Vietnam-EFTA deal to boost Vietnam–Norway trade: Norwegian ambassador

Norwegian Ambassador to Vietnam Hilde Solbakken told Tuoi Tre (Youth) online newspaper that the completion of negotiations for the Vietnam–EFTA Free Trade Agreement after more than a decade marked a significant milestone for economic cooperation between Vietnam and the four EFTA member states.

Although the agreement still requires signing and ratification, she said it is expected to deliver substantial benefits by eliminating tariffs on industrial products and seafood traded between Vietnam and the EFTA states, improving market access in several sectors, particularly agriculture.

Solbakken noted that EFTA countries maintain stringent quality and product standards, adding that closer cooperation would encourage Vietnamese producers to improve product quality through business partnerships, investment, and technology cooperation with EFTA countries, including Norway.

She said the agreement would be especially beneficial for small and medium enterprises, which make up the majority of businesses in both Vietnam and the EFTA economies.

Meeting the standards required by EFTA markets, she said, would also enhance Vietnamese companies' ability to access other international markets.

She added that the investment provisions of the agreement would make it easier for businesses from both sides to invest, establish companies, and develop partnerships.

Regarding bilateral trade, Solbakken said Norway exported about US$630 million worth of goods to Vietnam in 2025, while Vietnam's exports to Norway reached approximately $1.3 billion, indicating significant room for further growth.

She said seafood accounted for around 58 percent of Norway's exports to Vietnam and described the sector as highly complementary because the two countries specialize in different seafood products.

Norway is the world's second-largest seafood exporter, while Vietnam ranks third, although the two countries have strengths in different seafood categories.

Vietnamese shrimp, she said, has considerable potential in the Norwegian market.

Coffee is another product with strong prospects, according to Solbakken.

She noted that Norway has the world's second-highest per capita coffee consumption.

While Norwegians traditionally prefer Arabica beans, she said the quality of Vietnamese coffee has continued to improve and could become an attractive product for Norwegian consumers.

She added that she personally drinks Vietnamese coffee every day and believes its improving quality could help expand its presence in the Norwegian market.

Solbakken also praised the diversity of Vietnamese tropical fruits, expressing hope that more of them would be exported to Norway in the future.

On investment cooperation, Solbakken said Norway could contribute to Vietnam's goal of attracting high-quality foreign direct investment through advanced technologies in maritime industries, shipbuilding, and renewable energy.

She noted that Norwegian shipbuilder Vard already operates a shipyard in Vung Tau in southern Vietnam, producing high-tech vessels, including ships serving offshore wind projects.

She added that Norwegian shipowners, designers, and shipbuilders are showing increasing interest in Vietnam, with some considering building entire vessels or hulls in Vietnam before completing them in Norway.

According to the ambassador, these developments present opportunities for technology transfer and engineering cooperation between the two countries.

She also said more Norwegian companies are seeking to introduce advanced technologies to support Vietnam's maritime industries and aquaculture value chain.

Meanwhile, Vietnamese companies are increasingly using Norwegian technologies and production lines to manufacture pharmaceuticals, feed, and vaccines for aquaculture.

Solbakken said the newly established Norway–Vietnam green strategic partnership, together with the upcoming free trade agreement, would further strengthen bilateral cooperation and support Vietnam's transition toward a sustainable, circular, and inclusive economy while aligning with its strategy to attract high-quality FDI.

The European Free Trade Association and the Vietnamese government have officially concluded negotiations on the Vietnam–EFTA Free Trade Agreement, according to the Ministry of Industry and Trade's Multilateral Trade Policy Department.

The agreement is expected to usher in a new phase of cooperation, creating a foundation for expanding trade, investment, and collaboration across multiple sectors between Vietnam and the four EFTA member states: Switzerland, Norway, Iceland, and Liechtenstein.