Promoting Vietnam-Libya Trade and Investment Ties

VCCI President Pham Tan Cong (R) receives Mohamed Abdul Karim Raied, President of the General Union of Chambers of Commerce, Industry and Agriculture of Libya 

At the meeting, the two sides discussed specific measures to revive and strengthen bilateral economic relations, especially in the areas of investment, trade, and the redeployment of Vietnamese workers to Libya.

 Mohamed Raied affirmed that Libya now enjoys political and security stability, creating conditions for economic development and the opening up to foreign investment. He emphasized Libya’s significant potential in energy, infrastructure, and services, and expressed the country’s desire to cooperate with Vietnam in harnessing these opportunities.

VCCI President Pham Tan Cong emphasized that the Vietnamese business community has strong interest in the North African market, where Libya plays an important role. He stated that Vietnam is able to meet Libya’s rising demand for imports including agricultural products, processed foods, building materials, pharmaceuticals, and electrical and electronic equipment. He further underlined the importance of quickly activating intergovernmental cooperation mechanisms to establish a reliable legal framework for investment and trade.

The two sides agreed to consider specific measures, including: negotiating a bilateral investment protection agreement; establishing an intergovernmental cooperation committee to coordinate economic projects; reopening Vietnam’s Embassy in Libya to directly support businesses; and enhancing delegation exchanges and timely market information sharing. These steps are expected to help resolve issues related to payments, trade procedures, and legal risks often faced by enterprises from both countries.

Labor cooperation was highlighted as a key area. Before the period of conflict, Libya was a major destination for Vietnamese workers, particularly in construction, oil and gas, and healthcare. With the current stability, the Libyan side expressed its wish to resume labor cooperation with Vietnam, regarding it as a practical and mutually beneficial channel of collaboration.

Pham Tan Cong affirmed that VCCI stands ready to cooperate closely with the Libyan General Union of Chambers of Commerce, Industry and Agriculture in holding business forums, promotional seminars, and online B2B connections between associations and enterprises of both countries. He emphasized that Vietnam-Libya economic relations need to be restored in a practical way, consistent with business requirements.