Vietnam Signs VEFTA Agreement with EFTA, Opening New Market Access for Seafood Exports to Switzerland, Norway and Two Other Countries

Vietnam and the European Free Trade Association (EFTA) signed the Vietnam-EFTA Free Trade Agreement (VEFTA) on October 18, 2026, opening up new market space for Vietnamese seafood exports. EFTA consists of four member states: Switzerland, Norway, Iceland and Liechtenstein. VEFTA covers commitments on trade in goods, services, investment, customs, and sanitary and phytosanitary measures, and includes provisions on trade and sustainable development. The agreement is expected to take effect from early 2027 after completion of ratification procedures.

According to Vietnam Customs data, in the first 9 months of 2026, Vietnam's seafood exports to Switzerland exceeded US$25 million, down 10% year-on-year; exports to Norway reached US$12 million, down 5% year-on-year. A report by Vietnam Fisheries Magazine said this result indicates that the Swiss and Norwegian markets still have considerable room for development, especially for eco shrimp, pangasius, processed tuna and high value-added seafood.

VEFTA is expected to provide Vietnamese companies with deeper access to high-income markets, where consumers value quality, transparent origin and sustainable products. Against the backdrop of Vietnamese exports to the United States and the European Union facing pressure from trade barriers, market requirements and demand fluctuations, VEFTA is considered significant for expanding export space, reducing dependence on certain large markets and diversifying risks.

In addition to trade preferences, VEFTA also creates conditions for cooperation between Vietnam and Norway and Iceland in raw material sourcing, fishing technology, cold storage and preservation, traceability and deep processing. Diversifying raw material sources, improving processing efficiency and utilizing by-products can help companies raise product value, improve competitiveness and participate more deeply in global supply chains.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), to take advantage of tariff preferences after the agreement takes effect, companies need to meet rules of origin, food safety requirements, traceability requirements and the sustainability standards of each market. VASEP Vice Chairwoman Le Hang said the opportunities brought by VEFTA lie not only in tariff cuts but also in enhancing competitiveness and the ability to participate more deeply in the global seafood value chain.

To effectively develop the EFTA market, VASEP recommends that companies focus on supply chain management, maintain consistent quality, ensure stable supply, and formulate appropriate product strategies for different market segments. For activities involving the processing and export of imported raw materials, companies also need to carefully study the rules of origin and the conditions for enjoying preferences in the destination market. VASEP emphasized that amid the current volatility, VEFTA is expected to help diversify markets, expand raw material sources, and drive the transformation of Vietnam's seafood industry toward deep processing, higher added value and sustainable development.

Separately, according to the General Administration of Customs of China's import and export statistics for August 2026, China imported 1,023.463 tons of warmwater shrimp (penaeid shrimp, including whiteleg shrimp and black tiger shrimp, etc., under the customs commodity classification code HS 0306.17) from Vietnam, with an import value of US$8,055,485.0 and an average import price of US$7,870.81/ton. Another set of records in the same statistics shows that China's import value of warmwater shrimp from Vietnam during the same period was US$6,418,131.0, with an average import price of US$7,719.52/ton; the two sets of figures are inconsistent.