The signing ceremony was held in the presence of representatives from the Ministries of Foreign Affairs and Finance of both countries, reflecting the strong political will and firm commitment of the two Governments to promoting bilateral economic and financial cooperation.

Representing the General Department of Taxation in the Ministry of Finance delegation were Deputy Director General Dang Ngoc Minh and Head of the Tax Policy Department Nguyen Thi Thanh Hang.

In recent years, economic and trade cooperation between Viet Nam and Cyprus has recorded positive growth, with bilateral trade reaching 111.6 million USD. As of October 2025, Cyprus had 28 investment projects in Viet Nam, with total registered capital of nearly 470 million USD, ranking 34th out of 153 countries and territories investing in Viet Nam. These investments are mainly concentrated in real estate, manufacturing and processing, and agriculture.

At present, Viet Nam has one investment project in Cyprus with total registered capital of 0.48 million USD, ranking 67th out of 80 countries and territories hosting Vietnamese investment projects. With strengths in tourism, finance, seaports, and logistics, along with its strategic transhipment position linking the Middle East, Southern and Eastern Europe, and North Africa, Cyprus offers significant potential for broader and deeper economic and investment cooperation between the two countries in the coming period.

Speaking at the signing ceremony, Deputy Minister Cao Anh Tuan stressed that, in light of the current state of economic and trade relations between Viet Nam and Cyprus, the signing of the Double Taxation Avoidance Agreement will ensure a fair allocation of taxing rights between the two countries, while establishing a clear, stable legal framework in line with international standards.

The Agreement is expected to encourage investment and business activities by investors, enterprises, and individuals residing in both countries, and serves as tangible evidence of the sound cooperation and friendship between Viet Nam and Cyprus, marking a new step forward in bilateral relations.

Cypriot Minister of Finance Makis Keravnos expressed his pleasure at the signing of the Double Taxation Avoidance Agreement between Viet Nam and Cyprus. He voiced his confidence that the tax agreement would serve as a starting point for the two sides to forge a strong and close partnership, thereby bringing mutual benefits and prosperity in the time ahead.

To date, Viet Nam has signed 81 double taxation avoidance agreements with countries and territories worldwide, of which 77 are currently in force.

The signing of the tax agreement with Cyprus further affirms Viet Nam’s policy of deep international integration in the field of finance and taxation, while also demonstrating the country’s proactive role in implementing international tax commitments.