EFTA nations to seal trade pact with Vietnam on Sunday

Vietnam is set to ink a free trade agreement with the European Free Trade Association (EFTA) on Sunday, officials confirmed this week. The accord involves Switzerland, Norway, Iceland and Liechtenstein—member states of the EFTA bloc.

Negotiations for the pact had languished for an extended period before being revived last year. Officials attributed the renewed momentum partly to escalating global trade tensions, particularly concerning US tariff policies that have prompted nations worldwide to diversify their trade partnerships and secure alternative market access.

The finalisation of the agreement represents a significant development for Vietnam's trade strategy, broadening its network of preferential trading relationships beyond major partners in Asia and North America. For the EFTA nations, the deal opens access to one of Southeast Asia's most dynamic economies and a key manufacturing hub in the region.

The timing of the accord reflects broader shifts in international commerce, with countries increasingly seeking to lock in trade benefits as protectionist measures gain traction globally. Vietnam has been particularly active in pursuing and concluding free trade agreements, positioning itself as an attractive destination for foreign investment and commerce.