VCCI seeks new opportunities for Vietnamese businesses in Libya

President of the Vietnam Chamber of Commerce and Industry (VCCI), Pham Tan Cong, met with Mr. Mohamed Abdulkarim Mohamed Raied, Chairman of the Libyan General Union of Chambers of Commerce, Industry, and Agriculture, who led a delegation on a working visit to Vietnam.

At the meeting, the two sides discussed bilateral cooperation and trade openly, recognizing that although the potential for partnership remains considerable, the present outcomes are not comparable.

Vietnam and Libya established diplomatic ties in 1975, and they signed a trade agreement in 1983. However, two-way trade turnover has been rather low thus far.
VCCI President Pham Tan Cong stressed the desire to foster cooperation among the two nations' enterprises, while emphasizing VCCI's responsibility in helping the Vietnamese business community and establishing favorable conditions for Libyan businesses to enter the Vietnamese market. According to him, this is compatible with the VCCI's role as an international trade intermediary.

Mr. Mohamed Abdulkarim Mohamed Raied praised Vietnam's strong economic progress in the region and expressed optimism that the two sides would boost information sharing to better capitalize on the existing potential. He stated that Libya still has significant untapped potential in the domains of energy, infrastructure, and agriculture that are compatible with the capabilities and competencies of Vietnamese businesses.

"The Libyan Government is committed to creating favorable conditions for foreign investors, through preferential policies such as tax reduction, land allocation support, and simplification of administrative procedures to build a safe, transparent and effective investment environment" , commented Mr. Mohamed Abdulkarim Mohamed Raied.

Mr. Mohamed Abdulkarim Mohamed Raied also stated a wish to establish a Memorandum of Understanding (MoU) between VCCI and the Libyan General Union of Chambers of Commerce, Industry and Agriculture. The Memorandum of Understanding will contribute to the establishment of a long-term cooperation framework, enabling trade promotion, connecting businesses, arranging trade delegations and trade fairs, and developing future partnerships.

This working visit not only renews longstanding relationships, but also provides the groundwork for more meaningful, in-depth, and diversified economic cooperation. The signing of the MoU will pave the way for actual trade promotion activities, allowing the two nations' business groups to expand their presence in each other's markets.

For Vietnamese businesses, there is a chance to develop into a potential North African market. With the help of the Libyan government and the VCCI, Vietnamese businesses may capitalize on prospects in energy, infrastructure building, agriculture, and light industry, helping to propel Vietnam-Libya relations to a new level of growth.