‘In an increasingly uncertain world, Norway needs more trading partners. This makes us less vulnerable and gives our businesses more opportunities. This agreement will give Norwegian companies better opportunities to sell goods and services in Vietnam’, said Minister of Foreign Affairs Espen Barth Eide. 

For Norway, the agreement will provide close to 100 per cent duty-free trade in goods following transitional periods. Seafood products such as salmon and mackerel, which currently face tariffs of up to 15 per cent, will benefit from duty-free access after a three-year phase-out period. 

The agreement will also facilitate increased investment and trade in services between Norway and Vietnam. 

‘The agreement will be particularly important for the seafood industry, the maritime sector and other Norwegian export industries. Vietnam is a large and growing market, and it will help strengthen the competitiveness of Norwegian businesses’, said Eide. 

The announcement comes days after the EFTA Ministerial Meeting in Reykjavík on 22 June, where the parties resolved the final outstanding issues before the agreement was concluded. 

The agreement is expected to be signed this autumn.

Facts about trade with Vietnam

  • Trade between the EFTA countries – Norway, Iceland, Liechtenstein and Switzerland – and Vietnam amounted to approximately NOK 48 billion in 2025. 
  • EFTA countries export, among other products, electrical machinery, seafood and pharmaceutical products to Vietnam. 
  • Norway exported goods and services worth NOK 6.2 billion to Vietnam in 2025. Seafood accounted for 58 per cent of Norwegian goods exports. 
  • Vietnam is a rapidly growing economy in Asia and a major exporter of manufactured goods. Key Vietnamese exports include electrical machinery, textiles, footwear and mechanical products. 
  • Vietnam is Norway’s third-largest trading partner among the ASEAN countries, after Thailand and Singapore. 
  • Vietnam is the sixth ASEAN country with which EFTA has concluded a free trade agreement. The others include Indonesia, Thailand, Malaysia, Philippines and Singapore.