Vietnam - Lithuania Cooperation: Finance, technology, aviation, energy - new fields with great potential

The Vietnamese Trade Office in Poland, which also covers Lithuania, believes that finance, technology, and aviation are new and promising fields that Vietnamese businesses can explore.

The Vietnamese Trade Office in Poland, which also covers Lithuania, stated that Lithuania is one of the three Baltic republics of the former Soviet Union. After separating from the former Soviet Union, Lithuania quickly set its sights on integration with Western Europe.

Ambassador Ha Hoang Hai presents his credentials to the President of Lithuania - Photo: Provided by the Polish Trade Mission to Lithuania

Regarding trade cooperation with Vietnam, the Vietnamese Trade Office in Poland, which also covers Lithuania, stated that due to geographical distance and limited market information, trade between the two countries remains very modest and the strengths for cooperation have not yet been identified.

During the working trip to present credentials to the President of Lithuania, the Trade Office worked with a number of businesses to explore cooperation opportunities between the two countries. Although they had done research beforehand, the delegation was truly amazed by the dynamism, creativity and efficiency of this economy with a population of less than 3 million.

“ The most common point that the Trade Office has observed from the businesses it has contacted is that Lithuania has accurately assessed its capabilities and does not aspire to build large-scale economic sectors such as maritime transport , aviation, and mechanical engineering … Instead, they are training human resources to develop high -tech manufacturing industries , thereby holding high value-added stages in the value chain,” – informed the representative of the Vietnamese Trade Office in Poland, also covering Lithuania.

Notably, according to the Trade Office, a new field that is growing very quickly globally is financial technology (fintech). In the simplest terms, these are businesses that exploit the strengths of cyberspace to create new financial products compared to traditional banks: Mobilizing money for investment funds, fast money transfers, digital money...

Many countries, including Vietnam, are still struggling to establish a legal framework for these activities. With its open policies and incentive mechanisms, Lithuania attracts many fintech companies to open offices there.

The Fintech Center is a place where businesses in the financial technology sector meet and exchange ideas. The center also provides policy advice, connects with the government , and offers legal support to its member businesses. The center's workspace is designed to be youthful and open, fostering a spirit of innovation.

A corner of the Fintech Center's workspace.

Similarly, Teltonica specializes in information technology, with its main product being devices for tracking and processing technical parameters in automobiles. These devices collect parameters during operation to support navigation, safety, maintenance, and other technologies.

In the composition of a car, this small box the size of a cigarette pack is truly an “auxiliary” product. But if you look at the technology behind it, it is not “auxiliary” at all. To develop and perfect it requires a team of thousands of employees working in 15 office buildings and R&D centers.

Other establishments we visited also left a strong impression of being "supporting" businesses, yet quite substantial. At Avia City, the Chairman of Avia Solution introduced an ecosystem comprising dozens of businesses specializing in leasing, training, insurance, and other services in the aviation sector. This company currently operates a pilot training facility in Ho Chi Minh City.

In the training program, pilots are brought here for the final two months to perfect their skills on a cockpit simulator. Besides pilots, the company also trains flight attendants, aircraft maintenance personnel, and more. Lithuania does not have its own airline, but Avia Solution manages over 200 leased aircraft worldwide.

Similarly, although Lithuania lacks a large-scale oil and gas company, it has KN Energy, a company specializing in the design, construction, and operation of liquefied natural gas (LNG) terminals. In addition to Lithuania, the company operates five LNG terminals in Germany and South America. This company's capabilities are a crucial prerequisite for Lithuania to achieve energy independence from Russia.

Over 30 years after the collapse of the Soviet Union, while most former Soviet republics are still facing political and economic instability, Lithuania has become a modern, green economy with a per capita income of approximately $30,000. Not only does it have a high standard of living, but Lithuania and the Baltic states are also considered to have the cleanest environment in Europe.

Lithuania's potential not only promises opportunities for cooperation between the two countries but also offers many valuable lessons for Vietnam in its journey towards a modern and sustainable economy.

Source: https://congthuong.vn/hop-tac-viet-nam-litva-tai-chinh-cong-nghe-hang-khong-nang-luong-nhung-linh-vuc-moi-giau-tiem-nang-360318.html