EFTA successfully concludes free trade deal talks with Vietnam

ZURICH: The European Free Trade Association said on Thursday it has successfully concluded negotiations with Vietnam on a free trade agreement, as its members seek to diversify commercial relations amid global tensions over tariffs.

EFTA, whose members are Iceland, Liechtenstein, Norway and Switzerland, said the accord also covers areas ranging from rules of origin, investment, intellectual property rights and competition, to trade remedies and government procurement.

Switzerland, the largest economy in EFTA, was last August saddled with the highest US tariffs in Europe after President Donald Trump rolled out a raft of import duties worldwide.

Negotiations between EFTA on the free trade deal were launched in 2012 but after 16 rounds got stuck in 2018 due to lack of progress. In September 2025, the talks were relaunched, successfully concluding after five more rounds.

EFTA noted that trade between the bloc and Vietnam has grown steadily over the past decade. By 2025, bilateral trade between them was worth €4.8 billion (US$5.5 billion).

The figures exclude Swiss trade in gold, and show a trade surplus in favour of Vietnam worth €2.5 billion.

The news was announced as Swiss President Guy Parmelin visits North America on a trip in which he aims to make progress on updating Switzerland’s free trade deal with Mexico.