Vietnam signs trade agreement with four European countries outside EU
The pact lowers or removes customs duties on goods, with industrial products, fish and agricultural imports among those covered.
Vietnam has agreed a free trade pact with Iceland, Liechtenstein, Norway and Switzerland through their European Free Trade Association (EFTA). The agreement was signed in Hanoi as US tariffs disrupt world trade and countries seek to broaden their commercial relationships.
Vietnam’s top leader To Lam attended the signing alongside representatives of EFTA governments. None of the association’s four members belongs to the European Union. Beyond customs duties, the agreement addresses services, intellectual property protection, measures to remedy trade disputes and sustainable development, according to the two sides.
The Vietnamese government said the pact demonstrated support for a trading system based on rules despite economic uncertainty. It also said the agreement was expected to widen Vietnam’s markets for imports and exports and deepen its involvement in global value chains.
Negotiations finished in July after a lengthy process: formal talks began in 2012, stalled in 2018 and subsequently resumed. The signing comes as Vietnam faces a substantial US tariff on its exports while continuing negotiations with Washington.
