Vietnam signs free trade deal with four European countries
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Vietnam has signed a deal with four non-EU members that covers trade in goods and services, intellectual property rights, and sustainable development, among other areas.
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Vietnam and four European countries signed a free trade agreement in Hanoi on Sunday.
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The deal was announced by the governments of Vietnam and Norway.
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Vietnam's Trade Ministry said it signed the deal with the European Free Trade Association (EFTA), which is made up Norway, Switzerland, Iceland and Liechtenstein.
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The four European countries are not part of the European Union (EU).
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The official talks between Vietnam and the EFTA began in 2012. The talks were interrupted in 2018 and only resumed last year.
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The agreement between Vietnam, which is Southeast Asia's fastest-growing economy, and the European Free Trade Association (EFTA) waives or reduces customs duties, including on imports of industrial, fish and agricultural products.
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To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Under the deal, around half of Norway's exports to Vietnam will be tariff-free, with more than 98% to be tariff-free within seven years, the Norwegian government said in a statement.
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According to the signing parties, the deal covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas, both parties say.
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Last year, the trade value between the EFTA and Vietnam stood at €4.8 billion ($5.4 billion), according to the association.
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Vietnam said the agreement showed the parties' resolve to "reinforce the rules-based trading system amid continued volatility in the global economy," according to a government statement.
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It was also expected to help Vietnam "diversify its import and export markets" and "integrate more deeply into global value chains," the government said.
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