Vietnamese Ambassador to Italy and Cyprus Dương Hải Hưng meets with Cyprus Chamber of Commerce and Industry President Stavros Stavrius on Friday (local time). — VNA/VNS Photo

ROME — Vietnamese Ambassador to Italy and Cyprus Dương Hải Hưng visited Cyprus from March 27 to 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 Việt Nam and Cyprus.

A highlight of the visit was the Việt Nam-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 marked a milestone in the half-century relationship as well as opened new opportunities for economic, trade, and investment cooperation.

Co-chaired by Ambassador Hưng and CCCI President Stavros Stavrius, the event brought together over 30 leading Cypriot businesses with interests in Việt Nam. Key participants included Việt Nam’s Honorary Consul in Cyprus George Christophides and senior Cypriot government officials.

Hưng emphasised Việt Nam’s commitment to enhancing ties with Cyprus. He highlighted the recent Cypriot Parliament’s ratification of the EU-Việt Nam 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-Việt Nam Free Trade Agreement (EVFTA) to boost bilateral trade and investment.

CCCI President Stavrius reaffirmed Cyprus’s strong economic ties with Việt Nam, citing the success of a trade promotion event in HCM City in 2023. He announced plans to lead more Cypriot business delegations to Việt Nam.

Vietnamese Trade Counselor Dương Phương Thảo presented Việt Nam’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 Việt Nam 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, labour recruitment, and real estate. Representatives from Medochemie, a pharmaceutical firm with five factories in Việt Nam, 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 with Việt Nam.

During his visit, Ambassador Hưng 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 Việt Nam’s economic and social achievements, reaffirming the country as a key partner. Speaker Demetriou congratulated Việt Nam on the 50th anniversary of national reunification (April 30, 2025) and proposed establishing a Việt Nam-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, favourable tax policies, and EU-standard legal framework, Cyprus serves as an ideal gateway for businesses seeking access to the EU and Middle East-North Africa (MENA) markets. — VNS