Vietnam-Norway Relations: Trade, Investment, and Business Opportunities

The strong, long-standing partnership between Vietnam and Norway offers Norwegian investors stable opportunities in renewable energy, sustainable fisheries, the circular economy, and high-tech sectors. The bilateral framework, including trade, investment, and tax agreements, supports predictable and growth-oriented business collaboration.

Vietnam and Norway share a long-standing and steadily evolving diplomatic relationship that spans more than five decades. Norway was among the first Western countries to establish diplomatic ties with Vietnam in 1971, marking the beginning of a partnership founded on mutual respect and shared interests. Norway officially opened its embassy in Hanoi in 1996, further institutionalizing the bilateral relationship and enabling more frequent high-level engagements.

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Development of Vietnam-Norway Relations

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Since the early days of their relations, the two governments have maintained consistent political dialogue. Notable visits include Norwegian Prime Minister Erna Solberg’s official trip to Vietnam in April 2015 and Vietnamese Prime Minister Nguyen Xuan Phuc’s visit to Norway in May 2019. Leaders of both countries have also met regularly on the sidelines of multilateral events such as the G7 Summit and the Asia-Europe Meeting (ASEM). These exchanges have played a key role in deepening trust and fostering collaboration across multiple sectors.

Over the last fifty years, Norway and Vietnam have cultivated cooperation in areas ranging from fisheries, oil and gas, environment and climate change, to education, gender equality, and human rights. Norway has historically been one of Vietnam’s largest international development partners, contributing over NOK 2.8 billion (US$282 million) in Official Development Assistance (ODA).

As Vietnam has successfully transitioned into a middle-income country, the bilateral relationship has evolved: Norway and Vietnam now engage as equal partners, working together bilaterally and multilaterally on global issues such as climate protection, renewable energy, sustainable development, and the promotion of a strong and effective United Nations.

Political consultations continue to be an integral part of the relationship. In March 2023, Norway and Vietnam resumed vice-ministerial-level consultations following the COVID-19 pandemic, led by Norway’s State Secretary of the Ministry of Foreign Affairs H.E. Mr. Earling Rimestad. Later that year, Vietnamese Vice President Vo Thi Anh Xuan made her first official visit to Norway, meeting with the Norwegian Crown Prince, Prime Minister, Storting President, and Minister of Culture and Equality.

These visits reaffirmed the strong political and cultural ties between the two nations and underscored their shared commitment to collaboration in areas such as climate change adaptation, ocean resource protection, and the development of cleaner, renewable energy sources, including offshore wind.

Bilateral trade between Norway and Vietnam

Norwegian exports to Vietnam

Norway exported goods worth US$457.9 million to Vietnam in 2024, according to the United Nations COMTRADE database.

Seafood dominated Norwegian exports to Vietnam, accounting for more than half of the total trade value in 2024. This reflects Norway’s global position as a leading supplier of fish and aquaculture products.

At the same time, shipments of electrical equipment, machinery, and precision instruments highlight an expanding role for technology-driven exports. Although smaller in value, categories such as pharmaceuticals, aluminum, and chemicals point to a growing diversification of Norwegian goods entering the Vietnamese market.

Norwegian imports from Vietnam

Norway imported goods worth US$1.13 billion from Vietnam in 2024, as per data from the United Nations COMTRADE database.

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Vietnam has emerged as a reliable supplier of electronics, footwear, and apparel to Norway, supported by its competitive labor force and integration into global supply chains.

The rising share of electronics and machinery highlights Vietnam’s shift toward higher value-added manufacturing, while consumer goods such as footwear and garments continue to play a central role in bilateral trade.

Vietnam-Norway bilateral investment

Vietnam’s role in Norway’s Asia strategy has grown in tandem with a wider surge of Nordic capital into the country. Sweden, for instance, registered US$1 billion in new investment in the first half of 2025, accounting for 10.8 percent of all newly registered FDI capital. This reflects a broader regional trend of Nordic countries deepening their economic footprint in Vietnam, driven by supply chain diversification, ESG priorities, and Vietnam’s attractiveness as a stable and fast-growing market.

