The European Free Trade Association said on ​Thursday it has successfully concluded negotiations with Viet Nam ‌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 U.S. 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 ​Viet Nam has grown ​steadily over ⁠the past decade. By 2025, bilateral trade between them was worth €4.8 billion ($5.5 billion).

The figures ​exclude Swiss trade in gold, and show ​a ⁠trade surplus in favour of Viet Nam 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.

Source: Reuters

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