Business · Malaysia Bureau
Vietnam clinches trade pact with Iceland, Liechtenstein, Norway, Switzerland
Vietnam has secured a free trade agreement with four European nations, significantly lowering tariff barriers on industrial goods, seafood and agricultural products. The deal marks an expansion of Hanoi's trade relationships beyond traditional partners in Asia and North America.
LSN Malaysia ·
The newly concluded trade agreement between Vietnam and Iceland, Liechtenstein, Norway and Switzerland eliminates or substantially reduces customs duties across multiple sectors, aimed at boosting bilateral commerce and investment flows.
Under the accord, tariff barriers on industrial products, fish and agricultural imports will be phased down, creating fresher market opportunities for Vietnamese exporters seeking European outlets. The arrangement reflects Vietnam's broader strategy of diversifying its trading partnerships and reducing dependence on any single market.
The four European nations, while distinct in their governance structures—Iceland and Norway being non-European Union members while Liechtenstein and Switzerland maintain separate arrangements with the EU—have collectively agreed to streamline trade procedures with Vietnam. The pact is expected to facilitate greater movement of goods between the signatory nations and reduce compliance costs for businesses engaging in cross-border commerce.
Vietnam has accelerated free trade negotiations in recent years, securing similar agreements with major trading blocs across Europe, North America and the Asia-Pacific region. The latest accord underscores Hanoi's commitment to deepening economic integration with developed markets while positioning itself as an attractive trading destination amid evolving global supply chain dynamics.