News about free trade agreements

On the morning of 18 October in Hanoi, General Secretary and State President To Lam witnessed the signing of a free trade agreement between Vietnam and the member states of the European Free Trade Association (EFTA), including Liechtenstein, Switzerland, Iceland and Norway. The agreement is comprehensive, covering goods, services, investment, intellectual property, government procurement, competition, SMEs, dispute settlement and sustainable development. Bilateral trade currently averages nearly US$2 billion a year, with Vietnam mainly exporting seafood, footwear, textiles, machinery and electronics. The deal is expected to diversify export markets, strengthen competitiveness and attract high-quality investment and technology.

Vietnam signed the Vietnam-EFTA Free Trade Agreement (VEFTA) with the four EFTA members, Switzerland, Iceland, Norway and Liechtenstein, on 18 October in Hanoi, in the presence of General Secretary and State President Tô Lâm. It is Vietnam's 18th free trade agreement and covers goods trade, services, investment, intellectual property, dispute settlement and sustainable development. Vietnam expects it to diversify its import and export markets, improve business competitiveness and attract high-quality investment and technology from Europe. Annual trade between the two sides is around 2 billion USD; Switzerland has 234 active projects with registered capital above 2.4 billion USD, and Norway has 62 projects with over 0.2 billion USD.