Vietnam's seafood sector eyes growth through EFTA trade pact

Vietnamese seafood exporters are positioning themselves to capitalize on expanded market access following the conclusion of a free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland.

While trade in Vietnamese seafood products with EFTA members remains limited at present, industry officials say the pact removes significant barriers to bilateral commerce. The agreement is expected to streamline customs procedures and tariff arrangements, making it easier for Vietnamese firms to establish supply chains across the four nations.

Le Hang, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), highlighted the strategic importance of the accord for the sector. "The free trade agreement will make two-way trade easier and widen cooperation between Vietnamese companies and partners strong in fishing, processing and seafood technology," Hang stated.

Industry analysts note that EFTA countries, particularly Norway, possess advanced capabilities in seafood processing and fishing technology. The agreement is anticipated to facilitate joint ventures and technology-sharing initiatives that could enhance competitiveness of Vietnamese exporters in global markets.

The move represents part of a broader Vietnamese strategy to diversify export markets and strengthen trade relationships with developed economies amid shifting global commerce patterns.

Photo: Pangasius catfish pens beneath a floating fish-farm house on the Bassac River near Chau Doc, An Giang, Vietnam, December 2011. Jean-Pierre Dalbéra via Wikimedia Commons (CC BY 2.0).