Business · Vietnam Bureau
Nordic Nations, Vietnam Seek to Convert Trade Pacts Into Business Growth
Nordic businesses are moving to capitalize on a series of new bilateral agreements with Vietnam covering science and technology, green energy, and free trade. Officials say the frameworks create significant opportunities for deeper commercial engagement across multiple sectors.
LSN Vietnam ·
The Nordic Chamber of Commerce in Vietnam said momentum is building in bilateral relations following the signing of several key agreements designed to facilitate closer economic ties. Chairman Thue Quist Thomasen pointed to three major frameworks: a science and technology cooperation accord, the Vietnam–Norway Green Strategic Partnership, and the newly ratified Vietnam–European Free Trade Association (EFTA) Free Trade Agreement.
These pacts represent a strategic shift as Nordic companies seek to expand their footprint in Vietnam and develop stronger supply-chain relationships with the Southeast Asian nation. Officials have identified offshore wind power as a particularly promising area for joint development, given Vietnam's renewable energy ambitions and Nordic expertise in the sector.
The Vietnam–EFTA trade deal, which encompasses Norway and Switzerland among other signatories, is expected to reduce tariffs and create new market access for goods and services. Ambassadors from both Norway and Switzerland have characterized the agreement as opening a new chapter in bilateral cooperation, signaling their governments' commitment to deepening economic partnerships with Hanoi.
Business leaders in both regions now face the challenge of converting these diplomatic frameworks into concrete commercial projects and investments. Industry observers expect the coming months will test whether the goodwill reflected in these agreements translates into tangible deals across technology, renewable energy, and traditional trade sectors.