Yesterday in Hanoi, Vietnamese Minister of Industry and Trade, Vu Huy Hoang and Norwegian Ambassador to Vietnam, Stale Torstein Risa officially launched negotiations on a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA) countries.
At the launching ceremony, Minister Hoang signed a memorandum of understanding on EFTA’s recognition of Vietnam as a market economy.
According to Minister Hoang, the fact that Vietnam is recognized by EFTA and 30 other countries in the world as a market economy shows the international community’s acknowledgment of the country’s efforts to renovate its economy and integrate into the international economy.
The MoU between Vietnam and the EFTA will create a foundation for promoting bilateral tradeand economic ties. It will be a comprehensive FTA in line with World Trade Organization regulations for trade, services, investment and other fields of mutual interest, Hoang added.
The EFTA comprises of Norway, Switzerland, Iceland and Liechtenstein.