On the basis of a joint feasibility study concluded in 2011 and a Memorandum of Understanding signed by Ministers in the summer 2012, negotiating teams from EFTA and Vietnam continued their work towards a free trade agreement. Further understanding was gained on the approaches proposed by the two sides, and a detailed programme of follow-up work was agreed in preparation of the next round, foreseen in early 2013.
The EFTA team was headed by Mr Sveinung Røren, Deputy Director General of the Trade Policy Department of the Norwegian Ministry of Trade and Industry. Mr Luong Hoang Thai, Director General of the Multilateral Trade Policy Department of the Ministry of Industry and Trade, was spokesperson for Vietnam.
A free trade agreement between EFTA and Vietnam is expected to provide a strong framework for further development of bilateral trade and investment between the two sides. Total EFTA-Vietnam merchandise trade (imports and exports) amounted to USD 2.1 billion in 2011.
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