The Norwegian Ministry of Foreign Affairs has announced that Norway, together with the three other members of the European Free Trade Association (EFTA),Iceland, Liechtenstein and Switzerland, has signed a Free Trade Agreement with Vietnam (VEFTA) in Hanoi. The Agreement is expected to expand trade relations, improve market access and gradually eliminate tariffs on nearly all Norwegian goods exported to Vietnam.
According to the Norwegian Government, approximately half of the value of Norway’s exports to Vietnam will become duty-free when the Agreement enters into force. Within seven years, the share of exports benefiting from duty-free access will increase to more than 98%.
Norwegian Minister of Foreign Affairs Espen Barth Eide emphasized that, amid growing uncertainty in the global economic and trade environment, diversifying trade relationships is essential to reducing risks and creating new opportunities for businesses.
According to Minister Eide, Norway has signed seven new free trade agreements since the current government took office. The signing of VEFTA further expands Norway’s network of trading partners while strengthening relations with Vietnam, a country that shares Norway’s commitment to a rules-based international trading system.
One of the sectors expected to benefit significantly from the Agreement is seafood. Vietnam currently applies import tariffs of up to 15% on certain Norwegian salmon and mackerel products. Under the commitments announced by the Norwegian Government, import duties on salmon will be eliminated upon the Agreement’s entry into force, while tariffs on mackerel will be phased out over a three-year period.
Norwegian Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss stated that the Agreement would enable Norwegian seafood exporters to compete on more equal terms with major competitors in the Vietnamese market, creating additional opportunities for export growth.
Beyond trade in goods, VEFTA includes commitments to facilitating investment and trade in services, as well as provisions on trade and sustainable development.
According to Norwegian Government statistics, total merchandise trade between Norway and Vietnam reached approximately NOK 19 billion in 2025. Vietnam is regarded as one of Asia’s rapidly growing economies, offering considerable potential for expanding bilateral trade and investment relations.
The Agreement was signed on October 18, 2026, but had not entered into force at the time of the announcement. The tariff reductions and exemptions provided under the Agreement will be implemented in accordance with its provisions once the necessary procedures have been completed.