The Joint Statement was signed by Deputy Minister of Industry and Trade Nguyen Nam Hai, for Vietnam, and by the EFTA States' Geneva-based Ambassadors, Elin Østebø Johansen, Norway; Kristinn Árnason, Iceland; Norbert Frick, Liechtenstein; and Luzius Wasescha, Switzerland.

Merchandise trade between the EFTA States and Vietnam has substantially increased in recent years. Important EFTA exports include machinery and mechanical appliances; pharmaceutical products; and fish and other marine products. EFTA's current main imports from Vietnam are precious stones and metals, clothing and footwear, and fish and other marine products.

The Joint Study Group will be composed of high officials and experts from both sides. Apart from trade in goods, it will also assess the potential for enhanced relations in areas such as trade in services, investment, intellectual property rights and technical cooperation. The Group is expected to submit its report to ministers within a year.