Vietnam and Switzerland have agreed to maintain contact on approval and ratification of the Vietnam–EFTA free trade agreement while developing practical cooperation. The plans were discussed by Industry and Trade Minister Lê Mạnh Hùng and Swiss President Guy Parmelin in Hanoi on 18 October.
Preparing to implement the signed pact
Vietnam's Ministry of Industry and Trade said the agreement was signed that morning after negotiations concluded on 2 July 2026. The meeting focused on subsequent implementation steps, rather than another signing or confirmation that all commitments were already in force.
Hùng said the ministry would coordinate work on government approval, an implementation plan and necessary legal documents. He asked EFTA members, including Switzerland, to complete ratification with the aim of implementation from early 2027.
Business preparation includes sharing information with companies, particularly small and medium-sized enterprises, directing support programmes toward implementation and exploring cooperation on origin rules, sanitary and phytosanitary measures and technical trade barriers.
Trade access and investment priorities
Switzerland is Vietnam's largest trading partner within EFTA. Swiss figures put 2025 bilateral trade at about $3.5 billion, up nearly 26%. Vietnam Customs recorded $806.2 million for the first nine months of 2026, up 6.9%; the figures come from different sources and periods.
Switzerland had 247 active projects in Vietnam with approximately $2.5 billion in registered capital by 30 September. Vietnam sought better access for agricultural, seafood and processed-food products and further investment in precision engineering, supporting industries, renewable energy and logistics.
Parmelin pledged to advance ratification and encourage Swiss business activity. Early-2027 implementation remains a target dependent on completing the required procedures.