On October 18, 2026, Deputy Minister of Industry and Trade Luong Hoang Thai received Icelandic Minister for Foreign Affairs Þorgerður Katrín Gunnarsdóttir at the headquarters of Vietnam’s Ministry of Industry and Trade, on the occasion of her visit to Vietnam leading an Icelandic delegation. The two sides discussed measures to facilitate the early implementation of the Vietnam–EFTA Free Trade Agreement and strengthen cooperation in geothermal energy and fisheries.
During the meeting, Deputy Minister Luong Hoang Thai warmly welcomed the Icelandic Minister and her delegation, which included Member of Parliament María Rut Kristinsdóttir. He expressed his appreciation to Iceland for hosting the final round of negotiations and the EFTA Ministerial Meeting in Reykjavík in June 2026, which made an important contribution to the successful conclusion of negotiations on the Vietnam–EFTA Free Trade Agreement on July 2, 2026, after more than 14 years of negotiations.
The Deputy Minister noted that although bilateral trade between Vietnam and Iceland remains relatively modest in scale, it has grown rapidly. According to Vietnam Customs statistics, bilateral trade reached nearly USD 16.9 million in the first nine months of 2026, an increase of 55% compared with the same period in 2025. Notably, Vietnam’s imports of fishery products from Iceland increased more than sixfold. Vietnam’s main exports to Iceland include mobile phones, footwear, garments, fishing nets and processed agricultural products.
Regarding the implementation of the Vietnam–EFTA Free Trade Agreement, the Deputy Minister stated that the Ministry of Industry and Trade was working urgently to complete the necessary procedures to bring the Agreement into force at the earliest possible date. He called on Iceland to expedite its ratification procedures, with the aim of bringing the Agreement into effect in 2027. He also proposed that Iceland and EFTA develop a dedicated technical assistance programme to support the implementation of the Agreement, enabling businesses from both countries to better understand and effectively utilize its commitments.
Recognizing Iceland as a global leader in geothermal energy development and sustainable seafood processing technologies, the Deputy Minister proposed that Iceland share its expertise in developing regulatory frameworks and assessing geothermal energy potential, while encouraging Icelandic businesses to cooperate in implementing pilot projects in Vietnam.
He also called for stronger cooperation in seafood supply chains, the transfer of advanced seafood processing technologies, and the revival of training programmes for Vietnamese specialists in fisheries and geothermal energy.
In addition, the Deputy Minister proposed intensifying trade promotion through flexible approaches, including virtual business matchmaking, inviting Icelandic enterprises to Vietnam to explore sourcing opportunities, and expanding cooperation in the circular economy, retail distribution and logistics.
Minister Þorgerður Katrín Gunnarsdóttir expressed her appreciation for the warm reception extended by the Ministry of Industry and Trade and welcomed the positive results of bilateral cooperation in recent years.
She affirmed that Iceland attaches great importance to the early implementation of the Vietnam–EFTA Free Trade Agreement and wishes to expand cooperation with Vietnam in fisheries, clean energy and innovation. She also emphasized Iceland’s view of Vietnam as an important gateway for Icelandic businesses seeking to access the ASEAN market.