Free Trade Agreement between Vietnam and the Association the Member States of the European Free Trade Association (EFTA)

Free Trade Agreement between Vietnam and the Association the Member States of the European Free Trade Association (EFTA) 29/07/2015 03:52:00 654

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1. Trade relations between Vietnam and EFTA:

Two-way trade between Vietnam and EFTA remains modest, it reached about USD 1 billion in 2012 - accounted for 0.23% of the total import-export value of Vietnam, in which Vietnam had the highest trade value with Switzerland (two-way trade reached USD 794 million), a low level one with Norway (USD 257 million) and a very low level one with Iceland and Liechtenstein (two-way trade with Iceland was about USD 2.5 million).

In terms of goods coverage, Vietnam mainly exports to EFTA member countries followings: aquatic products, coffee, cashew nuts, plastic products, wood and wood products, textiles, footwear, products made of iron and steel, machinery, tools, spare parts,... and imports from EFTA mechanical products, telecommunications equipment, vehicles, chemicals, fertilizers and plastics.

2. Status of the negotiations:

EFTA negotiation process which has taken place to date 11 rounds is expected to conclude  in 2015. It is expected that as of the entry into force of the agreement,  the Agreement will help expand exporting markets of Vietnam for industrial goods, aquatic products, some tropical agricultural products and textiles, footwear... thanks to the lower import tariffs given by EFTA for Vietnam.

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