Following the 17th round of negotiations in September 2025, Norwegian officials have expressed hope that discussions on the Vietnam–European Free Trade Association (EFTA) Free Trade Agreement (FTA), which includes Norway, Switzerland, Iceland, and Liechtenstein, will advance in 2025. The conclusion of this agreement would further unlock opportunities in renewable energy, green finance, and sustainable manufacturing, creating a stronger institutional framework for bilateral cooperation.

Meanwhile, Norway has steadily expanded its economic presence in Vietnam over the past decade, with bilateral trade and investment increasingly shaped by a shared commitment to sustainability and green development. According to official data, Vietnam was Norway’s second-largest trading partner in ASEAN in 2024, with two-way trade surpassing US$450 million. Norwegian seafood exports alone accounted for more than US$250 million, reflecting the country’s position as a key supplier to Vietnam’s growing consumer market.

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On the investment side, Norway has established around 60 foreign direct investment (FDI) projects in Vietnam, with total registered capital exceeding US$200 million as of 2025. From 2020 to 2024, Norwegian firms contributed an additional US$150 million in FDI, largely directed toward green industries such as renewable energy, sustainable maritime solutions, and environmentally friendly manufacturing.

These projects are concentrated in industrial hubs like Ho Chi Minh City, Binh Duong, and Ba Ria–Vung Tau. While Norway ranks 40th among foreign investors in Vietnam, its investments are notable for their high level of technology transfer and alignment with sustainable development priorities.

Renewables and sustainability

Cooperation in the field of green growth has become the defining feature of the Vietnam–Norway partnership. Both governments have emphasized the importance of renewable energy, green maritime industries, and the circular economy as areas for strategic collaboration. As Vietnam pushes ahead with its Joint Energy Transition Partnership (JETP) commitments, Norwegian expertise and investment are expected to play a critical role in supporting the country’s low-carbon development pathway. From offshore wind and aquaculture to waste management and circular economy solutions, Norwegian firms are well-positioned to contribute to Vietnam’s transformation while strengthening their own presence in Southeast Asia.

Indeed, Norwegian companies are already deeply engaged in these sectors. Equinor, Norway’s leading energy multinational, has been working with Vietnamese partners to explore offshore wind projects, while Jotun operates factories in Ho Chi Minh City and Binh Duong, producing environmentally friendly paints.

DNV provides certification and inspection services for Vietnam’s rapidly growing energy and maritime industries, and VARD has contributed to shipbuilding and offshore infrastructure. These investments are complemented by Norway’s expertise in marine spatial planning and aquaculture, supporting Vietnam’s ambition to develop a sustainable “blue economy.”

Seafood and agriculture

Seafood has long been a cornerstone of Vietnam–Norway economic cooperation, reflecting both countries’ strong maritime traditions and shared commitment to sustainable resource management. Norway, as one of the world’s leading seafood exporters, counts Vietnam as its second-largest trading partner in ASEAN after Singapore. As mentioned in the previous sections, in 2024, Norwegian seafood exports to Vietnam exceeded US$250 million, representing a 16 percent year-on-year increase. This underscores Vietnam’s role as a growing market for Norwegian salmon and other high-value seafood products, catering to the country’s expanding middle class and rising demand for premium protein sources.

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At the same time, Vietnam’s own seafood sector (the world’s third largest exporter of fishery products) is increasingly looking to Norway for technology transfer, certification services, and expertise in sustainable aquaculture. Norwegian firms such as DNV GL and VARD are active in Vietnam, offering solutions in marine certification, shipbuilding, and offshore logistics that directly support the modernization of Vietnam’s fishing and processing industries. This collaboration is particularly relevant as Vietnam seeks to align with international environmental and food safety standards, enhancing its competitiveness in global markets.

