Rome (VNA) - 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.
The trip was part of celebrations marking 50 years of diplomatic relations between Vietnam and Cyprus.
A highlight of the visit was the Vietnam-Cyprus Cooperation Forum 2025, co-hosted by the Vietnamese Embassy in Italy and the Cyprus Chamber of Commerce and Industry (CCCI) in Nicosia on March 27. The forum not only marked a milestone in the half-century relationship but also opened new opportunities for economic, trade, and investment cooperation.
Co-chaired by Ambassador Hung and CCCI President Stavros Stavrius, the event brought together over 30 leading Cypriot businesses with interests in Vietnam. Key participants included Vietnam’s Honorary Consul in Cyprus George Christophides and senior Cypriot government officials.
Hung emphasised Vietnam’s commitment to enhancing ties with Cyprus. He highlighted the recent Cypriot Parliament’s ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) on March 14 as a crucial step toward deeper economic collaboration. He encouraged high-level exchanges and the full utilisation of the EU-Vietnam Free Trade Agreement (EVFTA) to boost bilateral trade and investment.
CCCI President Stavrius reaffirmed Cyprus’s strong economic ties with Vietnam, citing the success of a trade promotion event in Ho Chi Minh City in 2023. He announced plans to lead more Cypriot business delegations to Vietnam.
Vietnamese Trade Counselor Duong Phuong Thao presented Vietnam’s dynamic economy, investment-friendly environment, and extensive trade network through 17 free trade agreements (FTAs). She noted Cyprus’s strategic Mediterranean location as a gateway for Vietnamese exports to Europe, while Vietnam serves as a high-potential market for Cypriot investment, particularly in pharmaceuticals, IT, finance, education, and tourism.
The forum featured lively discussions, with Cypriot businesses expressing strong interest in tax incentives, investment procedures, labor recruitment, and real estate. Representatives from Medochemie, a pharmaceutical firm with five factories in Vietnam, shared their success story. IKAROS, an aviation training company, proposed cooperation in pilot and aerospace engineering training.
Beyond information-sharing, the event generated specific business proposals in logistics, maritime transport, chemicals, and financial services, reflecting Cyprus’s commitment to long-term economic collaboration.
During his visit, Ambassador Hung met with Cypriot parliamentary and government leaders, including Parliament Speaker Annita Demetriou, Deputy Minister of the President’s Office Irene Piki, and Permanent Secretary of the Foreign Ministry Andreas S. Kakouris.
Cypriot leaders praised Vietnam’s economic and social achievements, reaffirming the country as a key partner. Speaker Demetriou congratulated Vietnam on the 50th anniversary of national reunification (April 30, 2025) and proposed establishing a Vietnam-Cyprus parliamentary group to strengthen legislative cooperation.
The diplomat thanked Cyprus for ratifying EVIPA and urged its continued support, particularly as Cyprus assumes the EU’s rotating presidency in early 2026. He also called for Cyprus’s backing in lifting the EU’s IUU fishing-related 'yellow card' and strengthening multilateral cooperation, especially in ASEAN-EU relations, education, climate change, culture, tourism, and the green economy.
Located in the Eastern Mediterranean, Cyprus is a strategic hub connecting Europe, Asia, and Africa. An EU member since 2004, it boasts a strong services-driven economy, excelling in finance, tourism, maritime transport, and real estate. With a transparent business environment, favorable tax policies, and EU-standard legal framework, Cyprus serves as an ideal gateway for businesses seeking access to EU and Middle East-North Africa (MENA) markets./.
