Vietnam signs its 18th free trade pact with EFTA members
Negotiations lasted over 14 years. The agreement links Vietnam with Switzerland, Iceland, Norway and Liechtenstein.
A Hanoi signing ceremony has concluded over 14 years of negotiations on a free trade agreement between Vietnam and the four EFTA countries. Vietnamese Party Chief and President To Lam attended with representatives from the participating nations.
The Vietnam-EFTA Free Trade Agreement (VEFTA) is Vietnam’s 18th such accord. It addresses goods and services trade, investment and intellectual property. Other provisions deal with customs, tariffs, technical barriers, trade remedies, sustainable development and the settlement of disputes.
Vietnam’s Ministry of Industry and Trade says commerce with EFTA countries averages around US$2 billion annually. Major Vietnamese exports include electronic equipment, seafood, footwear, textiles and garments. Purchases from the group include pharmaceuticals, chemicals, machinery and industrial equipment.
Switzerland’s registered investment in Vietnam stood at US$2.4 billion across 234 valid projects at the end of 2025. Norway accounted for 62 projects and over US$200 million in registered capital.
Swiss President Guy Parmelin welcomed the signing when he met Vietnamese Prime Minister Le Minh Hung during an official visit to Hanoi. He said the accord would offer opportunities for closer commercial ties and more investment, particularly for small and medium-sized enterprises.
Parmelin also suggested connecting Vietnam’s innovation ecosystem with Switzerland’s Crypto Valley hub to encourage collaboration in quantum technology, blockchain and artificial intelligence.
