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| Vietnam, EFTA wrap up negotiations on the Vietnam - EFTA free trade agreement. (Photo: baochinhphu.vn) |
Hanoi (VNA) – The conclusion of negotiations on the Vietnam – European Free Trade Association (EFTA) Free Trade Agreement after more than a decade of talks marks a significant step forward in Vietnam’s strategy to diversify markets and deepen international economic integration, an official has said.
In an interview with the press, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the agreement will lay the foundation for Vietnam’s economic relations with the EFTA bloc, comprising Iceland, Liechtenstein, Norway and Switzerland, to enter a new stage of development, and create fresh opportunities for trade, investment and sustainable growth.
According to the official, the completion of negotiations comes at a particularly meaningful time as the global economy continues to face challenges arising from geopolitical tensions, climate change, supply chain disruptions and the growing trend of trade barriers.
He noted that the successful conclusion of the negotiations was not merely the end of a process that lasted more than 10 years, but also demonstrated the strong commitment of both Vietnam and EFTA countries to an open, transparent and rules-based international trading system. The agreement sends a clear message that dialogue, cooperation and economic connectivity remain the most effective means of promoting growth, creating jobs and generating prosperity, Tan added.
Highlighting the highly complementary strengths between the two sides, Tan stressed that while the EFTA countries are leading in technology, innovation, finance, clean energy and sustainable development, Vietnam has emerged as one of Asia’s most dynamic economies and an increasingly important manufacturing, trade and investment hub in the region.
The agreement will provide a stable, transparent and predictable business environment, thereby facilitating stronger flows of trade, investment, technology and knowledge between the two sides.
Regarding opportunities for businesses, Tan said the agreement will help diversify Vietnam’s export markets and improve access for Vietnamese products to high-income markets with some of the world’s most demanding quality standards like Iceland, Liechtenstein, Norway and Switzerland.
At the same time, the FTA is expected to attract high-quality investment from the EFTA countries into sectors prioritised by Vietnam, such as high technology, processing and manufacturing industries, clean energy, green transition, innovation and human resources development. Beyond capital, these investments could bring advanced technologies, modern management expertise and sustainable development models.
The deputy minister said cooperation with EFTA partners will help Vietnamese enterprises enhance their competitiveness, gradually meet higher international standards and participate more deeply in global value chains.
He also noted that with a population of over 100 million, a strategic location in the Asia-Pacific region and a network of 17 FTAs, Vietnam aims to serve as a reliable partner and a gateway for EFTA businesses seeking to expand their presence in ASEAN and other regional markets. This will create long-term opportunities for investment, production and business cooperation benefiting enterprises on both sides, the official noted.
Tan went on to say that the Ministry of Industry and Trade will continue working closely with ministries, sectors, localities and EFTA partners to complete legal reviews and prepare for the signing and implementation of the agreement. The ministry also plans to intensify outreach efforts to help businesses understand the FTA’s commitments, organise training programmes on rules of origin, technical regulations, quality standards, environmental requirements and sustainable development practices, and provide practical guidance materials to facilitate effective utilisation of the agreement.
In addition, the ministry will step up trade promotion activities, support business matchmaking and facilitate deeper participation by Vietnamese enterprises in EFTA supply and value chains. Efforts will also continue to improve the investment and business environment and enhance national competitiveness.
Tan reaffirmed the Vietnamese Government’s commitment to institutional reforms, improving the business climate and fully implementing international commitments. He highlighted the issuance of Government Decree No. 240/2026/ND-CP on June 26, which provides detailed regulations and measures to mobilise resources for building and operating an ecosystem supporting the utilisation of free trade agreements and an export promotion fund. The decree will help enterprises maximise the benefits arising from the Vietnam–EFTA FTA./.
