The signing ceremony was witnessed by representatives of the two countries’ foreign affairs and finance ministries, demonstrating  strong political will and firm commitments by both governments to step up bilateral economic and financial cooperation.

In recent years, Vietnam-Cyprus economic and trade ties have recorded positive growth, with two-way trade reaching US$111.6 million. As of October 2025, Cyprus had 28 investment projects in Vietnam with total registered capital of nearly US$470 million, ranking 34th among 153 countries and territories investing in Vietnam. These projects are concentrated in real estate, manufacturing and processing, and agriculture.

Vietnam currently has one investment project in Cyprus with registered capital of US$0.48 million, ranking 67th among 80 countries and territories hosting Vietnamese overseas investment projects. With strengths in tourism, finance, seaports and logistics, along with its strategic role as a transit hub linking the Middle East, southern Europe and North Africa, Cyprus offers considerable potential for deeper economic and investment cooperation between the two countries in the coming period.

Speaking at the signing ceremony, Deputy Minister Cao Anh Tuan said that against the backdrop of growing Vietnam-Cyprus economic and trade relations, the double taxation avoidance agreement would ensure a fair allocation of taxing rights between the two countries. He noted that it would also establish a clear, stable legal framework in line with international standards, encourage investment and business activities by investors, enterprises and individuals residing in both countries, and serve as concrete evidence of the strong cooperation and friendship between Vietnam and Cyprus, marking a new step forward in bilateral relations.

Cypriot Finance Minister Makis Keravnos welcomed the signing of the agreement, expressing confidence that the tax pact would serve as a starting point for building closer and more robust ties, delivering benefits and prosperity to both sides in the time ahead.

To date, Vietnam has signed 81 double taxation avoidance agreements with countries and territories worldwide, of which 77 are currently in force. The signing of the agreement with Cyprus further affirms Vietnam’s policy of deep international integration in the financial and tax fields, while demonstrating its active role in realizing international tax commitments.

Vietnam, Cyprus expand economic and investment cooperation

Vietnamese Ambassador to Italy and Cyprus Duong Hai Hung visited Cyprus from March 27-28, with key events held to strengthen bilateral ties in a new phase of cooperation.

Vietnam, Cyprus spotlight trade, investment ties

Trade and investment have been defined as the cornerstone of the relationship between Vietnam and Cyprus in the coming time during Deputy Foreign Minister Bui Thanh Son’s Cyprus working visit on September 11-12.