Switzerland wants to bolster trade ties with Vietnam as the nation has recorded high economic growth rates over the past years, according to Guy Parmelin, Head of the Swiss Federal Department of Economic Affairs, Education and Research, during his recent working visits to Vietnam and Japan on July 8.
In Vietnam, Mr Guy Parmelin’s priorities at discussions were given to continued negotiations to the signing of a free trade agreement between Vietnam and European Free Trade Association (EFTA) member countries of Switzerland, Norway, Iceland and Liechtenstein.
Parmelin emphasised that two-way trade over the past year surged by about 5 per cent to CHF2 billion. Vietnam is currently the fourth largest trading partner of Switzerland in the Southeast Asian region.
According to statistics released by the Swiss National Bank, several Swiss companies have invested CHF690 million across multiple economic fields in the country.
Over the past 25 years, Switzerland has been a strong economic partner for the nation and has implemented 40 economic development projects throughout the country.
With regard to FTA negotiations between the EFTA and Vietnam, Parmelin highlighted how Vietnam have been making efforts to meet ‘certain international standards’ as the country has recently signed an FTA with the EU.