Cyprus and Vietnam have signed a new agreement. This agreement will help stop people from paying taxes twice. It will also fight tax evasion. Officials say this is a very important step. It will help businesses trade and invest more between the two countries. This will make it easier and safer for companies.
Makis Keravnos, the Finance Minister of Cyprus, attended the signing. Cao Anh Tuan, Vietnam's Deputy Finance Minister, was also there. This agreement comes before the two countries celebrate 50 years of friendship in 2025. The agreement gives clear rules for people and businesses with money in both countries. Minister Keravnos said it explains how to pay taxes on income and profits. This will reduce confusion.
Both countries want to improve their economic links. Trade between Cyprus and Vietnam is now $111.6 million. This is growing well. Cyprus has also invested a lot in Vietnam. There are 28 projects worth almost $470 million. These are mainly in property and factories. Vietnam's investment in Cyprus is also growing. This new tax agreement should help this grow faster.
Vietnam has signed many similar agreements before. It now has eighty-one tax treaties around the world. It also has nineteen free trade agreements. The new agreement with Cyprus fits Vietnam's plan for global trade. Deputy Minister Tuan said it creates a clear and recognized system.
This agreement will make it easier for businesses. They will pay less tax and face less confusion. This should lead to more trade and investment. The agreement also means better cooperation on tax issues. It will help tax authorities share information. Overall, it will make both countries more attractive for business.