Agreements signed during Haas's visit
Vietnamese Finance Minister Ngo Van Tuan and Liechtenstein Prime Minister and Finance Minister Brigitte Haas signed the Double Taxation Avoidance Agreement at the Government Office. Vietnamese Prime Minister Le Minh Hung witnessed the ceremony, joined by officials from both countries' foreign ministries, finance ministries and government offices.
Haas visited Vietnam from October 17 to 19. According to the Vietnam News Agency (VNA), this was the countries' first high-level official visit since they established diplomatic relations on July 2, 2008. Haas was also the first member of Liechtenstein's government to visit Vietnam.
Preparations for the tax treaty concluded the previous afternoon. On October 17, the Vietnam Tax Authority met with Liechtenstein's Ministry of Foreign Affairs at the authority's headquarters to review and initial the draft. The documents were printed on each country's official treaty paper, completing the content and paperwork ahead of the signing.
Vietnam and the four member states of the European Free Trade Association (EFTA) also signed their free trade agreement in Hanoi on October 18. VNA reported that the deal followed 14 years of negotiations and 21 formal rounds of talks.
During their October 18 talks, the two prime ministers agreed to accelerate ratification of the Vietnam-EFTA agreement, according to VNA. They also agreed to expand exchanges covering investment fund and asset management, banking operations, capital markets and securities.
Tax rules for cross-border activity
The tax agreement sets out to divide taxing rights between Vietnam and Liechtenstein, avoid double taxation of the same income and provide ways for the authorities to cooperate in applying its provisions.
According to Vietnam Investment Review, the agreement is expected to make tax policy more transparent, stable and predictable while reducing tax-related risks for companies, organizations and individuals resident in either country. Clearer rules for income from bilateral economic activity are also expected to support investor confidence and help businesses assess their obligations and manage investment and commercial operations more efficiently.
The treaty adds to the legal framework for bilateral trade and investment. Its anticipated benefits include support for investment, production and other business activity, as well as closer cooperation between the two countries' business communities.
The countries' wider treaty networks
Vietnam had signed 82 double taxation avoidance agreements with countries and territories by October 2026; 78 were in force. Vietnam Investment Review reported that expanding the network supports cooperation among tax authorities, helps resolve cross-border tax issues and encourages compliance.
Liechtenstein had comprehensive income tax treaties in force with 24 jurisdictions as of PwC's June 9, 2026, review. Among them were Austria, Germany, Switzerland, the United Kingdom, Singapore, Hong Kong, Luxembourg and the United Arab Emirates. Vietnam was not among the jurisdictions with a treaty in force at that review date. PwC's tax summary also states that Liechtenstein levies no withholding taxes.
Liechtenstein signed another double taxation agreement, with the Philippines, on October 15 in Bangkok on the sidelines of the IMF Annual Meetings. A Liechtenstein government press release said it also held tax-treaty talks with Italy and Portugal.
A small trade and investment base
Liechtenstein's investment presence in Vietnam consisted of one active foreign direct investment project as of July 31, with $4 million in registered capital. That placed it 86th among the 153 countries and territories investing in Vietnam. Vietnam had no investment projects in Liechtenstein.
The Liechtenstein-backed project is the TIETEX Vietnam factory in Dong Nai city. Part of the processing and manufacturing sector, it primarily makes shoe insoles and also handles import-export business and wholesale distribution.
Trade between the countries totaled about $10.2 million in 2025. In the first five months of 2026, Vietnam bought approximately $2.98 million in goods from Liechtenstein and sold approximately $1.73 million in goods to it.
Vietnam Investment Review identified scope for closer economic ties, citing Liechtenstein's capabilities in precision engineering, industrial equipment and machinery alongside Vietnam's efforts to develop processing and manufacturing and deepen its integration into the international economy. It also pointed to Vietnam's position as a gateway to Southeast Asia as an opportunity for businesses to enter new markets and participate more extensively in regional and global supply chains.
