Leaders of the two countries' chambers of commerce discussed the trade and investment situation between Vietnam and Libya (Photo: Truong Dang)

On September 10, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong had a meeting and worked with Chairman of the Libyan Federation of Commerce - Industry - Agriculture, Mr. Mohamed Abdulkarim Mohamed Raied, who is leading a delegation on an official visit and working in Vietnam.

The meeting opened a bright period of cooperation, promising to bring many business opportunities to the business communities of the two countries.

At the meeting, the two sides frankly discussed the bilateral cooperation and trade situation, assessing that the potential for cooperation is still very large but the current results are still not commensurate.

Vietnam and Libya established diplomatic relations in 1975 and signed a Trade Agreement in 1983. However, the two-way trade turnover to date remains quite modest.

VCCI Chairman Pham Tan Cong emphasized the desire to promote links between businesses of the two countries, and affirmed the role of VCCI in supporting the Vietnamese business community, creating conditions for Libyan businesses to access the Vietnamese market. According to him, this is consistent with VCCI's function as a bridge and international trade intermediary.

Mr. Mohamed Raied highly appreciated the rapid growth rate of Vietnam's economy in the region, and expressed his hope that the two sides will increase information exchange to better exploit available potential. He said that Libya still has a lot of untapped potential in the fields of energy, infrastructure, and agriculture - areas that are suitable for the capacity and strengths of Vietnamese businesses.

The Libyan representative also affirmed that 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.

VCCI Chairman Pham Tan Cong pledged to increase information exchange with Libya to open up new cooperation opportunities (Photo: Truong Dang)

In addition, Mr. Raied expressed his wish to sign a Memorandum of Understanding (MoU) between VCCI and the Libyan Chamber of Commerce, Industry and Agriculture. The MoU will help establish a long-term cooperation framework, facilitate the implementation of trade promotion activities, connect businesses, organize trade delegations, trade fairs and strengthen stronger relations in the future.

The Vietnam-Libya relationship has a long history, associated with the national liberation movement of the 20th century. In 2007, the two sides held the 10th-11th Intergovernmental Committee Conference, during which a cooperation document was signed between VCCI and the Libyan Chamber of Commerce, demonstrating official recognition of the potential for cooperation. However, according to the leaders of both sides, trade exchange is still modest compared to actual capacity.

This visit is not only an opportunity to renew traditional ties but also lays the foundation for a period of more substantial, in-depth and diverse economic cooperation. The signing of the MoU will pave the way for practical trade promotion programs, helping the business communities of the two countries increase their presence in each other's markets.

For Vietnamese enterprises, this is an opportunity to expand into a potential North African market. With support from the Libyan Government and the accompaniment of VCCI, Vietnamese enterprises can exploit opportunities in the energy, infrastructure construction, agriculture and light industry sectors, contributing to bringing the Vietnam - Libya relationship to a new stage of development.