Finnish Minister for Foreign Trade and Development Ville Tavio visited Vietnam on October 15-16, accompanied by a business delegation that included companies not yet operating in the Vietnamese market.

These businesses brought technological solutions and were seeking their first local partners.

"Finnish investment in Vietnam has exceeded US$1 billion," Tavio told VietNamNet.

According to the minister, business cooperation is expanding into numerous sectors, ranging from clean technology and construction to data centers and energy.

The visit took place nearly a year after Communist Party General Secretary To Lam's official trip to Finland, during which the two countries established a Strategic Partnership.

This time, Tavio held meetings with Vietnamese ministries and business representatives to advance economic cooperation.

He expressed hope for concrete outcomes but declined to disclose details because several agreements had yet to be finalized.

That is also the work both sides are currently pursuing: identifying projects, partners and financing sources to translate high-level commitments into practical results.

Connections established in Helsinki

During General Secretary To Lam's visit to Finland on October 20-22, 2025, the two countries identified economic cooperation as a pillar of their Strategic Partnership.

Their joint statement prioritized cooperation in artificial intelligence (AI), semiconductors, 5G and 6G technologies, e-government and green technology.

Tavio said the two sides were developing more specific cooperation plans while encouraging businesses to explore each other's markets and establish partnerships.

Several connections were established last year.

Viettel and Finnish company ICEYE signed a memorandum of understanding on research and development involving Earth observation satellite technology.

Viettel and Nokia also cooperated on next-generation telecommunications infrastructure, while VNPT awarded Nokia a contract to develop its radio access network during 2025-2026.

ICEYE reminded me of my meeting with Pekka Laurila at the company's headquarters near Helsinki last year.

The co-founder described how he and a fellow student at Aalto University pursued an idea to develop small radar satellites.

Raising initial funding proved extremely difficult.

Research support, expert assistance from Business Finland and investment capital eventually helped them move forward.

Their story illustrates the network of connections between universities, support organizations and investors that often lies behind a technology company.

It also offers experience Vietnam could learn from as it seeks to promote innovation.

The Viettel-ICEYE memorandum established a channel for cooperation, although it would be premature to conclude that technology transfer has already taken place.

During our latest conversation, Tavio highlighted Finland's strengths in satellite technology, quantum technology and telecommunications.

He expressed hope that Vietnamese businesses would explore opportunities for cooperation and investment in Finland.

Data centers need electricity and financing

Data centers were a prominent topic during the visit.

At a meeting on October 15, Vietnamese Minister of Science and Technology Vu Hai Quan said Vietnam wanted to become a data center hub for Southeast Asia, with ambitions to serve the broader Asian market.

Key issues requiring attention include legal frameworks, energy supplies and cross-border data flows.

When asked about potential cooperation in this sector, Tavio pointed to Finland's practical advantages.

Its cold climate helps reduce cooling costs, while electricity is available at competitive prices.

However, Finland must also account for growing electricity demand.

According to Tavio, expanding power generation capacity presents a major challenge.

The two countries should cooperate to explore how technology could help address their shared requirements.

His response brought the discussion about AI back to the fundamental question of infrastructure.

Attracting data centers requires an electricity supply capable of meeting their operational needs.

Consequently, opportunities for cooperation extend beyond digital technology to energy solutions.

In materials introducing the visit, Pham Minh Thanh, Country Director of Wärtsilä Vietnam, emphasized the importance of coordination among governments, industry and technology providers.

He also highlighted the need for a stable environment to support long-term investment in power systems.

Financing had already emerged as a priority during the 2025 visit.

Vietnam's Ministry of Finance signed memoranda of understanding with Finnish counterparts on support for project preparation and implementation under Finland's public investment program, as well as cooperation with the Finnish export credit agency Finnvera.

Tavio said both countries were focusing on sectors where they possessed strong capabilities while working to secure financing for businesses.

Regarding human resources, Dr. Jari Hannu of the University of Oulu noted in the visit's introductory materials that technology must be accompanied by skills development and research.

Partnerships between universities and businesses could help establish training and research programs aligned with investment needs.

What businesses are waiting for

I asked Tavio whether Vietnam's ambitious growth plans could create additional opportunities for Finnish investors.

"Yes. In fact, it depends on how open the market remains," he replied.

The minister emphasized the importance of market openness and stability.

One reason Finnish businesses are attracted to Vietnam, he explained, is their perception that administrative procedures are less bureaucratic than in some alternative markets.

Convenient market entry will remain an important incentive.

Businesses expanding overseas typically face familiar questions, Tavio said: where to obtain financing, which partners to choose and how to understand local laws.

Governments can provide assistance by facilitating connections and supplying market information.

The 2025 joint statement also included commitments to promote a transparent, fair and non-discriminatory trade and investment environment.

For companies visiting Vietnam for the first time as part of the delegation, the meetings will be followed by practical decisions about financing, partner selection and project identification.

How easily they can complete these tasks will influence their investment decisions.

That is when commitments to an open and stable business environment will be tested in practice.

Tu Giang