At the meeting, Ms. Nguyen Thi Tuyet Mai, Deputy Director of IPA Da Nang, briefly introduced the investment environment and opportunities in Da Nang city. In the coming time, Da Nang city will focus on attracting investment in the fields of high technology, semiconductors, electronics; Free Trade Zone; cooperation, research and development of the Fintech industry. Although Lithuania is a country with a developed high-tech industry, especially in the fields of aviation, electronics, automobiles, pharmaceuticals; free economic zones; new mechanisms in the field of Fintech, etc; the number of Lithuanian FDI projects in Vietnam is still limited. Therefore, there is a lot of potential and room for cooperation between the two sides.
The meeting overview
Mr. Arunas Karlonas, Commercial Counsellor, Embassy of Lithuania in Singapore, said that there are 02 large Lithuanian companies that have been operating in Vietnam: Avia Solutions Group specializing in the aviation industry, has established FL Technics Company specializing in aircraft maintenance and BAA Center specializing in pilot training; Teltonika Company operating in the electronics sector which used to have an office in Viet Nam but closing after Covid-19. Currently, there are a number of Lithuanian companies looking for opportunities to expand production and business in Viet Nam because they consider this a suitable investment location to penetrate the Southeast Asian market. After discussing with IPA Da Nang, he assessed that the two sides could cooperate in projects: Fintech, Free Trade Zone, investment at Da Nang High-Tech Park.
The two sides took a photo
It is known that Lithuania is a member of the European Union EU. EU member states have more than 90 projects with a total investment of nearly 100 million USD in Da Nang. Lithuania has actively supported the signing of the Viet Nam - European Union Free Trade Agreement (EVFTA) and is one of the first EU member states to ratify the Viet Nam - European Union Investment Protection Agreement (EVIPA). Lithuania has successful Free Economic Zone models which provide development infrastructure, service support and tax incentives. A company established in a FEZ is exempt from corporate tax for the first six years, as well as dividend and real estate taxes. Lithuania positions itself as the EU's main fintech hub. The Central Bank of Lithuania has established a Sandbox to test financial innovations in a real-world environment under the guidance and supervision of the Central Bank of Lithuania.
IPA Danang
