Supported by the EU–Vietnam Free Trade Agreement, Vietnam’s exports to Sweden, Denmark, Norway and Latvia recorded strong year-on-year growth in the first half of 2026.

Trade with Most Markets Records Strong Growth

Speaking to a reporter from Industry and Trade Newspaper, Ms. Nguyễn Thị Hoàng Thúy, Director General and Head of the Trade Office of Vietnam in Sweden, concurrently responsible for Denmark, Norway, Iceland and Latvia, said that trade and investment relations between Vietnam and the Nordic markets continued to deliver positive results during the first six months of 2026.

According to statistics from the Vietnam Customs Department, total trade turnover between Vietnam and Sweden reached USD 982.66 million. Vietnam’s exports to Sweden amounted to USD 748.78 million, an increase of 19.6%, while imports from Sweden reached USD 233.88 million, down 10% compared with the same period in 2025.

Vietnam–Denmark trade reached USD 468.31 million. Vietnam’s exports to Denmark totalled USD 265.29 million, up 29.9%, while imports from the Danish market amounted to USD 203.02 million, an increase of 59.2%.

For Norway, two-way trade reached USD 400.57 million. Vietnam exported goods worth USD 114.68 million to Norway, an increase of 47.2%, while imports from Norway reached USD 285.89 million, down 9.2% year on year.

Trade between Vietnam and Latvia totalled USD 211.34 million. Vietnam’s exports reached USD 190.26 million, up 36.9%, while imports from Latvia amounted to USD 21.08 million, an increase of 84%. Latvia recorded the highest import growth rate among the markets mentioned above.

Overall, Vietnam’s exports to all four markets maintained positive growth. Notably, exports to Norway rose by 47.2%, Latvia by 36.9% and Denmark by 29.9%.

In the opposite direction, imports from Denmark and Latvia increased sharply, while imports from Sweden and Norway declined compared with the same period in 2025.

Ms. Nguyễn Thị Hoàng Thúy emphasized that the EVFTA entered into force on 1 August 2020. Under the agreed implementation schedule, Vietnam and the European Union will eliminate tariffs on approximately 99% of tariff lines, while reducing regulatory barriers, expanding access to services and public procurement markets, protecting geographical indications and improving the stability of the bilateral trade framework.

For Vietnamese goods entering Nordic markets, the most direct benefit is access to preferential import tariffs when rules of origin are satisfied. This is particularly important for textiles and garments, footwear, furniture, seafood, coffee, electronics, machinery and processed industrial products.

In addition to tariff benefits, the EVFTA has also strengthened confidence in the Vietnamese market, providing a foundation for importers to build long-term relationships, diversify their supply sources and integrate Vietnamese enterprises more deeply into supply chains.

In practice, Vietnamese companies have made significant efforts to meet the requirements of the Nordic region, one of the world’s most demanding markets.
Textiles and garments, for example, are among Vietnam’s key exports to the Nordic market. To successfully export to this region, businesses have worked to shift towards greener production.

At a press meeting on business and production performance during the first six months of 2026, Mr. Cao Hữu Hiếu, General Director of the Vietnam National Textile and Garment Group, said that alongside its production and business activities, the Group continued implementing measures to improve corporate governance, strengthen risk control, promote investment in the textile and dyeing value chain and accelerate green transformation.

It is also gradually building a green, smart and circular production ecosystem, regarded as a new growth driver for Vinatex during the 2026–2030 period.

Vinatex has introduced programmes to measure carbon footprints, develop circular production and establish recycled production models covering the entire fibre–textile–garment chain. It has also invested in rooftop solar power, digital management platforms and production automation.

A number of member companies, including Hòa Thọ, Huế Textile and Garment and Phong Phú, are gradually preparing to develop smart factory models that meet the environmental, social and governance standards, traceability requirements and sustainability expectations of global brands.

These efforts have enabled businesses to maintain orders in markets with demanding standards, including the Nordic region.

Positive Developments in Two-Way Investment

Regarding investment, the Trade Office of Vietnam in Sweden, concurrently responsible for the Nordic region, reported that during the first six months of 2026, Sweden, Denmark, Norway, Iceland and Latvia had a combined total of 359 foreign direct investment projects in Vietnam, with total registered capital of approximately USD 4.44 billion.

Denmark ranked 21st among 153 countries and territories investing in Vietnam, with 179 projects and total registered capital of USD 2.46 billion.

Sweden ranked 23rd, with 111 projects and registered capital of USD 1.76 billion.

Norway ranked 40th, with 62 projects and registered capital of USD 201.57 million.

Iceland had three projects with total registered capital of USD 20.32 million, ranking 77th, while Latvia had four projects with registered capital of USD 0.27 million, ranking 128th among countries and territories investing in Vietnam.

Despite these positive results, a series of new EU regulations will begin to apply from 2026, including the Carbon Border Adjustment Mechanism, the EU Deforestation Regulation, the Packaging and Packaging Waste Regulation, the General Product Safety Regulation and requirements relating to the Digital Product Passport.

Experts believe that the EVFTA is entering a new phase of competition as the EU continues expanding trade relations with partners including Indonesia, India and the Mercosur bloc. As a result, tariff advantages will no longer be the decisive factor.

In the coming period, the ability of Vietnamese goods to maintain and expand their market share in the EU generally and the Nordic region specifically will depend on supply-chain management capabilities, data transparency, compliance with sustainability standards and strict control of product origin.

When enterprises shift from a mindset focused on utilizing tariff preferences to building competitiveness based on quality, transparency and green development, the EVFTA will continue to serve as an important driver helping Vietnamese goods strengthen their position in one of the world’s most demanding yet promising markets.

The results recorded during the first half of 2026 show that trade and investment relations between Vietnam and the Nordic markets and Latvia continue to expand, creating a favourable foundation for businesses from both sides to strengthen connections, explore opportunities for cooperation and develop their markets in the coming period.