Enterprises from both countries signed memorandums of understanding on cooperation at the event. — Photo nhandan.vn

HÀ NỘI — There is plenty of room for Việt Nam and Lithuania to foster bilateral cooperation in a wide range of sectors such as garment and textile, chemical, information and technology, renewable energy and engineering.

That was the message from Lithuanian President Gitanas Nauseda speaking at the Việt Nam-Lithuania Business Forum in Hà Nội on Thursday.

The Lithuanian president highly praised Việt Nam’s role in Southeast Asia, especially its advancements in regional integration and digital transformation.

He reaffirmed Lithuania’s willingness to share knowledge in green economic development, high-tech applications, and smart logistics to support Việt Nam’s continued growth.

Chairman of the Việt Nam Chamber of Commerce and Industry Phạm Tấn Công said Việt Nam is committed to deepening relations with Lithuania, describing the Baltic nation as a traditional partner in Central Eastern Europe. Lithuania, in return, recognises Việt Nam as its most important partner in Southeast Asia.

Công emphasised that the strong political trust and diplomatic relations between the two countries will be key drivers for expanding trade and investment cooperation in the coming years.

Despite the signing of the EU-Việt Nam Free Trade Agreement (EVFTA) in June 2019, two-way trade has yet to meet the expectations of both governments.

In 2024, bilateral trade turnover reached US$200 million, marking a modest 7.5 per cent increase compared to 2023. However, the first quarter of 2025 has shown significant growth, with trade turnover nearing $100 million, a 94.4 per cent rise over the same period last year.

Công noted that businesses on both sides have yet to fully capitalise on the advantages offered by the EVFTA to expand trade ties. To boost economic, trade, and investment cooperation, the two countries should leverage their strategic positions as gateways to ASEAN and Central Eastern Europe, Công suggested.

Further proposals include exploring the opening of embassies, establishing direct flights and cargo routes and promoting active business collaboration through forums and trade events, Công said, urging Vietnamese and Lithuanian companies to proactively seek opportunities to export key products to each other’s markets.

Deputy Minister of Finance Trần Quốc Phương highlighted significant potential for deeper bilateral cooperation between Việt Nam and Lithuania, particularly given the complementary nature of their economies and a shared commitment to diversifying foreign relations for sustainable growth and stronger international integration.

"Economic and trade cooperation remains our top priority," Phương said.

"Việt Nam is a dynamic economy with a population exceeding 100 million and an open market, while Lithuania excels in technology, logistics, food processing, pharmaceuticals and renewable energy.”

He emphasised that effectively leveraging the EVFTA would enable both countries to boost goods exchange, expand market access, and build regional supply chains connecting the EU and ASEAN. Việt Nam, in particular, stands out as an attractive investment destination for Lithuanian businesses.

As of March 31, 2025, Lithuania has registered three projects in Việt Nam with a total capital of $260,000. Lithuanian investments primarily target communications, science - technology and healthcare.

Deputy Minister Phương also highlighted several promising sectors for bilateral investment cooperation, including renewable energy, digital transformation, startups, innovation centers, high-tech agriculture, education, high-quality human resource training, smart logistics and green seaports.

During the conference, the Lithuanian Confederation of Industrialists and the VCCI signed a memorandum of understanding (MoU) on economic cooperation. The agreement aims to establish a regular cooperation mechanism to support businesses from both countries in investment promotion, trade exchange and technology transfer.

Under the MoU, both sides committed to regularly assisting each other in promoting bilateral investment and expanding business opportunities.

In a related development, Innovation Agency Lithuania and Việt Nam’s National Innovation Centre signed a MoU aimed at strengthening the innovation capacity and competitiveness of both countries.

The agreement will facilitate collaboration in developing and internationalising high-tech industries, encouraging innovation projects, connecting innovation ecosystems and sharing policy information, market trends, and funding mechanisms.

The final memorandum of understanding (MoU) was signed between the Port of Klaipeda in Lithuania and Hải Phòng Port in Việt Nam. This agreement establishes direct cooperation between the two ports, with the goal of developing bilateral maritime trade and promoting sustainable growth. — VNS