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

The Vietnamese Trade Office in Poland, concurrently in Lithuania, believes that finance, technology, and aviation are new fields with great potential that Vietnamese businesses can exploit.

The Vietnam Trade Office in Poland, concurrently in charge of Lithuania, said that Lithuania is one of the three Baltic republics of the former Soviet Union. After separating from the former Soviet Union, Lithuania quickly set a goal of integrating with Western Europe.

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

Regarding trade cooperation with Vietnam, the Vietnamese Trade Office in Poland, concurrently in charge of Lithuania, said that due to geographical distance and limited market information, trade between the two countries is still very modest and the strengths of cooperation have not been determined.

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 some 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 noticed from the businesses it has contacted is that Lithuania has correctly assessed its own strength and does not have the ambition to build large-scale economic sectors : maritime transport , aviation, mechanical engineering ... Instead, they train resources to develop high- tech manufacturing sectors , thereby holding the stage with a lot of added value in the value chain" - informed the representative of the Trade Office of Vietnam in Poland, concurrently working in 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: Raising 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 preferential mechanisms, Lithuania has attracted many fintech businesses to open offices.

The Fintech Center is a place for businesses in the financial technology sector to meet and exchange work. The center also takes on the role of policy consulting, connecting with the government, providing legal support for member businesses... The center's workspace is designed to be youthful and open to energize creative ideas.

A corner of the Fintech Center's working area

Similarly, Teltonica specializes in information technology with its main product being a device that locates and processes technical parameters on cars. This device collects parameters during operation to serve navigation, safety, maintenance technologies, etc.

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

Other establishments we had the opportunity to contact also left a clear impression of the “supporting” but extremely impressive businesses. At the Aviation City (Avia City), the Chairman of Avia Solution Group introduced the ecosystem of dozens of businesses specializing in leasing, training, insurance services… in the aviation sector. This enterprise currently has a pilot training facility in Ho Chi Minh City.

During the training program, pilots are brought here for the last 2 months to perfect their skills in a simulated cockpit. In addition to pilots, the company also trains flight attendants, aircraft maintenance, etc. Lithuania does not have an airline. But Avia Solution is managing over 200 leased aircraft around the world.

Similarly, although Lithuania does not have a large oil and gas company, it has KN Energy, a company that specializes in the design, construction, and operation of liquefied natural gas terminals. In addition to Lithuania, the company operates five liquefied natural gas terminals in Germany and South America. The company’s capabilities are an important prerequisite for Lithuania to achieve its goal of energy independence from Russia.

More than 30 years after the collapse of the Soviet Union, while most of the Soviet republics are still facing political and economic instability, Lithuania has become a modern, green economy with a per capita income of approximately 30 thousand USD. Not only does it have a high standard of living, Lithuania and the Baltic countries 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 suggests many lessons for Vietnam in the process of moving towards a modern, 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