Insights

Vietnam - Norway: Business Trade Relations

Business and trade ties between Vietnam and Norway are experiencing dynamic growth and deepening cooperation, especially in sectors like seafood, renewable energy, and sustainable development.check that everything is connected correctly. Norway’s investments and technical support, combined with Vietnam’s easing trade flows and policy advances, are laying strong ground for expanded partnership. The potential signing of the EFTA–Vietnam FTA and the establishment of a Green Strategic Partnership in 2025 could further consolidate and accelerate this positive momentum.

Trade Figures & Investment Trends

• Bilateral trade continues its upward trajectory: In 2024, total trade volume reached approximately USD 653 million. In the first four months of 2025, trade stood at USD 250 million, marking a robust 38.3 % year-on-year increase.

• Breaking down trade flows: January–May 2025: Exports rose to USD 63.6 million (+ 36.2 % YoY), imports to USD 249.1 million (+ 30.4 %).

• Norwegian Seafood Boom:

  • In 2024 alone, Vietnam imported over 72,000 metric tons of Norwegian seafood—valued at USD 252 million, a 16 % increase from the prior year. Popular products include salmon, king crab, brown crab, and mackerel.Tuoi tre news

  • The Norwegian Seafood Council has been active in Vietnam, participating in trade fairs and launching a Norwegian Salmon Academy in major cities like Hanoi, Ho Chi Minh City, and Da Nang in 2025.

Green Economy, Renewable Energy & Strategic Cooperation

• Emerging sectors of cooperation include the green economy, circular economy, marine protection, and renewable energy.

  • Norway and Vietnam are exploring collaboration on offshore wind, green maritime transport, sustainable aquaculture, and waste management.

  • At a WTO Trade Policy Review in June 2025, Vietnam praised Norway’s ESG-oriented trade practices—such as its Transparency Act (2024) and digital VAT systems—highlighting the alignment in sustainability goals.

• Just Energy Transition Partnership (JETP):

  • Under the JETP framework, Norway has committed USD 250 million via NORFUND for renewable energy and GHG-reducing projects in Vietnam.

  • Norway has supported the development of a Marine Spatial Plan, approved by Vietnam’s National Assembly in early 2024, facilitating offshore wind zoning. Pilot projects in locations like Hai Phong, Quang Ninh, and Khanh Hoa are underway.

  • Norway and Vietnam are aiming to formalize a Green Strategic Partnership in 2025, building on discussions initiated during Vice President Vo Thi Anh Xuan’s visit to Oslo in November 2023.

Free Trade Agreement (FTA) Negotiations & Institutional Dialogue

• EFTA–Vietnam FTA (EFTA = Switzerland, Norway, Iceland, Liechtenstein):

  • Negotiations, which started in 2012, have seen limited progress. As of early 2025, key sticking points include market access, intellectual property, government procurement, and sustainable development provisions.

  • The Norwegian Parliament, including a Storting delegation visiting Vietnam in Jan 2025, strongly supports a comprehensive and modern FTA, hoping that it can be concluded swiftly.

  • Through May 2025, both Ambassador Hilde Solbakken and Deputy Minister Le Thi Thu Hang emphasized hopes for significant breakthroughs or even conclusion of FTA negotiations within the year.