Vilnius University is the oldest university in the Baltic states and one of the oldest in Northern Europe. It is the largest university in Lithuania. Since its establishment in the 16th century, Vilnius University, as integral part of European science and culture has embodied the concept of a classical university and the unity of studies and research. Key activities of the University are research and studies. Vilnius University distinguishes itself by hosting a broad spectrum of international students and staff. Highly acclaimed research work and close cooperation with businesses and other higher education institutions throughout the world have deservedly earned the University the status of high quality research and studies’ provider. The studies that are offered by the University are based on international-level partnerships. VU ensures that the quality of all forms of studies conforms to modern culture and technologies and pertains to the needs of the state and society by bringing businesses into the decision making process. One of the core aims of VU is to initiate and actively implement projects of value for the economic development of the country and region through the implementation of high quality economics education. VU is one of the founders and active participant in the activities of “SunriseValley”, an organization aimed at promoting knowledge intensive activities, entrepreneurship oriented education, improvement of industry and higher education cooperation. VU has also established The National Open Access Scholarly Communication and Information Centre (SCIC), which is the centre of communication between scientific research and studies, scientific research and business, business and studies. VU has carried out an Erasmus + Knowledge alliance project, the aim of which was to bridge the gap between academia and businesses by validating competences acquired through informal learning. Thus, the University has experience working with international partners and uses innovative methods to increase employability of students. This experience will be valuable asset in guiding the modernization process of the internationalization strategies of Asian University.