Việt Nam, Nordics push to turn new frameworks into business deals

Việt Nam, Nordics push to turn new frameworks into business deals

Companies need predictable licensing and approvals and access to green power, including direct power purchase agreements.

Vice Chairman of the HCM City People’s Committee Bùi Minh Thạnh addresses the Nordic-Việt Nam Business Forum on Thursday. — Photo baoquocte.vn

Việt Nam and the Nordic countries have opened new trade, investment and technology transfer opportunities, but the test now is converting diplomatic frameworks into projects, contracts and actual production capacity.

It was spotlighted at the Nordic-Việt Nam Business Forum on Thurday, part of the 2026 Autumn Economic Forum in HCM City.

The forum, themed “The Next Growth Decade: Where Vietnamese Ambition and Nordic Standards Compound", sought to pair Nordic technology, governance and sustainability expertise with Việt Nam's market, manufacturing base and workforce.

Chairman of the Nordic Chamber of Commerce in Việt Nam (NordCham Vietnam) Thue Quist Thomasen said bilateral ties are gaining momentum through new agreements covering sci-tech and innovation cooperation, the Việt Nam-Norway Green Strategic Partnership, and the newly-signed Việt Nam-European Free Trade Association (EFTA) Free Trade Agreement (FTA).

Tariff cuts alone won’t secure long-term investment. Thomasen said companies need predictable licensing and approvals and access to green power, including direct power purchase agreements.

Norwegian Ambassador Stein Iversen said the free trade deal and the green partnership complement each other: the trade pact sets rules for commerce and investment, while the green partnership signals political backing for a sustainable marine economy, marine spatial planning and renewables. Firms therefore should move early to grasp those opportunities.

The EFTA-Việt Nam FTA took 14 years to negotiate and carries rules that companies will have to master, including tariffs, rules of origin and documentation. Iversen urged firms to study the text, test product fit and prepare for market standards. Ratification is still needed, and the forum heard that it could be completed in the first half of 2027.

The payoff is meant to be two-way: Norwegian companies gain easier access to Việt Nam while Vietnamese exporters gain conditions to sell into EFTA markets. Seafood is a standout - nearly 60 per cent of Norway’s export value to Việt Nam, with salmon duties slated to hit zero per cent on entry into force and mackerel to zero per cent over three years. Maritime industry, circular economy and energy are also in play.

Vice Chairman of the HCM City People’s Committee Bùi Minh Thạnh said the city, now more than 6,772 sq.km and over 14 million people after merging with Bình Dương and Bà Rịa-Vũng Tàu provinces, boasts finance, trade, services, industry, ports, logistics and marine economy strengths. The larger footprint gives it room to reshape growth and plug deeper into global value chains.

The city wants to shift from simple trade and investment promotion to co-building development capacity. Nordic investors are expected to bring technology, governance standards and innovation that lift Vietnamese firms up the value chain. Priorities include clean energy, sustainable transport, circular economy, hi-tech industry, environmental solutions and smart cities, he said.

Thạnh pledged continued investment climate reforms, faster administrative procedures and more transparency and governance efficiency. These are necessary conditions for firms to invest, expand and stay for the long term.

More than 100 Government, diplomatic and business representatives from Việt Nam and the Nordics attended the event. The hope is that contacts turn into company visits, pilot projects, contracts or investment. 

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