Chiu just missed out on gold after clocking six minutes and 54.36 seconds in the heats during the three-day event to advance as the top overall qualifier.
In the final, he started a tight race with Uruguay’s Felipe Kluver, keeping a mere half-second gap through the first 1,500 metres.
The SAR rower ultimately completed the 2,000-metre race in six minutes and 50.19 seconds, settling for silver with a 1.8-second deficit.
Home favourite Luca Borgonovo claimed bronze in six minutes 52.62 seconds.
This is the second time that Chiu has gotten on the podium – he took the gold medal in the same event at last year’s World Rowing Cup II in Lucerne, Switzerland.
“Anyway, we have more good memories in Varese, Italy! Grazie mille!” he wrote on social media
“Thanks to all the coaches, therapists and supporters who put me back in one piece for this over the past half year.
“Am looking forward to the second half.”