VNExpress-Oct 18
Vietnam’s Minister of Industry and Trade Le Manh Hung and representatives of the member states of the European Free Trade Association (EFTA) officially signed the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on Oct. 18. The signing marks an important milestone in relations between Vietnam and EFTA, which comprises some of the world’s leaders in innovation. The comprehensive agreement covers a wide range of key areas, including trade in goods, encompassing tariffs, technical barriers to trade, sanitary and phytosanitary measures, customs and trade remedies; trade in services; investment; intellectual property; government procurement; competition; small and medium-sized enterprises; dispute settlement; and trade and sustainable development. With its broad scope and diverse areas of cooperation, the deal is expected to create new opportunities for Vietnam to diversify its export and import markets, enhance business competitiveness and participate more deeply in global value chains. It is also expected to attract high-quality investment, advanced technologies and management expertise from leading European economies. Economic, trade and investment ties between Vietnam and EFTA member states have continued to grow positively, with bilateral trade averaging nearly $2 billion annually. Vietnam’s main exports to EFTA markets include seafood, footwear, textiles and garments, machinery and equipment, electronics and components. Imports from EFTA mainly comprise machinery, industrial equipment, chemicals, pharmaceuticals and production materials.
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