Manh Hung, and official representatives from EFTA member states—Switzerland, Norway, Iceland, and Liechtenstein. The free trade agreement marks a significant step toward elevating economic cooperation between the parties to a new level.
Currently, the annual trade turnover between the two sides averages 2 billion dollars. Vietnam primarily exports seafood, footwear, textiles, and various electrical equipment to EFTA countries. Industrial equipment, chemical and pharmaceutical products, and production materials are purchased from European countries.
According to official experts, this agreement will make a significant contribution to diversifying Vietnam’s export and import markets, enhancing the international competitiveness of local enterprises, and facilitating their integration into global supply chains. Furthermore, the new agreement will create extensive opportunities for attracting direct investment and high technologies from European countries into Vietnam.
