The event takes place in the context of the two countries celebrating over 30 years of establishing diplomatic relations (1992–2024), reflecting a shared determination to elevate the bilateral relationship.

VCCI Chairman Pham Tan Cong Delivers Opening Speech at the Vietnam – Lithuania Business Forum (Photo: Truong Đang)

The Vietnam – Lithuania Business Forum, organized by VCCI, took place on June 12 in Hanoi, marking a new milestone in economic, trade, and innovation cooperation between the two countries. The event was attended by the President of the Republic of Lithuania, Gitanas Nauseda, on the occasion of his official visit to Vietnam, and Deputy Minister of Finance Trần Quốc Phương.

Speaking at the event, Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), noted that the relationship between the two countries has been well maintained over the years, especially in the field of trade. In 2024, bilateral trade turnover reached 200 million USD, up 7.5% compared to the previous year. Notably, in the first three months of 2025, this figure reached nearly 100 million USD, an increase of 94.4% compared to the same period last year.

However, VCCI Chairman Pham Tan Cong also candidly pointed out that the business communities on both sides have yet to effectively take advantage of the incentives offered by the Vietnam – EU Free Trade Agreement (EVFTA).

President of the Republic of Lithuania Gitanas Nauseda Speaks at the Event (Photo: Truong Đang)

To improve this situation, the VCCI Chairman proposed that the two countries should make full use of their strategic geographic positions: Lithuania as the gateway to Central and Eastern Europe, and Vietnam as a convenient access point to the ASEAN market.

Additionally, both sides should explore the possibility of opening embassies, establishing direct flight routes, and direct cargo transport lines to enhance connectivity. The VCCI Chairman also called on the business communities to be more proactive in seeking cooperation opportunities, promoting exports, and leveraging promotional events such as this forum to expand markets.

At the event, the Lithuanian President affirmed that Vietnam and Lithuania are strategic partners on opposite sides of the European Union (EU). Despite the geographical distance, the two economies share many important similarities. He praised Vietnam as an “economic star” and a typical success story of rapid growth in Southeast Asia.

“Both countries focus on revitalizing traditional growth drivers while simultaneously advancing new sectors such as the digital economy, green economy, and knowledge- and innovation-based economy. This alignment creates a strong foundation for mutually beneficial cooperation,” President Gitanas Nauseda said.

At the event, VCCI and the Lithuanian Industrial Federation signed a Memorandum of Understanding (MoU), laying the groundwork for a regular cooperation mechanism to support businesses of both countries in areas such as investment promotion, trade, and technology transfer.

The President of Lithuania and Vietnamese Leaders Take Photos with the Business Communities of Both Countries (Photo: Truong Đang)

Chairman Pham Tan Cong affirmed that VCCI is committed to continuing its role as a proactive bridge between the Vietnamese and international business communities, including Lithuania. He expressed confidence that economic cooperation between the two countries will increasingly develop, bringing many new opportunities for businesses.

In addition to the agreement between VCCI and the Lithuanian Industrial Federation, the Forum also witnessed the signing of two other important memoranda of understanding: one between the Lithuanian Innovation Agency and the Vietnam National Innovation Center (NIC), and another between Klaipėda Port — Lithuania’s strategic seaport — and Hai Phong Port — a key logistics gateway in northern Vietnam.

These agreements aim to promote cooperation to enhance innovation capacity and competitiveness in high-tech sectors for both economies, as well as to foster the development of bilateral maritime trade, share management experience, and implement joint initiatives.

This year’s Vietnam – Lithuania Business Forum not only commemorates the traditional friendship between the two countries but also opens prospects for deeper cooperation in innovation, logistics, investment, and trade. With the support of both governments, related agencies, and the efforts of the business community, the Vietnam – Lithuania economic relationship is expected to flourish, contributing to building an effective bridge between Southeast Asia and the Central and Eastern Europe region.