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Iceland and Norway have joined Switzerland and Liechtenstein in signing a free trade agreement with Vietnam, marking a significant step toward deeper economic ties between the Nordic countries and Southeast Asia. The agreement, signed in Hanoi on 18 October 2026, follows negotiations that began in 2012 and builds on the European Union’s free trade deal with Vietnam, which entered into force in August 2020. For Iceland, the deal establishes its first preferential trade framework with Vietnam, offering potential benefits for exporters—particularly in seafood, where demand is rising. Iceland’s Ministry for Foreign Affairs reports that bilateral goods trade exceeded ISK 10 billion in 2025, with exports dominated by mackerel and other seafood products. Imports from Vietnam, primarily electronics, footwear, and clothing, reached nearly ISK 9.8 billion last year. The agreement aims to reduce tariffs on Icelandic seafood while expanding market access for other goods and services. Icelandic Foreign Minister Þorgerður Katrín Gunnarsdóttir, who signed the agreement, met with Vietnamese Foreign Minister Le Hoai Trung to discuss closer cooperation in trade, investment, and energy infrastructure. Gunnarsdóttir highlighted Icelandic businesses’ optimism about the deal’s opportunities, particularly in seafood exports and sustainable development. The agreement also covers services, investment protections, and technical trade barriers, aligning with broader EFTA priorities. Norway stands to gain significantly from reduced tariffs, particularly in its seafood sector. Vietnam currently imposes up to 15% import duties on Norwegian salmon and mackerel, but the new deal will eliminate tariffs on salmon immediately and phase out mackerel duties over three years. Norwegian Minister of Fisheries Marianne Sivertsen Næss called the agreement a “game-changer,” noting that it will level the playing field for Norwegian exporters against competitors benefiting from existing trade agreements. Beyond seafood, the deal opens doors for Norwegian businesses in machinery, chemicals, technology, and services. The Norwegian Seafood Council has already expanded promotional efforts in Vietnam, where demand for high-quality salmon is growing. Norwegian Foreign Minister Espen Barth Eide framed the agreement as part of a broader strategy to diversify Norway’s trade relationships amid global economic uncertainties. Bilateral trade between Norway and Vietnam reached approximately NOK 19 billion in 2025, with the new agreement expected to boost exports further. The agreement, signed by State Secretary Astrid Bergmål for Norway and Foreign Minister Þorgerður Katrín Gunnarsdóttir for Iceland, still requires domestic approval procedures before entering into force. However, its signing marks a historic moment for Nordic-Vietnamese economic cooperation, with total EFTA-Vietnam trade exceeding EUR 4.8 billion in 2025. While the immediate impact will depend on Icelandic and Norwegian businesses seizing new opportunities, the deal underscores both countries’ commitment to expanding trade beyond traditional markets. For Iceland, where seafood remains a cornerstone of exports, the agreement could strengthen its position in Vietnam’s growing consumer market—particularly as the country’s middle class expands. Fun fact: Vietnam is one of the world’s largest seafood consumers, with per capita consumption rising faster than global averages. The new trade deal could position Icelandic and Norwegian producers as key suppliers in this dynamic market.
Iceland and Norway have joined Switzerland and Liechtenstein in signing a free trade agreement with Vietnam, marking a significant step toward deeper economic ties between the Nordic countries and Southeast Asia. The agreement, signed in Hanoi on 18 October 2026, follows negotiations that began in 2012 and builds on the European Union’s free trade deal with Vietnam, which entered into force in August 2020.
For Iceland, the deal establishes its first preferential trade framework with Vietnam, offering potential benefits for exporters—particularly in seafood, where demand is rising. Iceland’s Ministry for Foreign Affairs reports that bilateral goods trade exceeded ISK 10 billion in 2025, with exports dominated by mackerel and other seafood products. Imports from Vietnam, primarily electronics, footwear, and clothing, reached nearly ISK 9.8 billion last year. The agreement aims to reduce tariffs on Icelandic seafood while expanding market access for other goods and services.
Icelandic Foreign Minister Þorgerður Katrín Gunnarsdóttir, who signed the agreement, met with Vietnamese Foreign Minister Le Hoai Trung to discuss closer cooperation in trade, investment, and energy infrastructure. Gunnarsdóttir highlighted Icelandic businesses’ optimism about the deal’s opportunities, particularly in seafood exports and sustainable development. The agreement also covers services, investment protections, and technical trade barriers, aligning with broader EFTA priorities.
Norway stands to gain significantly from reduced tariffs, particularly in its seafood sector. Vietnam currently imposes up to 15% import duties on Norwegian salmon and mackerel, but the new deal will eliminate tariffs on salmon immediately and phase out mackerel duties over three years. Norwegian Minister of Fisheries Marianne Sivertsen Næss called the agreement a “game-changer,” noting that it will level the playing field for Norwegian exporters against competitors benefiting from existing trade agreements.
Beyond seafood, the deal opens doors for Norwegian businesses in machinery, chemicals, technology, and services. The Norwegian Seafood Council has already expanded promotional efforts in Vietnam, where demand for high-quality salmon is growing. Norwegian Foreign Minister Espen Barth Eide framed the agreement as part of a broader strategy to diversify Norway’s trade relationships amid global economic uncertainties. Bilateral trade between Norway and Vietnam reached approximately NOK 19 billion in 2025, with the new agreement expected to boost exports further.
The agreement, signed by State Secretary Astrid Bergmål for Norway and Foreign Minister Þorgerður Katrín Gunnarsdóttir for Iceland, still requires domestic approval procedures before entering into force. However, its signing marks a historic moment for Nordic-Vietnamese economic cooperation, with total EFTA-Vietnam trade exceeding EUR 4.8 billion in 2025.
While the immediate impact will depend on Icelandic and Norwegian businesses seizing new opportunities, the deal underscores both countries’ commitment to expanding trade beyond traditional markets. For Iceland, where seafood remains a cornerstone of exports, the agreement could strengthen its position in Vietnam’s growing consumer market—particularly as the country’s middle class expands.
Fun fact: Vietnam is one of the world’s largest seafood consumers, with per capita consumption rising faster than global averages. The new trade deal could position Icelandic and Norwegian producers as key suppliers in this dynamic market.
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