In the first quarter of 2025, two-way trade reached nearly US$100 million, up 94.4% from the same period last year. In 2024, total trade turnover stood at US$200 million, a 7.5% increase from 2023. However, businesses on both sides have yet to fully tap the advantages offered by their trade agreement.

Vietnam’s key exports to Lithuania include coconuts, Brazil nuts and cashew nuts, rubber garments, and rubber products. In turn, Lithuania mainly exports wheat, navigation devices, and condensed milk to Vietnam.

Speaking at the recent Vietnam–Lithuania Business Forum, Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), noted that while Lithuania is a relatively small market, it holds substantial potential and serves as a gateway for Vietnamese firms looking to expand into the Baltic region. To deepen economic, trade, and investment ties, both sides should work together to capitalize on their respective positions as gateways, with Vietnam connecting to ASEAN and Lithuania to Central and Eastern Europe.

He also laid stress on the need to better capitalize on the opportunities created by the Free Trade Agreement, and suggested that the two countries consider opening embassies, launching direct flights, and establishing cargo transport routes. Businesses themselves must also take a more active role in seeking cooperation opportunities.

At present, goods transport between Vietnam and Lithuania remains constrained. Most shipments are made by sea, with delivery times ranging from 35 to 60 days depending on the departure point. As for air transport, services are either direct or transit via third-country airports, which involve high costs and are only suitable for certain goods.

“To optimize shipping times for large-volume cargo, down to 25 to 30 days,both sides should study the feasibility of establishing a rail freight route linking Vietnam and Lithuania via the existing rail corridor through China to Europe,” Cong proposed.

Vietnam, Lithuania map out broader all-round cooperation

VOV.VN - Vietnam and Lithuania have agreed to broaden cooperation across trade, science, security, and people-to-people ties during the first-ever state visit by the Lithuanian President, marking a milestone in over three decades of diplomatic relations.