Vietnam- EFTA FTA to unlock high-tech investment and workforce potential

General Secretary of the Communist Party of Vietnam Central Committee and President To Lam and delegates witness the signing ceremony of the Vietnam - EFTA Free Trade Agreement (VEFTA).

Dr. Luu Vinh Toan, an IT expert, affirmed that the FTA will not only facilitate Vietnamese exports into EFTA markets but also establish a stable framework for investment, services, technological innovation, knowledge exchange, technical standards, sustainable development, and capacity building.

He notes that the agreement opens new opportunities between Vietnam and EFTA, including four European nations with modest populations but highly developed economies, strong purchasing power, and top-tier technological and governance standards. Between Vietnam and Switzerland, the economic complementarity is clear: Switzerland brings technology, standards, capital, and management expertise, while Vietnam offers production capacity, labor, rapid implementation, market scale, and strategic connectivity within ASEAN.

Key areas for expanded cooperation include precision manufacturing and automation; pharmaceuticals, medical equipment, and biotechnology; high-value agri-food models; green transition, water management, and urban planning; alongside financial, capital, and risk management.

Dr. Luu Vinh Toan expressed confidence that workforce training will serve as a pillar of cooperation with Switzerland, a global leader in innovation and dual vocational training. Enterprise involvement in training directly addresses Vietnam's needs in precision engineering, electronics, food technology, logistics, and environmental technology. This cooperation generates clear mutual benefits: EFTA firms secure a qualified local workforce when investing in Vietnam, while Vietnam's dynamic labor force gains advanced skills, higher income, and integration into high-value manufacturing.

He added that the Association of Vietnamese Intellectuals and Experts in Switzerland seeks to help turn FTA commitments into practical cooperation programs by connecting experts, universities, businesses, and localities to launch pilot projects and partnership matching.

Meanwhile,  Ly Pham, a business development expert at JANZZ.technology, describes the FTA as a milestone for business communities in both nations. Beyond tariff reductions and market opening, she expects the agreement to initiate a new wave of Swiss foreign direct investment into high-tech, high-value-added, and sustainable projects in Vietnam. As bilateral relations shift from development assistance to an economic partnership, she emphasized the role of "soft" connectivity channels-networks of local Vietnamese experts and entrepreneurs who understand strict Swiss standards and can help businesses expand market access.

Outlining key breakthrough areas, Ly Pham identified high technology, combining Swiss expertise in innovation, specialized data, and AI with Vietnam's skilled workforce and dynamic digital market. She also cited fintech and green finance as vital assets for Hanoi's efforts to establish international financial centers. Additionally, biotechnology, healthcare, Swiss dual vocational training, and hospitality management offer strategic opportunities to elevate workforce standards and boost  sustainable economic cooperation

She added that she believes the FTA signing, alongside the visit by the Swiss President, represents a golden opportunity to turn  strategic commitments into concrete projects, ushering Vietnam-Switzerland relations into a more substantive and sustainable era than ever before.

Source: VOV