Beyond seafood, agriculture represents another area of untapped potential. Both governments have signaled interest in expanding cooperation in food security, waste management, and circular economy practices within agribusiness. Norwegian technology and know-how in cold chain logistics, traceability, and sustainable farming can complement Vietnam’s agricultural strengths, particularly in high-value segments such as coffee, fruit, and aquaculture-based feed production.

Maritime and logistics

Norwegian companies are actively involved in Vietnam’s shipbuilding sector. The Vard Vung Tau shipyard, for instance, is constructing four Service Operation Vessels (SOVs) for the UK’s Dogger Bank offshore wind farm, demonstrating the technical capabilities of Vietnam’s facilities and their integration into global green energy projects. Norway’s participation in VietShip 2025, through a dedicated pavilion, highlighted its expertise in smart and low-emission vessels, marine equipment, and offshore technologies, with companies such as VARD, Jotun, DNV, and Bergen Engines presenting solutions aligned with Vietnam’s sustainability goals.

At the same time, Vietnam’s engagement with Norway-led programmes, including the GreenVoyage2050 initiative, underscores the collaborative push toward emission reduction in shipping. The programme supports the development of green maritime corridors, feasibility studies, and policy frameworks to facilitate cleaner operations.

In parallel, Norway, alongside UNDP, is providing technical assistance for marine spatial planning (MSP), helping Vietnam balance industrial, environmental, and climate resilience priorities in ocean management.

Vietnam-Norway trade, tax, and investment agreements

The bilateral relationship between Vietnam and Norway is supported by a solid legal framework that facilitates trade, protects investments, and prevents double taxation. These agreements provide Norwegian and Vietnamese businesses with a stable and predictable environment, laying the foundation for deeper economic cooperation.

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Building on this framework, both countries share a strong interest in expanding trade and investment ties. Since 2012, Vietnam and the European Free Trade Association (EFTA), of which Norway is a member alongside Switzerland, Liechtenstein, and Iceland, have been negotiating an FTA.

While the FTA has not yet been concluded, the ongoing talks highlight the shared commitment to strengthening economic integration and unlocking new opportunities in sectors such as renewable energy, sustainable manufacturing, and advanced maritime industries. Once finalized, the agreement is expected to provide Norwegian companies with broader access to Vietnam’s dynamic market while also facilitating Vietnamese exports to the Norwegian and wider EFTA markets.

Double Taxation Agreement (DTA)

Signed on June 1, 1995, the DTA between Vietnam and Norway is designed to prevent the risk of double taxation on income, thereby fostering a fair and transparent fiscal environment for individuals and businesses operating across both nations. This treaty encompasses various forms of taxation, including income, capital gains, and other relevant taxes, ensuring that taxpayers are not subject to double taxation on the same income.

By facilitating cooperation between the tax authorities of Vietnam and Norway, the agreement aims to prevent tax evasion and resolve potential conflicts, thereby enhancing certainty for Norwegian enterprises conducting business in Vietnam and promoting smoother cross-border financial operations.

Key Takeaways: Opportunities for Norwegian businesses and investors in Vietnam

Key opportunities for Norwegian businesses and investors in Vietnam lie in the following sectors:

• Renewable energy and offshore wind: Vietnam’s net-zero by 2050 goal and the JETP create strong opportunities for Norwegian firms in renewable energy, particularly offshore wind, solar power, and sustainable maritime projects.
• Sustainable fisheries and aquaculture: Norwegian expertise in aquaculture and seafood technology, including solutions that improve efficiency and animal welfare, positions firms to expand in Vietnam’s growing fisheries sector.
• Circular economy and waste management: Norway’s leadership in recycling and circular economy practices aligns with Vietnam’s push for sustainable waste management, including deposit return systems and plastic reduction initiatives.
• Strategic location: Vietnam’s political stability, manufacturing infrastructure, and role in the Southeast Asian energy and trade value chain make it an ideal hub for Norwegian investors looking to expand regionally.

All in all, Vietnam offers a stable, growth-oriented environment for Norwegian investors, particularly in sustainability-driven and high-tech sectors.

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