The article analyses the management of a virtual project team in international companies. It provides a theoretical overview of virtual project team management, and the results of the research are presented. A qualitative study was carried out in which a structured interview was used to interview managers working in international companies who lead virtual project teams. The study involved nine informants, working in Lithuania, the United Kingdom, the United States, Bangladesh, France, Malaysia and Poland. The results of the study revealed the influence of information and communication technologies in managing a virtual project team, how emotional and motivational processes are managed, the importance of trust to a virtual project team, and how team management is improving. To summarise the research, the results provide a virtual project team management model that benefits companies and virtual project team managers who strive for the productive management of these teams.