Vietnam and the European Free Trade Association countries — Iceland, Liechtenstein, Norway and Switzerland — signed a free trade agreement in Hanoi on Sunday aimed at diversifying markets and reducing dependence on major trading partners.
The Vietnamese government said the deal reflected a shared commitment to strengthening the rules-based trading system amid continued volatility in the global economy.
Trade between Vietnam and the four European countries was estimated at €4.8 billion last year.
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The agreement covers trade in goods and services, intellectual property rights, trade defence measures and sustainable development.
Negotiations were concluded in July, 14 years after talks began. They were suspended in 2018 before resuming last year.
Vietnam is the fastest-growing economy in South-East Asia.
US President Donald Trump imposed steep tariffs on trade with Vietnam last year.
