On October 18, at the headquarters of the Ministry of Industry and Trade (MoIT), Deputy Minister Luong Hoang Thai met with Iceland’s Minister for Foreign Affairs Þorgerður Katrín Gunnarsdóttir, who was leading an Icelandic delegation on a working visit to Viet Nam. The two sides discussed measures to bring the Viet Nam - European Free Trade Association (EFTA) Free Trade Agreement into force as soon as possible and promote cooperation in geothermal energy and fisheries.

Deputy Minister Luong Hoang Thai warmly welcomed Minister Gunnarsdóttir and the Icelandic delegation, which included Member of Parliament María Rut Kristinsdóttir. He thanked Iceland for hosting the final negotiating session and the EFTA Ministerial Meeting in Reykjavík in June 2026, which contributed significantly to Viet Nam and the EFTA member states concluding negotiations on the Viet Nam - EFTA Free Trade Agreement on July 2, 2026, after more than 14 years of negotiations.

The Deputy Minister noted that although bilateral trade between Viet Nam and Iceland remained modest in scale, it was growing rapidly. According to data from Viet Nam Customs, bilateral trade reached nearly USD 16.9 million in the first nine months of 2026, up 55% from the same period in 2025. Imports of seafood from Iceland increased more than sixfold. Viet Nam’s main exports to Iceland include phones, footwear, garments, fishing nets, and processed agricultural products.

Regarding implementation of the Viet Nam - EFTA Free Trade Agreement, the Deputy Minister said the MoIT was expediting the procedures necessary to bring the agreement into force. He urged Iceland to complete its ratification procedures promptly, with the aim of bringing the agreement into force in 2027. He also called on Iceland and the EFTA bloc to develop a dedicated technical assistance program to support implementation, helping businesses in both countries understand and effectively take advantage of the agreement’s commitments.

Highlighting Iceland’s global leadership in geothermal energy development and sustainable seafood processing technologies, the Deputy Minister called on Iceland to share its experience in developing legal frameworks and assessing geothermal potential, and to encourage Icelandic businesses to cooperate on pilot projects in Viet Nam. He also proposed strengthening fisheries supply chain linkages, transferring advanced processing technologies, and reviving training programs for Vietnamese specialists in fisheries and geothermal energy.

In addition, he proposed expanding trade promotion through flexible approaches, including online business matchmaking, inviting Icelandic companies to Viet Nam to explore sourcing opportunities, and cooperation in the circular economy, retail distribution, and logistics.

Minister Gunnarsdóttir thanked the MoIT for its warm hospitality and praised the progress made in bilateral cooperation in recent years. She affirmed Iceland’s commitment to bringing the agreement into force as soon as possible and expressed her country’s desire to expand cooperation with Viet Nam in fisheries, clean energy, and innovation. She also described Viet Nam as an important gateway for Icelandic businesses seeking access to the ASEAN market.

Discussing regional and global trade developments, the two sides agreed to strengthen coordination at multilateral forums and support a rules-based multilateral trading system centered on the World Trade Organization (WTO).

The Deputy Minister noted that, as Chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2026, Viet Nam would host the CPTPP Ministerial Meeting in November 2026 and stood ready to promote dialogue mechanisms between the CPTPP and its partners, including EFTA.